GST (Goods & Service Tax)

What is GST?

 

GST is an indirect tax reform which replaced all the indirect taxes levied at centre and state levels. GST replaced Excise duty, Customs duty,Service tax,VAT,Sales tax etc. It is a destination based tax on consumption of goods and services. Only value addition will be taxed and burden of tax is to be borne by the final consumer.

GST is a dual levy. The GST to be levied by the Centre on intra-State supply of goods and / or services would be called the Central GST (CGST) and that to be levied by the States/ Union territory would be called the State GST (SGST)/ UTGST. Integrated GST (IGST) will be levied and administered by Centre on every inter-state supply of goods and services.

 

National significance of GST


GST is an indirect tax reform which unifies and simplifies the indirect tax structure in the country. It is believed that GST would lower the overall indirect tax burden on consumers by removing the cascading effect of taxes (tax on tax). GST would lead to a common national market and would make Indian products/ services competitive. There is also a possibility of increase in tax revenue for the Central / State Goverments due to widening of the tax base and better tax compliance. GST may also improve economic growth.

GST was rolled out with effect from 01st July 2017.

 

What services do we offer in GST?

 

Registration 

  • New Registration under GST Act
  • Amendment/Cancellation of GST registration

Returns

  • Filing of Monthly Returns
  • Filing of Annual Returns / Final Returns
  • Payment of Tax

Upload

  • Regular upload of sale and purchase invoices
  • Reconciliation of uploaded invoices with supplier invoices uploaded 

Invoice Compliance

  • Tax Invoice
  • Bill of Supply
  • Payment Vouchers

Reconciliations

  • Monthly reconciliations to match input tax credit
  • Monthly reconciliations to finalise tax payable amount

Reverse Charge

  • Advise and compliance on reverse charge liability

Audit

  • GST audit by CA, if turnover exceeds Rs. 2 crores.

Advisory services

  • Applicability of Composition Levy for small dealers
  • Advisory services for Special Category of tax payers under GST
  • Advise on Correct Valuation of goods and services
  • Advise on Accounting/Reporting system needed for issuing GST compliant invoices
  • Advise on Accounting Records to be maintained
  • Advise on applicability of other GST provisions.

I have more Questions

Refer to our blog - GST Guide – Things you must know. If you still can't find an answer to your question, then use our contact forms to send us your query.