Blog by Nandhakumar & Sundaran

The Ministry of Finance has released a second set of Frequently Asked Questions (FAQs) to provide further clarification on key decisions made during the 56th GST Council meeting. These updates span across various sectors, including pharmaceuticals, construction, services, and logistics.

In the pharm...

The 56th meeting of the GST Council, chaired by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman, introduced landmark reforms under the vision of “Next-generation GST” announced by Prime Minister Shri Narendra Modi. The recommendations focus on making GST simpler, more citizen-...

Objectives & Mechanism

One of the primary objectives of GST is to eliminate the cascading effect of multiple taxes by allowing businesses to set off prior taxes related to the same transactions through the Input Tax Credit (ITC) mechanism. GST ensures that tax is applied only to the net value ad...