Goods and Services Tax is an indirect tax used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.
Service tax was a tax levied by the Central Government of India on services provided or agreed to be provided excluding services covered under negative list and considering the Place of Provision of Services Rules, 2012 and collected as per Point of Taxation Rules, 2011 from the person liable to pay service tax.
A value-added tax (VAT) is a consumption tax placed on a product whenever the value is added at each stage of the supply chain, from production to the point of sale. The amount of VAT that the user pays is on the cost of the product, less any of the costs of materials used in the product that has already been taxed.
In the GST Regime, those businesses whose turnover exceeds Rs.40 lakhs is required to register as a normal taxable person. This process of registration is called GST registration. For certain businesses, GST registration is mandatory. If the organization carries on business without registering under GST, it will be an offense under GST and the company will be heavily penalized.
GST registration usually takes between 2-6 working days. We will guide you on the applicability and compliances under GST for your business and get your business registered under GST.
Periodic Tax Filings and Returns
Return is a document containing all the details of the income which a taxpayer is required to file along with the tax administration. The tax authorities use this to calculate the liable tax.
Under GST, a registered dealer has to file GST returns that include:
Output GST (On sales)
Input tax credit (GST paid on purchases)
To file GST returns, GST compliant sales and purchase invoices are required.
Opinions and Tax Planning Advice
We as an advisor offer consultation to companies who are registered under the GST to help them not only save tax but to pay it following all the rules and regulations. Our expert opinions related to tax filing help the company to thoroughly understand the procedure and this motivates them to keep a record of all their income and expenditures properly. If at all any company looks out to save tax, we advise them on how to plan it accordingly.
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