GOODS AND SERVICES TAX (GST)
India finally is on the edge of executing the much-awaited tax reform of GST in India. With the passing of the CGST Act, 2017, IGST Act,2017, UTGST Act, 2017, we moved a step closer to the benefit of the country bringing uniformity. If executed well, GST in India will help improve the nation’s economy and help make the process of levying taxes effective and efficient and in effect, help achieve – ‘ONE NATION, ONE TAX, ONE MARKET’
Goods and Services Tax (GST) is a game-changer reform for the Indian economy as it will help to develop a common Indian market and reduce the cascading effect of tax on the cost of goods and services. Implementation of GST in India will impact the Tax Structure, Tax Incidence, Tax Computation, Tax Payment, Compliance, Credit Utilization and Reporting, leading to a complete overhaul of the current indirect tax system.
Here is an indicative glimpse of services we offer in relation to Goods and Services Tax:
- Overview assessment of different business functions and operations in order to be better prepared for GST transition.
- Assistance and advice for diagnostic / impact analysis to assess the operational, commercial and financial impact of GST.
- Migration of existing assessees under GST and Registration of new dealers under GST.
- Presenting updates on regular basis on implementation, Model GST law and other legal aspects & clarifications on Indian GST provided by Government.
- Support on Compliance with filings and records as may comprehensively be required under the GST regime.
- Review of how and in what manner the current tax levies would be dovetailed into GST, and also to plug in any existing leakages and gaps in the present regime.