What is GST Advisory ?

All businesses need to conduct a study of the various changes in the Goods and Services Tax (GST) Model Law. This would involve a comprehensive study of GST, identification of changes to any long-term contracts, conducting tax-code mapping for all transactions and a review of existing level of compliance. Vakilsearch has tied-up with well-experienced experts in the field to ensure that your business is completely prepared for GST on July 1, 2017.

Goods and Services Tax or GST has been implemented in India from 1st July, 2017 and GST migration started from 2016. Since all entities registered under VAT or Central Excise or Service Tax did not migrate to GST, the time-limit for GST migration has been extended by another three months until end of September, 2017. Further, all entities having VAT or Central Excise or Service Tax registration are mandatorily required to obtain GST registration by migrating their data to the new system without fail.

Features of GST Advisory

The GST will consolidate Central Excise Duty, Service Tax, VAT, Central Sales Tax, Customs Duty, Central Surcharge & Cess, Octroi, Luxury Tax, Entertainment Tax, Purchase Tax and a few other indirect taxes. The GST will apply on all goods and services. Even petrol and petroleum products will eventually be subject to it.

GST will have a central component (Central Goods and Services Tax or CGST) and a state component (State Goods and Services Tax or SGST). Therefore, centre and state will levy GST on all entities. Inter-state transactions will attract the Integrated Goods and Services Tax (IGST), to be levied by the centre.

GST will have a central component (Central Goods and Services Tax or CGST) and a state component (State Goods and Services Tax or SGST). Therefore, centre and state will levy GST on all entities. Inter-state transactions will attract the Integrated Goods and Services Tax (IGST), to be levied by the centre.

Businesses with a supply turnover of over Rs. 20 lakh must register for GST. The key word here is supply, which takes into consideration any turnover, including stock-taking, discounts and freebies. In fact, even those supplying non-taxable goods must register for GST. Business making sales to other states must register for GST, regardless of turnover.

Need Our Help?

Need Our Help?

Have a finance problem? Reach to us to get free advisor from our finance experts today.

Contact Now
Vellore,Tamil Nadu
Monday to Saturday
Call Us : (+91) 96299-29981