As the county moves to GST, we are offering extensive research, trainings, workshops and services to help our clients transition to the new regime.

We anticipate clients in the financial services industry to expect a bouquet of services to enable a smooth transition to the GST. Some of the services we are providing are:

-Impact study of GST:  includes studying implications of GST on organizational cash flows
-Assisting in identifying the different benefits that can be availed by the company
-Preparation of detailed checklists for GST administration
-Organizing intermediate and advanced training programs for groups of employees based on specific organizational needs
-Reviewing the existing documentation to ensure that they are aligned with the law

Write to us at gst@vinodkothari.com if you wish to know further details with respect to the above.

For our workshops and training click here

Please drop an email to events@vinodkothari.com to register your interest.

25th GST Meeting- Making GST Business-compliant

By Mayank Agarwal (finserv@vinodkothari.com)

The 25th meeting of the GST Council held on 18th January, 2018 has shown that the Government has not turned a blind eye to the pleas of the industry and is willing to cooperate with them to make GST a more simplified and business-compliant structure of the Indirect Taxation System.

The amount of GST revenue for the month of December reflected a reversal in trend for the first time since its inception, recording an increase in the revenue generated. However, there were still widespread concerns about the alarmingly low collection under the Composition Scheme. Hence, amendments to the Composition Scheme structure and the guidelines relating to the implementation of E-Way Bill took the centre stage during the meeting.

Read more

GST Council brings down the rate of GST on used cars, besides others

By Abhirup Ghosh, (abhirup@vinodkothari.com, finserv@vinodkothari.com)

The GST Council met for the 25th time on 18th January, 2018 to modify the GST law in order to tackle the difficulties being faced in the market. The Council recommended several changes to the law among and one of the change that has can cause a significant impact on the vehicle industry is reduction of rate of tax on sale or purchase of used motor vehicles. Read more

Major rejig in the GST law with respect to car leasing/ renting business

GST Division, (gst@vinodkothari.com)

Introduction

Vehicle leasing business in India has been gaining popularity ever since its inception in the year 2005. In the past few years, the industry has picked up pace and become the preferred mode of procuring a vehicle given its temporary and simplistic structure. The vehicle leasing market in India is estimated to be worth around Rs. 1500 crores, with a Compounded Annual Growth Rate (CAGR) of about 15-20%.[1] Although the market is scattered in nature, with around 30 companies in India carrying out the business of vehicle leasing, companies such as LeasePlan, Tranzlease, Orix India are some of the established players in this market. With a high percentage of working age population of around 925 million by 2020, and 70% of compact car owners belonging to an age group of below 35 years, the Indian vehicle leasing market has the potential to double its value in the coming 3 to 5 years.[2] While the core business of leasing companies in India involves leasing to corporations who provide the vehicles to their employees, the booming cab sector is also another area forms a chunk of their portfolio. Read more