GST is a Value-added Tax (VAT) is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level.

In GST there are 19 forms for filing of returns by tax payers. All these forms are required to be filled online on the GST portal.

GST will replace all Central level taxes such as excise, service tax, customs duty as well as state level taxes like VAT, CST, entertainment tax among others.

CBEC has released 2nd edition of FAQ clarifying Central Goods and Service Tax (CGST) Bill, Integrated Goods and Service Tax (IGST) Bill, Union Territory Goods and Service Tax (UGST) Bill and the Goods and Service Tax (Compensation to the States) Bill passed in the Lok Sabha.

GST is expected to be implemented from 01/07/2017. GST would apply to all goods and services except Alcohol for human consumption.

The composition scheme under the new GST regime extends an important benefit to all small traders.

Transition to GST will require companies to reconfigure their inventory valuation or asset capitalization or expense recording rules

Fast moving consumer goods segment is the fourth largest sector in the Indian economy and the Food products is the largest consumption category in India

GST implementation is rapidly moving forward with the government adhering to its self- imposed deadlines. we are going to discuss the GST provisions for “Time of Supply of Services”

Presently different tax laws prescribe for different taxable event which is going to be replaced by GST Laws. Under GST, tax would be paid at the time of supply of goods/ services, lets discuss the same.

The introduction of Goods and Service tax would be one of the bigger reform in the Indian economy in the field of Indirect tax reforms. By merging a large number of Central and state taxes in to single tax, it would help in mitigating cascading or double taxation and pave the way for a common national market.

We all are aware that GST is going to implement from July 2017. Now we all are just trying to analyse its impact on different Industries deals in various goods/ services.

Textile sectors play a very important part in the development of the Indian economy with regard to GDP, Export promotion, employment, etc.The textile industry is the second largest industry which provides skilled and unskilled employment.

Telecom faces several issues under the current indirect tax regime and, therefore, the sector has high hopes from the proposed GST regime. However, the model GST law does not appear to bring an end to the issues being faced by the telecom sector.

After a decade-long wait, India will finally implement the Goods and Service tax this will help to remove tax barriers between states, creating a single market.