7 Mistakes For Startups And MSMEs To Avoid Under The GST Regime

In this post, we will discuss the impact of GST on small businesses and startups with a turnover of up to ₹50 lakh. Now, the GST has a concept of “composition scheme”, where one has to pay tax @1 or 2% on the total turnover with fewer compliances. However, this system is full of technical traps, and believe me, even a small mistake can cost you lakhs of rupees in penalties.
Rupak De Chowdhuri / Reuters

Making GST Work: Walk Before You Run

At present, tax administration in India works poorly. We do not know how to build a capable and uncorrupt tax administration. In the absence of this State capacity, we should start with a GST design that imposes a low load upon tax administration. Only after this is proven to work at high levels of probity and operational efficiency can we consider the possibility of going up to higher levels of load.

GST Reform Came From Consensus, So Why Are Free Trade Negotiations Shrouded in Secrecy?

A letter from Kerala's Agriculture minister V.S. Sunil Kumar to the Central government highlights apprehensions about the Regional Comprehensive Economic Partnership (RCEP), a trade deal that will bind India to Asia Pacific's manufacturing and agricultural powerhouses. No one, least of all the states who bear the actual consequences, has a clue about what is being negotiated, the tariff lines being conceded, the products in the negative list, and what sectors and states will be affected.
Rupak De Chowdhuri / Reuters

How Will GST Impact The Economy And The Common Indian Consumer?

It's been raining hallelujahs all over the country ever since Parliament passed the GST Bill on Wednesday. There is much exultation about a uniform tax platform which will be beneficial to growth, provide uniformity in compliance, and herald an all-round seamless structure in all matters tax. How much of this is actually true, though, lies in the finer points of the impact of the GST on the average consumer (that's us) and the GDP of the country.