Goods and Services Tax
- GST is a single window to taxes on goods and services and will be with a regime to be charged on destination principal and credit of input will be availed once value addition is achieved.
- Important to understand difference between current tax structure and proposed GST operations
- GST is defined as “any tax on supply of goods and services other than on alcohol for human consumption”.
- Basically GST is a value added tax, which will be levied at all points in supply chain, where the deliverable changes hands, with a privilege to avail credit for any tax paid on input received for use in creating such supply.
- GST Subsumes – VAT or sales tax, Central Sales tax, Entertainment tax (taxes on entertainment at panchayat, municipality or district level), Service Tax, Central Excise Duty, Purchase Tax, Octroi etc.
- GST will work in 2 parts – Intra State and Inter State (IGST) and Intra State is further divided into two parts i.e. Central GST (CGST) and State GST (SGST) and the same will impact basis destination principal.
- Exceptions on Applicability of GST - Alcohol for Human Consumption – State Excise, Electricity – Electricity Duty, Real Estate – Stamp Duty along with Property Tax, Petroleum Products (Some of them), Tobacco Products – Undr GST as well as Central Excise
- Registration under Goods and Services Tax Act
- Maintenance of Books and Accounts as per GST Laws
- Preparation and filing of returns
- Assistance in calculation and depositing GST
- Audit of Books in purview of GST Laws
Get in touch
GKCM Corporate Office
L-2A, Hauz Khas, New Delhi,110016, India
Handheld: +91 9871713073
Telephone: +91 (011) 2696 2981
+91 (011) 2656 2790 | +91 (011) 2656 6062