Reverses of Reverse Charge – Strategic thinking during GST transition

Reverses of Reverse Charge – Strategic thinking during GST transition

The reverse charge provisions have been there in the current service tax law for over a decade. Still these provisions are always difficult for entrepreneurs to comprehend, appreciate or follow. Sensing this attitude, the focus of the tax department officials nowadays is also is to identify transactions on which service tax was payable under reverse […]

Having both taxable and exempt supplies – notable differences vis a vis the current law

Having both taxable and exempt supplies – notable differences vis a vis the current law

GST is a value added tax which provides for adjusting GST paid on purchases and expenses, against GST payable on output supplies. The impending GST implementation is widely considered to have a liberalized credit mechanism which decently ensures free flow of credit across the value chain. However, where a supplier is engaged in making exempt […]

A Service exporter should register under service tax, rather than wait for GST

A Service exporter should register under service tax, rather than wait for GST

India’s services sector contributed about 61% to India’s Gross Domestic Product in the year 2015-16 and is currently the second fastest growing services economy in the world. Information technology, in which the country is a global leader, accounted for $ 108 billion worth of service exports in the last financial year, exporting primarily to the […]