Understand the financial and operational impact GST will have on your business before taking action.
Our experts will review the implications of GST
Hand-holding through the transition phase & identification of problem areas
Tax code mapping for GST related transactions and GST accounting entries
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.
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.
The GST council has decided on a four-tier structure. The GST rate will depend on the type of goods and services. Currently, the slab rates are 5%, 12%, 18% and 28%. The rate for gold is 3%; the rate will be 0.25% for rough stones.
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.
Vakilsearch can connect you with a GST expert in just one working day. And if you're not totally satisfied, we'll take another day to find a replacement. All at the lowest price, both online and offline.
We make your interaction with government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.
Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we'll try to ensure that your doubts are cleared before they even arise.