Legal Advisory

What is the Bureau of Indian Standards? BIS was founded in 1986 to replace the Indian Standards Institution (ISI), which was founded in 1947. The Bureau of Indian Standards is the national standards organization of India, responsible for establishing, maintaining, and encouraging standards for different products, services, and systems. BIS operates under the Ministry of Consumer Affairs, Food, and Public Distribution and is headquartered in New Delhi, with branch offices across India. It is also a member of the International Organization for Standardization (ISO) and actively participates in the development of international standards. BIS contributes significantly to protecting the health and safety of Indian citizens by operating the quality of goods and services. It formulates standards for products ranging from consumer goods  It ensures that these products meet the required standards through testing, certification, and inspection services. It also helps to facilitate trade and comm

  What is GST? On July 1st, 2017, the Goods and Services Tax (GST) tax was introduced in India. It replaced various indirect taxes like service tax, central excise duty, value-added tax (VAT), etc. It aims to establish a common market for goods and services and simplify the tax structure. Under GST, taxes are subjected to the value-added at every stage of the supply chain, from the manufacturer to the retailer. It is a consumption-based tax, which signifies that it is applied only when a final consumer purchases a product or service. Goods and services are taxed based on the category they fall into. Basic necessities like food items, education, and healthcare services are taxed at a lower rate of 5% while luxury goods like cigarettes and aerated drinks are taxed at a higher rate of 28%. The GST has significantly affected various sectors of the economy. The tax rates real estate industry has been affected the most, as the tax rates have increased from 5.5% to 12% on under-construction p