Goods and Services Tax

GST Simplified for your Business

1
GST Migration – Goods Sent for Job Work
2
Branch Transfers – How to Calculate the Taxable Value
3
GST Migration – Demystifying the Closing Stock Dilemma
4
Composition Scheme – Impact on SMEs
5
All you Need to Know about Job Work under GST
6
Preview Plan and a Sneak Peek into Tally.ERP 9 Release 6
7
Impact of GST on Manufacturers – Part 2
8
Update on GST Acts and Rules
9
Impact of GST on Manufacturers – Part I
10
How will GST Transform the Indian Wholesale Market?

GST Migration – Goods Sent for Job Work

Last updated on June 29th, 2017 at 12:13 pm

For manufacturers, an important concern is the tax treatment of goods sent for job work in the current tax regime which are being held by the job worker as on 1st July, 2017 – the date of transition to Goods & Service Tax. Two questions that such principal manufacturers will have are-

  • Will tax be applicable when the goods sent for job work in the current regime are brought back or supplied in the GST regime?
  • What is the documentation required for goods lying with a job worker on 1st July, 2017?

Read More

Branch Transfers – How to Calculate the Taxable Value

Last updated on June 29th, 2017 at 12:17 pm

Branch transfer refers to the transfer of materials from one unit/location to another unit/location belonging to the same business entity. It is also known as Stock Transfers. Branch transfers are done for various reasons, such as:

  • Transfer of semi-finished goods from the manufacturing unit to another unit for further processing
  • Transfer of goods to godowns/warehouse for further supply
  • Trader may transfer goods to another branch due to demand
  • From the perspective of compliance- to enable the customers (B2B) to avail input tax credit, branch transfers are done and then the sale is affected.

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GST Migration – Demystifying the Closing Stock Dilemma

With only a few days to go for GST to be rolled out, one of the key points of interest for most businesses are the transition rules and provisions, especially pertaining to the closing stock being held on the transition date. This is super-critical for businesses, as the rules will determine the amount of input tax credit available on the closing stock, and based on that, businesses will need to re-organise themselves in the last few days of the current taxation regime to manage their inventory effectively. Read More

Composition Scheme – Impact on SMEs

Last updated on June 29th, 2017 at 12:21 pm

The heart of the Indian economy is its small and medium business segment. As on today we have about 50 million SMEs in India – contributing almost 37% of the industrial output and 46% of India’s total export. With a stable growth rate of over 10%, SME India employs a staggering 120 million people and has emerged as the leading employment-generating sector, over the years. It goes without saying, that when the nation is on the verge of a massive taxation regime change in the form of GST – its impact on the life of SMEs is super critical for the nation as a whole. Read More

All you Need to Know about Job Work under GST

Last updated on June 21st, 2017 at 02:48 pm

The manufacturing sector is the second largest contributor to our GDP. Many new initiatives taken by the Government in the form of Make-in-India, Invest India, Start Up India, and e-biz Mission Mode Project under the national e-governance plan are facilitating investment and ease of doing business in the country. Indian manufacturing companies in several sectors are targeting global markets and are becoming formidable global competitors.
Read More

Preview Plan and a Sneak Peek into Tally.ERP 9 Release 6

Last updated on June 28th, 2017 at 03:14 pm

You have all been following Tally’s series of posts about GST. We recently posted our product roadmap and announced that Release 6.0 will be our GST-Ready product!

We are pretty close to making our GST Ready software release, in line with the country’s imminent GST rollout. Read More

Update on GST Acts and Rules

Last updated on June 16th, 2017 at 11:52 am

The Government is making all efforts to stick to the timeline of 1st July for GST implementation. In the 15th GST Council meeting on 3rd June, 2017, the rates of 6 items were decided, including gold, footwear and textiles. All the states, except West Bengal, have also agreed to roll out GST from 1st July, 2017. Following is the status update on the GST Act and rules: Read More

Impact of GST on Manufacturers – Part I

Last updated on June 15th, 2017 at 05:14 pm

The “Make in India” campaign has provided a huge boost to India’s position on the world map as a manufacturing hub. According to Deloitte, India is expected to become the 5th largest manufacturing country in the world by the end of 2020.

Read More

How will GST Transform the Indian Wholesale Market?

Last updated on June 15th, 2017 at 05:33 pm

India is a land of growing consumerism. With about 14 million retail points serving the end customer, in both urban and rural markets, it is a mammoth task for manufacturers – especially those of FMCG and consumer durables – to address the demand. What makes this even more challenging is the fact that as on today, 92% of the retail sector is unorganized – making it practically impossible for a manufacturer to cater to the last mile, solely on the strength of direct distribution channels.

The inevitable saviour? The Indian wholesale market. Read More

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