The Goods and Services Tax (GST) Day is an annual event celebrated in India. It marks the start of the GST on 1st July 2017. This tax change has made a big difference in India's finances. As we get ready for GST Day 2024, it's a good time to look back. We should think about how much the GST has helped businesses and people in India.

A merger is when two or more corporate firms agree to combine their operations to form a new entity by exchanging shares. For example, imagine your favorite local coffee shop joining forces with another, forming a dream team of baristas. This merger combines the best coffee blends, cozy atmospheres, and a broader menu. Now, you can enjoy your favorite espresso and try new blends, all in one place, creating a more fulfilling coffee experience for everyone.

The Goods and Services Tax (GST) in India has changed many industries, including air conditioning. In this article, we will explore how the GST has altered prices, installation costs, and eco-friendliness of air conditioners. We will discuss its effects on the Indian market.

Export incentives are a foreign exchange management measure introduced in India by the Ministry of Commerce and Industry to facilitate the expansion of exports and also to help the export sector grow. These measures include tax exemptions and duty drawbacks for companies exporting goods, financial encouragement for small exporters and allowing them easy access to credit, identification of specific product groups for export promotion, etc.

Internal Audit is a phenomenon for when an organisation or department is tasked with providing their independent reviews of the system in an unbiased way along with the processes. Internal Audit is performed within a company in a direct manner while keeping the company standards in mind. Some people confuse it with statutory audits, from which Internal Audits are quite different.

India's rapid growth relies heavily on exporting goods and services, vital for balancing payments, job creation, and global competitiveness. The Letter of Undertaking (LUT) in GST allows tax exemption for exporters, streamlining the process with a 12-month validity, simplified application steps, and compliance conditions for eligibility.

The logistic industry is a major support to the Indian economy contributing 4.7% to the GDP. The value of this industry is $130 billion and sadly one of the most unorganised sectors in the country. It comprises commercialised movement of goods from one state to another or within one state to fulfil the needs of the people. Every nook and corner of India depends on this industry for all needs right from basic food supply to big manufacturing machinery. This article will discuss how GST is changing this big unorganised sector in India.

The GST Composition Scheme simplifies taxes for small Indian businesses by charging a fixed GST rate based on turnover, reducing paperwork. But it doesn't cover sales between states or allow claiming input tax credit. Businesses must decide carefully if it suits their turnover and type before choosing it.

The CBDT, or Central Board of Direct Taxes, is an important authority in India that manages and enforces laws about direct taxes. It was created by the Central Board of Revenue Act in 1963 and is part of the Income Tax Department under the Ministry of Finance. This article explains how the CBDT is structured, what it does, and recent changes related to it.

Export Processing Zones (EPZs) are important for India's economy. They help industries that export goods by offering tax breaks and simpler rules. EPZs attract foreign investment, create jobs, transfer technology, and help develop regions. Despite challenges like acquiring land and global competition, EPZs are crucial for India's economy. They increase industrial production and make it easier for businesses to sell their products worldwide, making India stronger economically and more competitive globally.

The goods and services tax aimed to simplify and standardise the indirect taxes in India into a single cohesive unit by subsuming multiple state and central taxes. It benefited suppliers, consumers, and the government and transformed the indirect tax system. The introduction of GST has benefited the textile industry by eliminating multiple taxes and providing input tax credits. Before the implementation of GST, the textile industry was largely unorganised, which caused a considerable loss of tax revenue for the government. The government hoped to change this by applying GST on apparel, clothing and other textile products. The textile industry is one of the most important industries in India.

Goods and Services Tax (GST) is a system where one person determines the tax and pays the tax by self-assessment. When the tax is paid by doing self-assessment, there is likely to be a chance that the tax may be short-paid without any malicious intention or there may be also a chance that the assessees may pay the tax short intentionally or knowingly. Under such circumstances, there are some provisions which are followed by the authority to recover those taxes that are short-paid by assessees intentionally or without intention.