2nd August 2017
MGI Worldwide member firm Kamdar Desai & Patel Chartered Accountants has published a paper outlining the key points of the India Goods and Services Tax (GST), introduced on July 1st 2017.
The GST is applied to certain goods and services at the point of consumption. MGI Worldwide member firms with clients conducting business in the Indian market may find that they and their clients need a greater understanding of the India GST, with Kamdar Desai & Patel producing its paper with this in mind.
The paper covers:
● Who the India GST applies to
● Which goods and services it concerns and which are exempt from the levy
● What the scope of supply covers, in terms of time, value and place, as well as the differences between intra- and inter-state supply
● The taxes expected to be subsumed and not subsumed by the GST
● How firms can begin complying with the GST
● How to complete a GST return
● The consequences attached to failing to file a GST return
● How to complete invoices under the GST, including tax invoices and bill of supply
● How to input tax credit
You can download the full white paper HERE
For any related questions please connect on firstname.lastname@example.org. For more information on Kamdar Desai & Patel Chartered Accountants, visit their MGI Worldwide member profile page HERE
Kamdar Desai & Patel Chartered Accountants is a member of MGI Asia, part of MGI Worldwide a top 20 ranked global accounting network with some 5,000 independent auditors, accountants and tax experts in over 260 locations around the world.
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