All About GST in India

What is Arm's Length? What is Arm's Length Transactions? What do we mean by Related Party? Arm's Length: Suppose, Two persons are not relatives/friends to each other. They are standing by face to face. They don't have any relationship between them. Persons who are unrelated to each others will treat each other in different way, than persons known to each other. it means they will talk to each other by standing on a distance of Arm's length. on the other side, Two persons who are relatives/family friends of each others, will always meet and great each others by hug. there is no arm's length distance between them as we envisaged in case of unrelated persons. Arm's Length Transactions: in common business parlance, when two related/associated persons enters into commercial transactions, it is obvious that they may benefit each other by manipulating prices, credit periods, interest rates and expenses. while in unrelated parties transactions th...

Hello All, Today we will talk about GST regime in India. we will start from introduction and will go forward post by post. So, What is GST? in full form it is known as Goods and Service Tax. It is unified indirect taxation mechanism. GST Act was launched all over India w.e.f. 01-Jul-2017. unlike earlier Service Tax Act it is applicable to all India including Jammu & Kashmir. It is Indirect Tax in nature. it means it is applicable on production, manufacturing, trading, sale purchase, transfer, barter of goods and also provision of services. by introduction of this tax regime earlier indirect tax regimes like service tax, excise duty, surcharges, state level value added taxes and octroi abandoned and ceased to be applied. instead of various indirect taxes only single indirect tax i.e. GST is now applicable in business and commerce. GST is a consumption based/ destination based tax, it means taxes are paid to the state where the goods or services are consumed and no...