What is Goods and Service Tax?
Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments.
Silent features of GST India:
Distinction between goods and services will be mostly eliminated. This will eliminate the problem of dual taxation presently faced by construction industry, work contract, food related service like restaurant and outdoor catering, leasing and hire services and software services.
GST is based on VAT concept of allowing input tax credit of tax paid on inputs, input services and capital goods, for payment of output tax. This will avoid cascading effect of taxes.
GST is consumption based tax i.e. tax is payable in the State where goods or services or both are finally consumed. IGST will ensure seamless movement of goods across the country (except J&K) as taxes will move along will goods.
The rates of GST are Nil, 0%, 5%, 12%, 18% and 28%. Dual GST for supply of goods and services within State i.e. State GST (SGST) and Central GST (CGST).
In case of Inter State supply of goods and services, there will be Integrated GST (IGST).
GST REGISTRATION GST will replace Central and State level indirect taxes and Entities that are registered under Excise or VAT or Service Tax require enrolling themselves under GST to migrate to GST. Our team will guide you on the applicability and compliances under GST for your business and will assist you on the procedural formalities to get registered and secure your GST Identification Number (GSTIN).
GST COMPLIANCES Our team helps your entity to plan out to record and generate Invoices and reports as per GST regulatory framework, planning of inventory level, framing logistics strategy, carry forward input tax credit.
Our Team helps clients in the impact assessment of the GST over business and finance and helps in the following:
1. Classification of services and goods
2. Guidance for generation of Invoices, Debit and Credit Notes and reports under GST.
3. Transitional Provisions for shifting from existing tax system to GST.
4. Carry forward of Input Tax Credit in respect of goods, services and capital goods.
5. Filing of regular GST returns i.e. monthly, quarterly and annual returns
6. Reconciliation of input credit and output tax under GST with the GST portal
7. Audit under the provisions of GST