Key Takeaways India’s pharmaceutical industry has earned global recognition for its resilience and innovation, particularly in the post-pandemic era. Known for providing affordable medicines and playing a crucial role in the global pharmaceutical supply chain, India continues to lead the sector. Following the implementation of GST on pharmaceuticals and medical supplies, four types of taxes […]
Key Takeaways Goods and Services Tax (GST), introduced in 2017 by the GST Council, is an indirect tax that replaced multiple taxes like VAT (Value-Added Tax) and service tax in India. While a certain segment has reaped the benefit of a reduced tax rate, other segments have been subject to higher tax rates. A significant […]
Key Takeaways Being a destination-based tax, GST has replaced a multitude of indirect taxes like service tax, VAT, and central excise, among others. This change has enhanced taxation in this case by helping policyholders to pay taxes on premiums paid by calculating easy and convenient taxes on premiums paid. The impact of GST on insurance […]
Key Takeaways One commonly comes across the terms GSTR-2A and GSTR-2B while filing GST returns. You can notice that both these forms offer insights about a GST-registered taxpayer’s available Input Tax Credit (ITC). In this guide, we will learn about both these statements and also go through the main differences between GSTR-2A and 2B to […]
by Key Takeaways In India, after the introduction of the Goods and Services Tax in 2017, the supply of goods and services is subject to GST. When it comes to employment transactions, the employee provides services while the employer offers a salary and non-monetary benefits (perquisites). As there is a supply on both sides, GST should […]
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