Goods and Services Tax (GST) is an indirect tax system that has been implemented in India since July 1, 2017. GST is a comprehensive tax levied on the supply of goods and services across the country. It has replaced various indirect taxes like VAT, excise duty, service tax, etc.
Here are some key points to know about GST in India:
- GST has four tax slabs – 5%, 12%, 18%, and 28%, with additional cess on certain items like luxury cars, tobacco products, etc.
- GST is levied on the value-added at each stage of the supply chain. Input tax credit (ITC) can be claimed on GST paid on inputs, which can be set off against the GST liability on output supplies.
- GST is divided into three categories – CGST (Central GST), SGST (State GST), and IGST (Integrated GST). CGST and SGST are levied by the central and state governments, respectively, on intra-state supplies, while IGST is levied on inter-state supplies.
- GST registration is mandatory for businesses with an annual turnover exceeding Rs. 20 lakhs (Rs. 10 lakhs for northeastern states and hill states). Voluntary registration is also allowed.
- GST returns need to be filed by registered businesses on a monthly, quarterly, or annual basis, depending on their turnover. Non-compliance can result in penalties.
- The GST Council is responsible for making recommendations on GST rates, exemptions, and other policy matters. It consists of the finance ministers of the central and state governments.
We, Tax Professionals provides the below mentioned services to our clients:-
- GST Migration
- Obtaining GST Registration
- Consultancy on matters related to GST
- Preparation of GST returns.
- Filing of Electronic/Manual GST returns
- Help in obtaining statutory forms.
- Liaison with GST authorities Getting GST Assessments done.
- Filing and pleading appeals wherever necessary.
- Consultancy on matters related to Works Contract Tax compliances
- Other related compliances of GST
Overall, GST has simplified the tax system in India and made it easier for businesses to comply with tax regulations. However, there have been some implementation challenges and concerns around the impact on certain sectors and consumers.