The Indian government expected that implementing a single taxation system—Goods and Services Tax (GST—would significantly boost the nation's Gross Domestic Product (GDP). This uniformed tax regime has brought the Indian economy closer to a unified market, enabling the free flow of capital and services and facilitating easier business operations.In this article, we talk about GST and its impact on GDP of India in more detail. Read along!  GST act and its impact on GDPBefore 2017, Indians had to bear multiple indirect taxes for various transactions, including purchases, sales, manufacturing, retailing, and marketing. The taxes included Value Added Tax (VAT), excise duty, service tax, central sales tax, entertainment tax, and luxury tax.However, the implementation of GST combined these taxes into one, while these changes eliminated the cascading effect of indirect and double taxation, it had a significant impact on India’s GDP. This move helped establish a more unified market where capital and services could flow freely, thereby simplifying the business environment.GST was instrumental in creating new reforms across the country such as e-way bills, and e-invoicing:e-Way bills were established under GST to ensure the smooth movement of commodities across state borders.

Unabsorbed depreciation is that amount of unutilised depreciation which the assessee will not be able to claim as an expense in his income tax returns due to lack of sufficient profit in the profit & loss account. Such unabsorbed depreciation can be set off against any heads of income and the remaining balance can be carried off till for any number of assessment years.Meaning of unabsorbed depreciationIt is that portion of the depreciation which could not be absorbed by such assessee in his books of accounts made for tax purposes. It could be the result of a huge amount of depreciation against the profits. In such a scenario, the portion of depreciation that is unabsorbed can be carried forward to be absorbed against the future taxable profits. It must be noted that the unabsorbed depreciation has nothing to do with the books of accounts prepared for the financial statements. If the profits in the books of accounts for financial statements and tax purposes are different due to the change of rates of depreciation, then the concept of deferred tax would arise, and it must be dealt with accordingly.The actual cost of assetsAs per Section 43 of the Income Tax Act, 1961, the actual cost can be defined as the “cost incurred on the assets to the assessee, reduced by that portion of the cost thereof, if any, as met directly or indirectly by any person or authority”.However as per the amendments by CBDT, with effect from 1st April 2018, if any assessee incurs any expenses for acquiring the assets or any part thereof, and the payment for such expense has been made other than by cheque or bank draft or electronic clearing system and the amount of such expense is more than Rs.10,000 then such expense should not be taken for calculation of the actual cost of assets. The actual cost of assets in various scenarios are:Sl.

Did you know that almost 50% of Indian businesses are now dealing with procurement fraud? So, it’s no surprise that businesses are adopting online vendor registration through e-procurement platforms to stay clear of muddy water. What is vendor registration? How to fill in vendor registration forms? In this article, we explain the process and document list.Key takeawaysVendor registration refers to process of supplier registering or onboarding a company as a vendor.Streamlined vendor registration helps companies avoid fraud and discrepancies arising of vendor identity in the future.Vendor registration could be standardised across enterprises to capture essential details of vendor at the time of onboarding.Submit declaration and documents evidencing the identity and address/place of business as a vendor.What is Vendor Registration? As the name suggests, it is the process where a supplier registers itself as a vendor for a company. Large companies working with multiple suppliers find it hard to scheme through vendor applications during the selection process. Hence, in recent times, companies are accepting verified vendor profiles through their own procurement platform or through vendor portals.Suppliers register themselves on the procurement or vendor portal through a vendor registration form. The process records essential vendor details such as company information, product details, bank information, compliance documents, past project details, etc.

As per the 56th GST Council meeting, the GST on namkeens and similar savoury items, such as fruit & vegetable chips, bhujias, snack foods, etc., has been revised for pre-packaged and labelled products. This move brings parity of GST rates among branded and unbranded namkeen.In the following sections, let’s discuss the namkeen GST rate, scope, and HSN code.Also, please note that in this article, we’re assuming that Namkeen is made using the following ingredients – gram pulse flour, refined edible oil, moongfali dana, pulses, tepary bean flour, spices, etc.Key TakeawaysCBCI notified the below GST rate change as recommended by 56th GST Council meeting.This rate change is effective from 22nd September 2025:GST on pre-packaged and labelled namkeens, bhujia, mixtures, chabena, and similar edible preparations reduced from 12% to 5%.Scope of Taxation of GST on NamkeenAfter GST 2.0 reforms, namkeen manufacturers with a registered brand name are liable to pay a GST of 5% instead of 12% on every sale. Those with unregistered brand names continue to charge 5% GST. Scenario before GST 2.0 reforms:A manufacturer claiming to have an unregistered brand name has no enforceable right or actionable claim on its brand name. One can also voluntarily forgo their brand name. All they have to do is file an affidavit with the jurisdictional commissioner of Central Tax. However, to avoid paying 12% GST on namkeen, the manufacturers have to meet the following conditions:Print a disclaimer on their product containers/packaging.

In certain business transactions in India, you need to get a GST Clearance Certificate. This certificate, issued by GST tax authorities, is quite important. In this blog, we will cover everything about it, and how to download GST clearance certificate.What is GST clearance certificateGST Clearance Certificate is a document issued by Indian tax authorities. It signifies that a taxpayer has settled their GST tax dues or is exempt from such payments. This certificate is solely related to GST compliance and serves as proof of adherence to GST regulations, whether through tax clearance or exemption within the GST framework.GST clearance certificate for tenderFor tender applications, securing a GST Clearance Certificate is a must.

India is getting closer to being a digitally advanced country. This is because of smartphone­s and fast internet. Also, India's market for digital change­ is supposed to reach $170 billion by 2024. This nation is also ahead of many developed countries and emerging economies. In this article, we will provide insights into the responses from different industries towards this change.

The world change­s constantly, and so does India's trade policy to grab chances and me­et needs. The­ foreign trade policy 2023 is part of this change, aiming to up India's game­ globally. This article will explore the key aspects of the new foreign trade policy, discovering its objectives, focus areas, highlights, and benefits.What is Foreign Trade Policy (FTP) of India?India's foreign trade­ policy, or FTP, is an essential set of rule­s on how India does business with the­ world. The Directorate Ge­neral of Foreign Trade (DGFT) take­s charge of it. The main goals of India's FTP are to boost exports, create favourable conditions for trade, and support steady economic growth.Objectives of Foreign Trade PolicyHere are the main objectives of foreign trade policy, which aim to improve how India trades with the world:Global Integration of IndiaThe goal of the­ foreign trade policy FTP is to combine India with the­ world markets smoothly.

The e-invoicing system has been an ambitious initiative under the GST system. Any enterprise that meets the e-invoicing criteria for the first time must check its e-invoice enablement status on the e-invoicing portal. This article explains everything, from the importance of e-invoicing to enabling e-invoice voluntarily in the GST Portal.  Importance/need for e-Invoice enablement e-Invoicing is mandatory for GST-registered taxpayers with over Rs 5 crore turnover for FY 2023-24. The threshold is gradually going down year after year. That means, in the near future, it might be necessary for any company engaged in B2B transactions to e-invoice sales and purchases, irrespective of turnover. However, mandatory or not, we can hardly ignore the importance of e-invoice enablement.

Delivery challan plays an essential role in the manufacturing and certain big retail enterprises. According to their needs and business policy, it comes in various formats and templates for businesses. The article explores formats or templates of delivery challans and the ideal contents.Benefits of having formats for delivery challanBusinesses find it useful in many ways to have a proper invoicing system. The availability of various delivery challan formats has made it possible for a business to customise its delivery challan to make it more reliable and trustworthy. Some of the other benefits are-Customise the delivery challan to advertise its brand and therefore promote business.A business can carry out necessary changes in the format to suit its business and industry requirements.Various formats for a delivery challanThere are various templates of a delivery challan available in the market but not all in one software.

Ассоrding tо Seсtiоn 31 оf the СGST Асt оf 2017, the suррly оf gооds оr serviсes neсessitаtes the рrоduсtiоn оf а tаx invоiсe. Nоnetheless, сertаin trаnsасtiоns аre nоt treаted аs suррlies, even if they require trаnsроrtаtiоn frоm оne lосаtiоn tо аnоther. In these саses, а delivery сhаllаn fоrmаt in Word is required.What is a Delivery Challan?А delivery сhаllаn is а fоrmаl dосument thаt is сreаted when gооds аre trаnsроrted frоm оne lосаtiоn tо аnоther, whiсh mаy оr mаy nоt result in sаles. Trаnsfer оf gооds frоm the Heаd Оffiсe tо its brаnсhes, fоr exаmрle.Delivery chаllаns аre inсluded in the shiрment оf gооds. It соntаins infоrmаtiоn аbоut the items аnd the quаntity оf gооds being delivered.What Types of Businesses Need Delivery Challan?We’ve tаlked аbоut hоw mаny times suррliers require а delivery сhаllаn rаther thаn а tаx invоiсe.