Goods And Services Tax
One Country, One Tax, One Market with this GST is proposed to be introduced in India with effect from 1 April 2017 as one of the biggest indirect tax reform. GST is a single tax on supply of goods and services, from manufacturer to the consumer. Model GST law was published by Government of India in public domain in the Month of June-2016 clarifying many aspects of GST.
GST is duel tax system which will subsume many indirect taxes levied by Central and State Government. GST will subsume following taxes at central level:
• Central Excise Duty
• Additional Excise Duty
• Service tax
• Additional customs duty commonly known as Countervailing Duty, and
• Special Additional Duty of Customs
At State level, following taxes will be subsumed:
• State Value Added Tax/ Sales Tax
• Entertainment Tax (Other than tax levied by local bodies),
• Central Sales Tax (Levied by the Central and collected by State Government)
• Octroi and Entry Tax
• Purchase Tax
• Luxury Tax
• Taxes on lottery, betting and gambling
GST is more of a compliance driven regime wherein all compliances would be online with GST Network. Compliance will be made easy with robust and comprehensive IT system. Introduction of GST will remove cascading effect, improve competitiveness. It is expected that GST will result in better tax compliance due to robust IT infrastructure.
Since India is federal structure, there will be two component of GST i.e. Central GST and State GST. CGST and SGST both will be levied on intra-state transaction and IGST would be applicable on inter-state transaction.
RSB Consulting with its tax team, is ready to offer GST implementation service along with accounting and bookkeeping services. Tax and accounting goes parallel. We are ready with accountant with knowledge of GST and understanding invoicing requirement, system requirement, return requirement etc. RSB Consulting offer service of GST Compliance, GST Registration, Filing of Returns etc. to its clients.
RSB with its sector specific knowledge, offers advisory service, identification of impact analysis service, software amendment service to its clients.
Please contact us to get call back from our team.