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On August 3, 2016 the upper house of India’s parliament passed a nationwide Goods and Services Tax (GST) constitutional amendment which marks one of India’s most significant economic reforms since Indian independence.
GST is abbreviation for Goods and Service Tax. GST is also known as Value Added Tax (VAT) in few countries.
GST / VAT is a consumption based tax wherein the basic principle is to tax the value addition at the each business stage. To achieve this, tax paid on purchases is allowed as a set off/ credit against liability on output/income.
In GST regime, all “supply” such as sale, transfer, barter, lease, import of services etc. of goods and/ or services made for a consideration will attract CGST (to be levied by Centre) and SGST (to be levied by State). As GST will be applicable on “supply” the erstwhile taxable events such as “manufacture”, “sale”, provision of “services” etc. will lose their relevance.
The taxes that will be subsumed under GST are as follows:
However, certain items / sectors would be outside the GST regime. Products such as alcohol, petroleum products would remain outside GST regime. Further, Land and properties may remain outside since they are neither goods nor services.
Commerce Graduates with minimum 2 years experience and / or C.A. Final appeared candidates are welcome to be a part of team for following services:
The Dual GST is expected to be a simple and transparent tax with one or two CGST and SGST rates. The dual GST is expected to result in:-
Following is the Input Tax Credit Mechanism under GST:>
Refund under GST:
Following are the situations which give rise to refund:
In order to meet upcoming changes and challenges that introduction of GST is set to bring, we have a dedicated team of experienced professionals and staff well versed in this aspect.
Our services in this area include: