Author: automaxis

GST effect on Garment industry.

  Sr. No. Description of commodity Chapter Number Tax rate % 1. Cotton 52 5% 2. Cotton Waste 52 5% 3. Cotton Yarn 52 5% 4. Cotton Sewing Thread 52 5% 5. Cotton Fabrics 52 5% 6. Sewing Thread (Made in Filament Yarn) 54 18% 7. Rubber Thread and Card 54 12% 8. Narrow Woven…
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Garment Industry

GST effect on Garment industry

Different Taxings on different products of Garment industry.     Sr. No. Description of commodity Chapter Number Tax rate % 1. Cotton 52 5% 2. Cotton Waste 52 5% 3. Cotton Yarn 52 5% 4. Cotton Sewing Thread 52 5% 5. Cotton Fabrics 52 5% 6. Sewing Thread (Made in Filament Yarn) 54 18% 7.…
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Types of GST returns

Types of GST returns

  FORMS USES WHOM GSTR-1 Details of outward supplies of the taxable goods Taxable person GSTR-1A Details of outward supplies as modified Taxable person GSTR-2 Details of inward supplies of the taxable goods Taxable person GSTR-2A Auto-populated details of inward supplies on basis of GSTR-1 Taxable person GSTR-3 Monthly returns on basis of finalization of…
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GST on Wholesale goods

GST on Wholesale goods

GST on Wholesale goods: Making the affect on different parts of country GST is ready to influence country from 1st July. Having known the fact that GST will be the only indirect tax in country. GST and its impact on Supply chain is the talk that is in from various manufacturers and also importantly the major…
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GST Startups

GST and Startups. Whats new for them.

GST and Startups. Whats new for them. Start up is the most blooming sector in India now a days. It has influenced India so much that the government decided to start its own scheme called ‘Start Up India, Stand Up India’ in 2015. GST Startups or Start Up has its own value with the innovative youngsters…
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medicine

Medicine getting costlier in GST regime

Medicine getting costlier in GST regime: The medicine industry was on the brief that the goods and services tax (GST) rate on life-saving drugs would be zero, even as it has been capped at 5 per cent and that of all other formulations at 12 per cent. The rates in GST regime are much higher than rates in current…
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Tobacco

Tobacco- 290%, Pan masala- 135% cess: GST

Tobacco- 290% cess, Pan masala- 135% cess: GST is a tax structure that is impacting several different aspects and parts of businesses. With all the problems facing with the different taxes in India, India has come up with a single taxes for all needs i.e., GST. GST is now serving to enter in Tobacco and…
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gst affect car

Will GST affect Car Prices?

GST affects Car Prices: India is on the tip of having a simplified taxation system GST that is going to benefit nearly all the sectors in India. But before the Goods & Service Tax (GST) comes into effect on July 1, and replaces multiple state and central taxes with a single taxation system, let us…
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reverse charge gst

Reverse charge under GST, mechanism explained

Reverse charge under GST: Reverse charge mechanism under GST is a new phenomenon applied under the laws. Particularly in any Taxation system its the supplier who pays the tax on supply. But there are few cases in which, the receiver becomes liable to pay the tax, i.e., the phenomenon gets reversed and because of it, it…
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Composition dealer to Regular dealer

Composition dealer to Regular dealer: There are many dealers already registered under the current tax structure.  All registered dealers under the current tax structure will be automatically transitioned to GST that is the format and they will be given a provisional registration ID. A change will be from composition dealer to regular dealer too.  After validating all…
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