Goods and Services Tax

GST 2020, How it will change the way you carry your business (Keshav R Garg) B.com, FCA, CS, ISA(ICAI), AMP-IIM-A, LLB We are all set to welcome 2020 with a hope that business would witness growth in the next decade. Unlike 2019 when the graph has moved up and down, businesses would be expecting 2020 to bring stability and also brighten the future head. But is it going to be that easy, doesn’t seem so. 2020 will bring another set of challenges for business and would change the way businesses had been working in India since GST came in. 2020 version of GST will have everything in its kitty, be it increasing compliance burden, overhauling ERP systems, stern audits by tax departments, assessments including search/seizures and top of it complete overhauling of the invoicing and return filing system under GST. The experience businesses have had with GST Network since 2017, surely greys the sky as to how GSTN will the meet the plethora of changes government is likely to mak

Council should reconsider increase in GST Rates There is a buzz in North Block that the Council is considering increase in GST Rates for items falling under 5% and 12% categories to 10% and 18% respectively. Not only the rates of GST are being increased but government is also considering to levy tax on goods exempted at present. The revamp of GST rates will not only increase the burden on the consumers but also prepare new set of challenges for business community. We hereby set out the challenges new GST rates are going to bring: 1.      Inflationary Impact: The new increased GST rates will have huge inflationary impact on the goods covered under lowest GST Slab. If the rates are increased, the prices are tend to increase which will prove an additional burden on consumers. Although such increase may not have impact on B2B transactions as ITC is permitted, but certainly not in case of B2C transactions. The increase will not only impact the goods in question but also h