GST consultancy

Our GST consultancy services have been designed in such a way that all the taxes that our clients were previously accustomed to paying do not seem too complicated when compiled under one. Our experts assist at every step and make sure that you are in complete sync with the needs and requirements of this tax.

The Indian Government has been set on replacing almost all the indirect taxes that are levied on goods and services by the Centre and the States and implement the GST, which it has successfully done on 1st April of the year 2017.

Goods and Services Tax System or GST is beleaguered to be transparent, simple, and a competent system of indirect taxation that has been adopted by more than 160 countries worldwide and it is a relatively new form of tax in our Country.

The GST has been a game changer for the Indian economy as it has created a common Indian market by lowering the cascading consequence of the tax on the prices of goods and services.

Any person who is supplying or offering goods and services is legally responsible for charging GST.

The concept of GST

GST is a consumption based tax or levy. It is based on the principle of destination. GST is applied to the goods and services at the place where the actual or the final consumption takes place.

GST is gathered on value-added goods and services at all the stages of the purchase or sale in the supply chain. This tax of GST is paid on the procurement of the goods and services and can be set off against that owed on the availability of the goods and services. The wholesaler or the retailer or even the manufacturer will give the valid amount of GST but will also claim it back via tax credit mechanism.

However, being the final in the chain of supply, the end buyer has to abide by the tax and, in many cases; GST is close to a last-point of retail tax. GST is going to be gathered at the sale point.

The Government of India is going for dual system GST; this means it possesses two gears that will be called:

• Central Goods and Service Tax (CGST) or
• State Goods and Service Tax (SGST).

The present taxes like the service tax, excise duty, or custom tax have all been merged under the CGST.

The taxes such as sales tax, VAT, entertainment tax and other state taxes have been included in the SCGST.

So, how is the GST levied? The GST is levied on the places of the consumption of Goods and Services; it can also be levied on:

• Inter-state movement of goods,
• Intra-state supply and consumption of goods and services, and
• Import of the goods and services.

The perks of GST

• The whole Indian market is now a unified market that translates into lower business prices. It facilitates seamless movement of the goods across the states and lowers the transaction price of the businesses.
• The tax structure is now leaner and simpler.
• It is great for export-oriented business enterprises because it is not levied on the goods and services that are exported out of the country.

Our online taxation consultancy experts will be your pals in handling your business in the new GST era with ease!