Goods and Service Tax is the most popular form of indirect tax over the world. France was the first country to introduce this kind of tax in its economy. Since then, more than 140 countries over the world have adopted this form of tax. India has also added itself to this list, recently. In 2017, enactment of the Goods and Service Tax Act has totally changed the indirect tax regime of the country. GST Act has subsumed in itself multiple indirect tax laws that were prevailing in the country during pre- GST era. Get GST Return Filing Delhi online with Aplite Advisors
It is pertinent to note here that GST is not a single Act, but it comprises of multiple Acts, both at State and Central level. While Central Goods and Service Tax Act, 2017 binds the Central Government, each state has its own GST law, which are identical in most of the respects. There is a separate Act known as Inter-State Goods and Service Tax Act, 2017 which deals with supply of goods and service between two states or outside India.
In the pre-GST era, the indirect tax regime of the country was dominated by taxes like Excise Duty, Value Added Tax (VAT) and Service Tax. These taxes were, particularly, levied at various points in supply chain. For example, excise duty was levied on manufacturers for manufacturing of goods while VAT was levied on quantum of value added to the product at each node in supply chain. Similarly, service tax was levied at the time of provisioning of services. These taxes often created inconveniences for business as multiple tax laws meant multiple compliances and due dates, which created confusion. This regime of indirect taxation also gave rise to cascading effect i.e., further taxes were levied on tax amount only.
Keeping all these problems under purview, GST was introduced. It is based upon the concept of supply of goods and services and eliminates the problem of cascading effect to major extent. Every supplier selling goods and services needs to collect GST at the time of sale, and also gets credit for GST paid on input procurements.
GST comprises of various slab rates under which all the products are classified as per their HSN codes. For example, most of the general goods and services fall under 18% slab rate while some essential items fall under 5% slab. Some very essential products and services like healthcare are totally exempted from GST. The GST revenue collected is divided between States and Central level. It is a consumption- based tax whose revenue is given to that State government in which the good or service is consumed.
Every person involved in supply of goods and services in India needs to register under GST. In general, the registration is required if turnover in case of sale of goods exceed Rs. 40 lakhs during the year and Rs. 20 lakhs for services. Some north-eastern states have the threshold limit of Rs. 10 lakhs only. For some supplies, registration is mandatory like in case of import/ export of goods and services.
Aplite offers expedient solutions to all your GST needs. GST and business go hand in hand these days and thus it impacts every kind of business. Thus, micro-management of each and every aspect of this tax is very crucial for each business. Aplite offers following solutions for your GST needs:
GST is a new law and thus, it becomes difficult to comprehend it and keep up with regular amendments. We provide all kinds of consultancy and advisory services related to GST.
We take charge of fulfilling all the compliances which includes GST Return filing, Composition scheme filing, registration etc.
It is mandatory for every specified GST registered person to get their GST annual return filed and their accounts audited (as the case may be) if their turnover during the year exceeds threshold limit specified. We offer optimum audit services for all kinds of businesses.
While it is mandatory to get GST Audit for specified tax payers, it is important to note that there are several transactions that a taxpayer miss at the time of periodic filings. An annual review of GST enables the mapping of such transactions which results in timely treatment of the same and it escapes litigations as well. Aplite provides GST Review Services at the Client’s Comfort Frequency.
Claiming refund of input tax from Authorities can be daunting, especially in case of exporters. We support and help you in claiming all kinds of due refunds from the Authorities.
E-Way Bill generation is mandatory for smooth movement of goods between states. Aplite lets you outsource the task of e-way bill generation for trouble-free operations of your business.
