Goods & Services Tax (GST)
GST is nothing less than a revolutionary tax reform in India. The previous tax structure is uncertain and undetermined due to multiple rates. GST has brought the various indirect taxes under one umbrella in order to make the compliance easier. In fact, GST has helped Indian economy to eliminate the multiplicity of the taxes and harmonize the State and Center tax administration.
GST was implemented to eliminates tax barriers between states and create a single market. GST is one the biggest leap in the India economy which offers transparency to the tax structure in the country. In Addition, it is the most efficient tax system in India which provides detailed tax reform ever.
Ok! Let’s talk about the form of the GST i;e, Central GST and State GST. The CGST and SGST are applied on every transaction of supply of goods and services. Moreover, it is not applied to the good and services which are lie outside the vicinity of GST.
The GST tax bandwidth lies between 0% to 28%. In fact, there is four-tier tax structure (5%, 12%, 18% and 28%) which target different array of good and services. The lowest tax targeted to essential items, while the higher tax will be imposed on luxurious merchandise. Your phone bill, travelling expenses and banking is on the higher side of the tax. Meanwhile, the cement, food items, and movie tickets will be imposed by the lower magnitude of tax.
Here is a glimpse of services that we offer in light of a Goods & Services Tax:
- Full-scale assessment of business operations in the light of general GST transition.
- Assistance on impact analysis to assess the operational, and financial impact of GST.
- Assistance on planning transition to GST including ERP.
- Migration of current entities under GST and registration of new dealers.
- Presenting updates on implementation of new GST policy.
- legal aspects & clarifications on Indian GST.
- Support on Compliance with the GST regime.
- Comprehensive analysis of existing leakages and gaps in the present GST regime.