The tax-to-GDP ratio is an essential measure of a country's capacity to generate tax revenues in relation to the size of its economy. In this article, we will explore the tax-to-GDP ratio, examine how to calculate it and provide insights into its implications.What is the tax-to-GDP ratio?The tax-to-GDP ratio measures the extent of a country's tax revenue against its gross domestic product (GDP). It gives a more detailed picture of the country's tax revenue and taxation as a share of its output. The ratio also indicates the approach to taxation a nation uses, making it helpful in comparing its tax revenues with those of other countries.Direct tax to GDP ratio of India in 2023-24Official information on India's direct tax-to-GDP ratio for 2023-24 shows that it increased to 6.6%, up from 6.1% in 2022-23. This is the highest ratio in the past fifteen years and is expected to be around 6.7% for the following year.Indirect tax to GDP ratio of India in 2023-242023-24, India's indirect tax-to-GDP ratio stood at 6.86%.

Blockchain technology in supply chain management provides a cutting-edge way to streamline supply chain operations and helps in increasing the efficiency, security and transparency. In this article, you will explore what is blockchain in supply chain management and discover its framework. You will also learn how to use blockchain in supply chain management and know about its benefits and challenges.What is Blockchain in Supply Chain Management?Blockchain in supply chain management is a transformative technology that provides a digital and decentralised registry for tracking goods and information as they move from one production stage to another. It functions as a distributed database where each transaction is recorded in a series of interconnected blocks, each encrypted and linked to the previous one. Therefore, Blockchain technology in supply chain management enables all stakeholders to access unique, accurate and up-to-date product movement records anytime. This way, intermediaries are eliminated while data integrity improves, resulting in more efficient supply chain operations.How Blockchain Works in Supply Chain Management?Blockchain in supply chain management functions by recording every transaction and movement of goods on a secure, decentralised ledger. Each product is assigned a unique digital identifier that tracks its journey from origin to destination.

The Goods and Services Tax Network is constantly streamlining its GST portal and introducing new features to simplify compliance and auditing for taxpayers. The latest is the Invoice Management System (IMS), which will go live on 1st October 2024. It aims to help significantly manage the process of ITC claims. This article discusses the key features and benefits of the Invoice Management System and explains how it works. Stay with us. What is the Invoice Management System (IMS) Under GST? The Invoice Management System, or IMS, is a new feature within the GST portal that will allow recipient taxpayers to accept, reject, or keep invoices filed by their supplier taxpayers pending. Mismatches between invoices filed by suppliers and returns submitted by recipients are a significant issue taxpayers face when claiming input tax credits. Once rolled out, the IMS will allow registered recipients to match their records with invoices issued by suppliers in their GSTR-1.

The 54th GST Council was held on 9th September, 2024 in New Delhi. It was chaired by the Union Finance and Corporate Affairs Minister and was attended by Union Minister of State for Finance Shri Pankaj Chaudhary, Chief Ministers of Goa and Meghalaya; Deputy Chief Ministers of Arunachal Pradesh, Bihar, Madhya Pradesh, and Telangana; besides Finance Ministers of States & UTs (with legislature) and senior officers of the Ministry of Finance & States/ UTs.Highlights from the 54th GST Council MeetingHere are some of the key decisions taken by the GST Council.The Council has recommended implementing e-invoicing for B2C transactions in a phased manner. Until now, e-invoicing was applicable on B2B transactions for a registered person having turnover of over Rs.5 crore, but in order to prevent false invoicing.  By introducing the Invoice Management System, Reverse Charge Mechanism (RCM) ledger and an Input Tax Credit Reclaim ledger in the GST Portal, the Council informed the press about the enhancements to the current GST return filing mechanism. Further, it recommends taxpayers to declare their opening balance for these ledgers by 31st October, 2024.The status reports were duly submitted by the Group of Ministers (GoM) formed on rate rationalisation and real estate, respectively, on the basis of which further discussions regarding the above two subjects will be held in upcoming council meetings.No GST rate changes apply to online gaming; hence, as decided in the 50th GST Council meeting held in October 2023, 28% of the GST stands applicable to casinos, games, and race courses. It was held back then that the status would be reviewed after six months of the implementation.

What do we expect when a system is introduced? To simplify things The primary aim of the Goods and Services Tax in India was to remove complexities from the highly fragmented indirect tax system that prevailed in the country before 2017 and build India as 'one nation, one market'. However, the GST Act has replaced one set of complications with another. This article discusses GST rate rationalisation, why it is necessary and the hurdles the GST Council faces in rationalising GST rates. Stay with us. What is GST rate rationalisation? Since its introduction in 2017, the GST Council regularly tries to review rates to simplify the tax structure in its quarterly meetings with council members. This process is GST Rate rationalisation. So, the GST rate rationalisation means reviewing, revising, and simplifying GST rates for different taxable items. The aims of rationalising GST tax rates are: Reducing GST rates for essential and semi-essential items  Shifting items from one category to another based on consumption patterns Reducing the number of tax slabs Removing confusion around regarding different tax rates for similar items For example: In 2017, firecrackers and other pyrotechnic items attracted a GST rate of 28%. In the pre-GST era, the VAT on these items was 15%.

Worldwide supply chains are great for international businesses, but they are also significant sources of CO2, greenhouse gases, and other air, water, and soil pollutants. Rapidly rising global temperatures, changing weather patterns, and climate disasters have raised concerns about the sustainability of supply chains in their conventional forms. Every sector is investing in pro-environment supply chain management infrastructure. This article explains green supply chain management and how it is emerging as the next big thing in the supply chain management domain. Stay with us.What is green supply chain management?Green supply chain management is a set of standardised practices and strategic approaches to implementing control on conventional supply chain activities to make them environment-friendly and sustainable. Often, green supply chain management is also defined as incorporating 4R and 1 D.

From MEMEs to large conglomerates, business success depends on making the right product available to your customer at an appropriate time and price point. A company's supply chain makes this task achievable. So, it is critical to work on and keep improving your supply chain. You can improve a process only when you can measure it. This article discusses everything you must know about performance measurement in supply chain management. Stay with us.What is supply chain performance?The performance of a supply chain is the efficiency and efficacy of the process in transforming raw materials into goods and services and ensuring customer satisfaction.

The Government officially released the GST collection report for August 2024 on 1st September 2024. According to the detailed report published on the Goods and Services Tax portal, the gross monthly GST Collection rose by 10%, to Rs.1.75 lakh crore, in August 2024 compared to the same month last year, when it stood at Rs.1.59 lakh crores. Though the revenue saw a significant hike, the numbers have reduced from July 2024, when they were Rs.1.82 lakh crore. Analysis of the GST Collection for August 2024The monthly GST collections for August 2024 represent an impressive 10.1% year-on-year growth where CGST accounted for Rs.1.72 lakh crores, SGST was Rs.2.13 lakh crores, IGST stood at Rs. 4.64 lakh crores and Cess was Rs.64 thousand crores. This growth is driven by a substantial increase in domestic transactions (up 11.3%) and imports (up 6.5%). Also, monthly revenue has seen a sharp increase of 12.1% from import transactions compared to domestic transactions, which grew 9.2% since last month.GST Collection for August 2024 State-wiseThe Government has released the state-wise GST collections for August 2024.

EWay Bill or an Electronic Way bill is required for movement of goods under GST. Transporters should carry an eWay Bill when moving goods from one place to another. Lets deep dive into the applicability, requirements and process for generating the same on the portal. Stay with us. What is an eWay Bill?Under GST, an Electronic Way bill is required for movement of goods. A registered person cannot transport goods in a vehicle whose value exceeds Rs. 50,000 (Single Invoice/bill/delivery challan) without an e-way bill that is generated on ewaybillgst.gov.in.Alternatively, Eway bill can also be generated or cancelled through SMS, Android App and by site-to-site integration through API entering the correct GSTIN of parties.

If you’re running a software company, you will always strive to design a roadmap that will continuously guide your business to improve at software development, product creation, and service delivery to meet the highest level of customer satisfaction. This is where Capability Maturity Model Integration (CMMI) comes into the picture. CMMI guides you on how to do a project without tripping your budget or missing deadlines to keep customers happy and maintain a high reputation in the market. In this detailed guide, let’s learn more about this fantastic framework and how it works. What is Capability Maturity Model Integration (CMMI)?CMMI is an ideal framework that guides businesses from the beginner level of managing projects to becoming experts in the market. CMMI was first developed in the late 1980s and 1990s by the Software Engineering Institute (SEI) to help the U.S.