The Goods and Services Tax in India- Preview

I ndia B riefing · Issue 43 · June 2019 2 Introduction ROHIT KAPUR Managing Director India The government of India introduced the Goods and Services Tax (GST) on July 1, 2017 – replacing numerous federal and state levies and pavingway for a simplified tax structure in India. The GST is a comprehensive, multi-stage, destination-based tax that is imposed on every valuable addition. The newGST systemhas reduced the number of taxes, removed tax barriers across states, and created a single uniform market across India. Companies can now do business anywhere in the country without having to comply with multiple state regulations. They can set up their ownwarehouses to optimize cost and improve customer services.The procedure for GST registration is centralized and standardized. Moreover, the GST treats exports as zero-rated supplies, which means no tax will be payable on exports of goods or services. In this issue of India Briefing, we introduce various provisions of the GST system to help companies understand and implement GST compliance for their businesses. Next, we enumerate the rules and regulations for registering under GST, as well as penalties for non- compliance. Lastly, we discuss the concept of time, value, and place of supply that can help firms determine their GST liability under different situation and circumstances. The enormous scale of India’s GST reformmeans that not all aspects of the tax can be assessed in this magazine. For readers looking for more information on GST in India, please contact our tax experts at Dezan Shira & Associates, or consult related content, available on India Briefing website. Dezan Shira & Associates has an experienced team of tax accountants, lawyers, and ex-tax officials that can help your business on a wide spectrum of tax services in India. Best regards, Rohit Kapur Credits Publisher / Rohit Kapur Managing Editor / Adam Pitman Editor / Vasundhara Rastogi Design / Ha Ngoc Anh Thu Reference India Briefing and related titles are produced by Asia Briefing Ltd., a wholly owned subsidiary of Dezan Shira Group. Content is provided by Dezan Shira & Associates. No liability may be accepted for any of the contents of this publication. Readers are strongly advised to seek professional advice when actively looking to implement suggestions made within this publication. For queries regarding the content of this magazine, please contact: editor@asiabriefing.com All materials and contents © 2019 Asia Briefing Ltd. Asia Briefing Ltd. Unit 507, 5/F, Chinachem Golden Plaza, 77 Mody Road, Tsim Sha Tsui East Kowloon, Hong Kong. www.asiabriefing.com www.dezshira.com www.aseanbriefing.com www.india-briefing.com www.indonesiabriefing.com www.vietnam-briefing.com www.china-briefing.com

RkJQdWJsaXNoZXIy NzgwNTA=