Types of GST – SGST, CGST, IGST and UGST Explained
The government earns revenue with two taxes. These are direct taxes and indirect taxes. An example of direct taxation is income tax, and an example of indirect tax is GST. GST stands for Goods and Service Tax. This is a…
Impact of GST on Consumers in India
Until 2017, the indirect tax structure in India was quite complicated. It was simplified with the introduction of GST in the country. GST not only combined all the taxes but also helped eliminate the cascading effect of tax and double…
Impact of GST on Textile Industry in India
The textile industry is one of the most basic industries in any economy. Food, shelter and clothing come at the bottom of Maslow’s Hierarchy of Needs. By this itself, you would have understood the importance of the textile sector. The…
Impact of GST on State Revenue of India
GST was a significant change for the Indian economy and faced a fair amount of resistance. There have certainly been many benefits of GST, but just like two sides of the coin, there were also some negatives of the GST…
Impact of GST on Banking Sector in India
The banking sector is the backbone of any economy, and any impact on the banking sector affects the whole economy. Even the banking sector was scoped within the framework when the GST was implemented. The GST impacted banking and the…
Income Tax Planning in India: What Do You Need to Know
Income tax planning is an essential aspect of financial management. It is important to have a solid understanding of the various tax laws and regulations that impact you and businesses alike. Effective income tax planning can help minimise your tax…
Impact of GST on the Logistics Industry in India
The logistics sector in any country joins the manufacturers & producers with the trading activity. It is the core of any economy, and the sector is heavily involved in the development of the country. The logistics industry always tries to…
Impact of GST on Media and Entertainment in India
In India, the Mediate and Entertainment industry is huge. The penetration of media and entertainment has increased because of the factors like OTT, cheap subscriptions and affordable Internet. In addition, smartphones have made it possible for the general population, even…
Impact of GST on Computers in India
Everyone needs a computer to work on. It doesn’t matter if you are an employee, student, business owner or commoner. You need to have a computer to do your work. It is not optional in the era that we live…
Impact of GST on Business in India
GST was implemented on 1 July 2017 in India and marketed as a revolutionary taxation system that will make things easy for everyone. It combined various taxes into a single tax, making it easy to understand from the customer’s point…
