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From taxation being imposed on the manufacture or sale of goods and provision of services under the present system, it will move to GST being levied on supply of goods and services.

There are about 80 lakh excise, service tax and VAT assessees as present, of which 64.35 lakh have already migrated to the portal of GST Network — the company readying the IT backbone for GST regime.

Transactions fees in financial services are likely to become more expensive in the new GST regime as they will now be subjected to 18% tax.

Tax rates have been finalised for 1,211 items with a majority of items being kept under 18 per cent rates.

One must always record daily transactions on a real time basis… Keeping a real time track of your transactions is a must as the last thing you want is to be stuck backtracking all your transactions that haven’t been recorded. It raises the scope for error and missing out on a single transaction could result […]