India introduces One Nation One Tax "Goods and Service Tax (GST)" effecting from 1st July 2017. Introduction of GST is a significant step in the reform of indirect taxation in India. Amalgamating several Central and State taxes into a single tax would mitigate cascading or double taxation, facilitating a common national market. The simplicity of the tax should lead to easier administration and enforcement. From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, free movement of goods from one state to another without stopping at state borders for hours for payment of state tax or entry tax and reduction in paperwork to a large extent.
GST Replaces below indirect taxes :
- Central Excise duty
- Service Tax
- State VAT
- Central Sales Tax
- Entry Tax (all forms)
- Luxury Tax
- Entertainment and Amusement Tax (except when levied by the local bodies)
- Purchase Tax
- State Surcharges and Cesses so far as they relate to supply of goods and services
- Taxes on lotteries, betting and gambling
Benefits of GST :
- Eliminating cascading effect of taxes.
- Tax rates will be comparatively lower as the tax base will widen.
- Seamless flow of Input tax credit.
- Prices of the goods and services will fall.
- Efficient supply change management.
- Promote shit from unorganised sector to organised sector.
Who need to get comply GST?
a) A business entity currently registered under any of the above tax regimes, it is compulsorily required to migrate under GST law irrespective of the threshold limits of turnover.
b) If you are supplying goods and services and not yet registered under any of the above tax regimes, then you are liable to take GST registration, if the aggregate turnover in any financial year exceeds the threshold limit of Rs 20 lakhs (Rs 10 lakhs for North East Region).
How We may Assist you to Comply GST ?
- Apply for GST Registration and Migration of existing Tax registration and accounts into GST
- Assist you in GST compliances and maintaining documentations.
- Filling of Monthly and Quarterly/Yearly returns.
- Representation before GST authority and department on your behalf for any issues and assessment proceedings.