GST (Goods and service tax)

What we can do about GST for you

  • Registration / Enrollment and Migration to GST regime
  • Input Credit data compilation, carry forward & claiming
  • Consultancy for record maintenance
  • Consultancy for accounting related issues to GST
  • Filing of periodical GST Returns
  • Advice and opinions regarding levy and chargeability to GST
  • Dealing with various other issues relating to GST
  • GST is a tax levied when a consumer or any person in a consumer supply chain buys any good or avails any service.

    There are three components of GST

  • Central GST (CGST) - it will be Levied by Centre
  • State GST (SGST)/ Union Territory GST (UTGST) - It will be levied by State or Union Territory
  • Integrated GST (IGST) - It will be levied by Central Government on Interstate supply of Good and Services
  • How GST differs from other taxes

  • Currently there are many indirect taxes. We all know about Central Excise, Service Tax, VAT, Luxury tax, Entertainment tax etc.
  • Now, what GST does is that it combines all these taxes into one, i.e. subsumes all other indirect taxes. It is done for all the Central level and State level taxes.
  • The nature of GST is that it taxes only the final customer. Hence the cascading of taxes is avoided and production costs are cut down.
  • Following is the list of the taxes that are subsumed by GST

  • Central Level Taxes - Central Excise Duty, Additional Excise Duty, Service Tax, Countervailing Duty (CVD) and Special Additional Duty of Customs(SAD) (which are in nature of Central Excise)
  • State Level Taxes - State excise duty, State Value Added Tax or Sales Tax, Entertainment Tax, Octroi and Entry Tax, Purchase tax, Luxury Tax, Taxes on Lottery, Betting and Gambling
  • So, this means that GST clubs almost all indirect taxes together that are levied by central and State Governments.

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