How GST Affects the Indian Economy

How GST Affects the Indian Economy For the uninitiated, GST is an acronym for Goods and Services Tax. It is a tax reform introduced in July 2017. It is an indirect tax that applies to the entirety of India, replacing several cascading taxes imposed by India’s central and state governments. Introduced as The Constitution (One […]

GST On Employee Reimbursements

GST On Employee Reimbursements Under GST regime, there have been a lot of issues regarding taxability of transactions between employer and employee and applicability of reverse charge mechanism on such transactions. Now, according to clause 1 of Schedule III of the CGST Act, 2017, any services provided by an employee to the employer in a […]

Recapitalization of Banks and its Implications

Recapitalization of Banks and its Implications Recently Government has announced the Recapitalization of Banks package of 2.11 lakh crores for public sector banks. The government of India (GOI) will infuse this fund into the Public Sector Banks (PSB) over the period of 2 years. We will understand what the recapitalization of the banks is and […]

Input tax credits – GST Vs CENVAT credit

Input tax credits – GST Vs CENVAT credit In terms of Input tax credits rules, a manufacturer of excisable goods or provider of taxable services including exporter was eligible for taking the credit of excise duty paid on inputs or capital goods in addition to the credit of service tax paid on input services. However, […]

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