GST
(Goods and Service Tax)
GST is a multi-stage tax system that is comprehensive in nature and applied on the sale of goods and services. The main aim of this taxation system is to curb the cascading effect of other Indirect taxes and it is applicable throughout India.
Our Solutions
Monthly compliances
The GST compliance rating is a score given by the government to a business so that other businesses can see how compliant they are with the tax department. This score will be calculated based on parameters such as timely filing of monthly and annual returns, furnishing details of input credits used, taxes paid, etc.
Coming back to GST compliance, from January 1st, 2021 onwards, all the registered persons having aggregate turnover up to Rs 5 crores can choose to furnish their GST returns on a quarterly basis along with monthly payment of tax under the QRMP Scheme.
Consultancy
Goods and Service Tax (GST) rate tariff in India is designed in 6 categories of goods and services. Four main GST rate slabs framed with Essential goods and services, Standard goods and services and luxury goods and services with 5%, 12%, 18% and 28% respectively. Commonly used Goods and Services at 5%, Standard Goods and Services fall under 1st slab at 12%, Standard Goods and Services fall under 2nd Slab at 18% and Special category of Goods and Services including luxury - 28%.The most essential goods and services attract nil rate of GST under Exempted Categories. Luxury goods and services and certain specific goods and services attract additional cess than 28% GSTm
Returns filings
The businesses registered under GST have to file returns monthly, quarterly and annualy based on the category of business through the Government of India's GST portal. They have to provide the details of the sales and purchases of goods and services along with the tax collected and paid. The businesses registered under GST have to file returns monthly, quarterly and annualy based on the category of business through the Government of India's GST portal. They have to provide the details of the sales and purchases of goods and services along with the tax collected and paid.
Assessements
A determination of tax liability under this Act and includes self-assessment, re-assessment, provisional assessment, summary assessment, and best judgment assessment. Normally, persons having GST registration file GST returns and pay GST every month based on self-assessment of GST liability. However, the Government at all times has the right to re-assess or perform an assessment by itself and determine if there is a short payment of GST.
Registration
Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input tax credit for the taxes on his inward supplies. In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration. For certain businesses, registration under GST is mandatory.
Refund
Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input tax credit for the taxes on his inward supplies. In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration. For certain businesses, registration under GST is mandatory.
About GST
Under the GST, all transactions, such as sale, transfer, barter, lease, or importation of goods and/or services made for consideration will attract CGST (to be levied by Centre) and SGST (to be levied by states). GST is a destination-based taxation system, which means the liability to pay CGST / SGST will arise at the time of supply as determined for goods and services.
GST Benefits for Businesses and Industries
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Not only, GST replaces various indirect taxes, the new system also makes it easier for businessmen to pay taxes. Currently, a businessman has to pay various taxes, file returns and reply for the scrutiny. The GST would put an end to all these hassles in tax payment. There would be an advanced IT platform for the GST. It makes the entire system of GST payment and return filing easy and transparent.
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GST ensures that all indirect tax rates are uniform and a product has one GST rate across the country. Hence the tax rate won’t vary from state to state.
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If a product is produced and sold to the consumer, there would be a single indirect tax. There is no overlapping of taxes. As a result, seamless ‘tax-credits’ occurs which reduces any hidden cost in doing business.
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GST ensures significant reduction in transaction costs of doing business and hence increases competitiveness for trade and industries. The GST would help those businesses which have been paying right taxes. Since GST would greatly reduce the tax evasion, the goods business will become more competitive.
Who has to register for GST
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Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.)
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Businesses with turnover above the threshold limit of Rs. 40 Lakhs* (Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand)
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Agents of a supplier & Input service distributor
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Those paying tax under the reverse charge mechanism
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Person who supplies via e-commerce aggregator
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Every e-commerce aggregator
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Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person
How We Help Businesses Grow
Complete Online Document Submission & Application Tracking
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Filing of Application for GST Registration
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Secure GST Identification Number
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Dedicated manager to process your GST registration end to end
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Depending upon requirement, it can be online as well as accountant provided on demand to assist with books.
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CA Assisted GST Filing for all your GST needs