GST Consultancy and Advisory
Goods and Service Tax Act is a newly implemented law and is continuously evolving. Due to its impact on each and every sphere of business, the necessity of understanding the law and keeping in touch with all latest amendments is paramount.
Aplite offers best-in-industry GST consultancy and advisory services. From GST implementation to classification and valuation, Aplite team is experienced in handling all issues under GST.
Our range of GST Consultancy and Advisory services includes:
HSN code is a 4 to 8 digit uniform code that classifies 5000+ products and is accepted worldwide. It is pertinent to classify each and every good and service for determination of GST tax slab. A wrong classification can cast a significant impact on taxability of the product. Thus, it is extremely important to determine the correct HSN code. In addition to this, certain goods and services have been granted tax exemptions under GST law. However, such exemptions are subject to lot of rulings and case laws.
Aplite extends its vast experience of HSN classification to all the clients.
GST is a consumption- based tax and is levied on the final amount charged by vendor to its customers. However, determining the amount on which GST has to be levied is subject to number of valuation rules. For example, rebates and discounts extended by sellers to their buyers may or may not be included in GST valuation of goods and services. Each wrong valuation can invite trouble in the form of interest, additional tax liability and litigation from lawmakers.
Aplite helps in valuation of each and every business transaction, be it large real estate deals or day-to-day sale of products.
Under GST law, a supplier of goods and services is ideally liable for collecting and depositing GST with Authorities. However, in certain cases like import of goods, GST has to be paid by recipient. Entities often skip identifying those supplies that fall under the purview of reverse charge mechanism. This attracts non- compliance and may land GST registered person in trouble.
Aplite offers GST advisory services wherein each and every business transaction is reviewed by our experts to determine exceptional transactions liable for reverse charge.
Another crucial step in GST process is to determine place and time of supply. Place of supply defines the nature of transaction, whether inter-state or intra-state transaction. On the other hand, time of supply determines the incidence when supplier becomes liable to pay GST. This can be a challenging task since law contains numerous provisions for the determination of place and time of supply.
Aplite helps you in determination and identification of nature of these transactions so as to enable you to be GST- compliant in all respects.
Still in doubt? Call us today and we will help you further. GST or other allied laws are meant for business regulation and thus, should not be seen as a limitation. Aplite helps you overcome all GST hindrances that your business faces. We bring the balance between law and processes that your business needs.