In India, the Goods and Services Tax (GST) Council has emerged as one of the most notable policymaking apparatuses since it helps to design the tax regime. Considering it has been established as a constitutional body, the primary objective of the GST Council is to see to the proper implementation and enforcement of GST in the country by setting tax rates, exemptions and other guidelines that are to be adhered to by all the states. In this article, we have discussed the meaning, function, organisation, and relevance of the GST Council in detail.

The Goods and Services Tax (GST) was introduced on 1st July 2017 and this was an event of historic significance, especially in the tax environment of the country since it unified multiple indirect taxes into one tax system.This article critically analyzes the effects of GST reforms on Indian federalism and discusses the balance between centralization and state autonomy under this new tax regime.

Explore how AI is transforming finance through automation, fraud detection, and smarter decision-making for businesses and financial institutions.

Zero-rated supplies under GST are taxed at 0%, applying mainly to exports and supplies to SEZs. Unlike exempt supplies, businesses can claim input tax credit (ITC) on purchases related to zero-rated supplies. This guide explains key aspects of zero-rated supplies and how businesses can benefit from GST refunds while staying compliant.

Rule 86B of GST restricts businesses with large taxable supplies from using more than 99% of their ITC to pay output tax, requiring at least 1% to be paid in cash. While this aims to prevent tax fraud, it may impact cash flow and working capital for larger businesses. Proper tax planning and understanding of exceptions are key to maintaining compliance and financial efficiency under this rule.

In the GST tax regime of India, one of the most prominent features is the input tax credit (ITC). A business can lower its tax payments by claiming a credit for taxes paid on items and services that it uses. This system is made to stop the cascading effect of taxes during the previous periods, whereby enterprises also paid duties on duties. This general guide will consider all these elements, such as ITC concepts, benefits, eligibility, the claim process and other recent integration.

This article explores how GST data analysis plays a crucial role in India, impacting businesses, compliance, and governance. It also looks into the technological advancements. that are making this possible, along with the challenges and opportunities presented by this vast data set. Moreover, we examine how this data is shaping India's economic future.

ICEGATE, a web-based portal developed by the Indian Customs and Central Excise Department, plays a vital role in simplifying this process. It provides real-time tracking of import and export shipments, helping businesses streamline their operations and ensure compliance with customs regulations. In this guide, we will walk you through how ICEGATE tracking works, the key information it offers, its benefits, and tips for optimizing its use.

This article covers how GST has impacted the export sector, allowing firms to manage their tax procedures more efficiently and lessen initial taxation through means such as Letter of Undertaking (LUT) and IGST refunds. In India, GST has helped simplify tax compliance thereby making exportation less expensive and more efficient for companies. After reading this article you will be able to understand that there are significant effects of GST mechanisms such as LUT and IGST refunds on your export activities thus improving your business’ financial stability.

In the Indian Ministry of Finance, the Central Board of Indirect Taxes and Customs (CBIC) assumes a pivotal position as far as managing and regulating the indirect taxation system of the country is concerned. Originating from the colonial India era, today it plays a crucial role in administering indirect taxes like goods and services tax (GST), customs duties, and excise duties. This article explores its history, functions, institutional structure, roles, and major reforms.

GSTR 1 is a monthly or quarterly GST return that details a business's sales and services. It's crucial for accuracy and compliance. Not all businesses need to file, including composition scheme taxpayers, foreign entities, and those with specialized GST numbers. In this article, we break down everything you need to know about GSTR 1, from how to file it, to understanding its format, and staying on top of important deadlines.

Understanding GST rates is important for both businesses and consumers in India. When the GST Council changes these rates, it affects different industries, trade groups, and everyone who buys goods or services. This can lead people and businesses to reassess their financial situations. In this article, you'll learn what GST rates are and find the most recent updates on GST rates in India for 2024.