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Goods and Services Tax (GST)

Goods and Services Tax (GST) is a country-wide indirect tax that will replace various indirect taxes like central Excise Duty, Service Tax, State Sales Tax, Octroi and value added taxes levied by different states. All these taxes will get subsumed in GST to create a unified market across India.

The key advantages of this uniform tax structure will be as follows:
  • One nation one tax
  • Single registration – GSTIN
  • Subsumes 60+ indirect taxes
  • Better compliance
Guides on GST
All you need to know about GST

GST is a revolutionary step in the history of indirect taxes in India but what is GST and why do you need it? Is it good or bad and how will it affect you? Read More

What is GST Composition Scheme?

GST Composition Scheme gives small businesses a reason to smile. Find out how it will impact your business. Read More

What is GST Identification Number?

Instead of having different ID nos. under state VAT laws and service tax laws, all the taxpayers will be identified by GSTIN. Know all about your GSTIN. Read More

Read more GST Guides and Blogs
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All You Want to Know About Demonetisation

Rs. 500 and Rs. 1,000 notes are no more a legal tender as per the announcement made by the PM on 8th November 2016.

Important things to note are:
  • All existing currency notes of denominations 500 & 1,000 now stand redundant.
  • These need to be exchanged with banks or post office to receive new notes.
  • The window to do these exchange transactions are from 8th November 2016 to 30th December 2016.
  • Post 30th December the old notes will be accepted by select RBI branches until 31st March 2017 with a declaration.
  • New Rs. 500 & Rs. 2,000 notes will be dispensed by banks from 11th November.
FAQs on demonetised currency notes
What is demonetisation scheme?

On 8th of November 2016, government announced demonetisation scheme according to which old currency notes in the denominationsof 500 and 1,000 ceased to exist as a legal tender (demonetised) from the next day onwards. Government has launched new currency notes of denominations500 and 2,000 to replace the demonetised notes.

Why did government demonetise Rs. 500 and Rs. 1,000?

Flow of fake currency (mostly in the form of 500 and 1,000 rupees) was increasing in the economy which was being used to fund terrorism and other evil elements. It was also known that these notes were used to hide taxable income by black money hoarders. Government has killed two birds with one stone by demonetising these widely forged notes.

Click here for more updates on demonetisation

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