Introduction of Goods and Services Tax (GST) is one of the biggest economic reforms in India. With the roll out of GST, India is moving towards a more transparent, modern and stable tax regime. It will not be wrong to say that, in coming years GST will change the way the economy functions.
It is also a huge reform for indirect taxation in India. GST not only simplified the tax system but also reduced the complexities faced by businesses and removed the cascading effect of tax. GST has had a huge impact on big as well as small businesses around the country.
Apart from the tax function, GST has a huge impact on finance function, information technology infrastructure, sales and procurement function and other various business functions of an organisation. This means the new tax regime has changed the way Indian businesses operate.
To keep the pace with changes, an organisation has to evolve and accommodate all the changes on a timely basis. Therefore, it becomes very important that every organisation should understand the basics of GST and how it impacts their business in the long run. The organisation can approach professional consultants for GST and related services.
Introduction of Goods and Services Tax is a crucial step to bring the entire nation together as one single market. It has replaced the earlier complex Central and State indirect taxes (service tax, customs duty, excise duty, value added tax (VAT), central sales tax (CST), entry tax, etc.) with a seamless indirect tax regime which is common for all. Instead of categorizing taxes into various streams, GST has integrated all the taxes and introduced one common platform which is hassle-free and easy to understand.
The new system is comprehensive, multi-stage and destination-based. To elaborate, as per GST laws, the tax is imposed at every point of sale. Right from purchasing raw material to manufacturing goods, storage of finished goods and sale from wholesaler to retailer to the consumer, the supply chain involves multiple changes of hands. And, GST is separately charged at each stage of the supply chain. Also, if two different states are involved in a transaction, both central GST and state GST will be imposed.
GST Challenges Faced by Businesses
Implementation of GST is a complete game changer in Indian taxation. Although this single tax has streamlined the taxation system in the country and has brought efficiencies in businesses, one of the biggest challenges that many industries are facing is to understand the enormity or the nuances of GST. GST has posed various challenges with respect to business planning, budgeting and investment as the entire dynamics of business and market have changed. Another challenge for businesses is to adapt to this transitional tax reforms and implement it in their operations.
Having said that, GST has numerous advantages like a unified tax system, reduced compliances and easy input credits. With the support of a professional GST consultant by your side, you can easily overcome these challenges.
eTaxMentor – Leading GST Consultant in India
EtaxMentor provides GST registration and consultancy services that gives a right direction to your business. Our GST solutions for businesses are comprehensive and cover a wide range of services. We are professional GST consultants in Hyderabad and provide GST related services in all over India.
How Can We Help?
We understand that change is never easy. That is why our aim is to help you sail through the change in the most efficient manner.
The implementation of GST has created a huge compliance burden on the businesses. Taxpayers, service providers and manufacturers have to file numerous forms annually for each registered entity. Moreover, for specific kinds of trading, GST registration is mandatory. Apart from that, there are many filings required under GST. Also, the impact of GST laws varies across different kinds of businesses.
Keeping these challenges in mind, businesses need a strong partner in the form of a GST advisor and consultant who can help them through this process. We have a team of expert professionals who can help you comply with the GST laws and filing returns electronically. We help you understand the applicabilities and compliances of the GST tax regime, in turn saving you from any legal complications due to violation of the concerning laws. Our team of GST experts in Hyderabad can help your business get registered under GST and obtain your GSTIN quickly.
Our customised GST tax planning and GST assistance can help you leverage GST provisions to your advantage. Our expertise in indirect tax and accounting function allows us to effectively perform GST impact analysis and assist you in making the desired changes in your accounting system.
Who Is Required To Get Registered Under GST?
GST registration in India is mandatory for:
- Every person who is already registered under an earlier law (i.e. Excise, Service Tax, VAT, etc.)
- Every business whose turnover in a financial year is more than 20 lakhs
- Any individual making any inter-state taxable supply
- Agents of a supplier
- Resident and non-resident taxable persons
- Persons who are required to pay tax under reverse charge
- E-commerce operators and aggregators
- Persons who supply through e-commerce aggregators
Gst Services Provided By Us
Our specialised GST services in India help you mitigate any GST-related tax risk and bridge any gap between the old and the new tax regime. Our GST services include:
GST Compliance Services
– Assistance in obtaining GST registration
– Assistance in updating or changing the existing GST registration
– Assistance in obtaining input service distributor registration, tax deduction at source registration and tax collection at source registration
– Support with regard to computation of monthly GST liability
– Assistance in preparing monthly GST return
– Assistance in filing monthly and quarterly GST return on the portal
– Assistance in annual return and GST audit
– Assistance in filing other compliance returns
GST Advisory and Consultancy Services
– Analysing the impact of GST on the transactions and operations and advising on the applicability of taxes
– Advising on the classification of goods, place of business and valuation of goods
– Guidance on applicable tax laws and tax benefits, exemptions and set-offs available to clients
– Assistance with claiming tax credits
– Advising on the tax planning scenarios under GST regime
– Identifying tax optimization opportunities for clients and devising tax efficient business models
– Advising on tax planning scenarios under GST
– Providing on call GST consultancy on day to day queries
– Assitance with drafting, filing and processing of refund claims
– Assitance with indirect tax assessments, appeals and representations before the Indian Tax Authorities
– Giving opinions on other indirect tax issues
Other GST Support Services
– Analysing the impact of GST on the client’s business
– Assisting clients with the implementation of GST in their system and processes
– Developing GST training module in order to help the staff acquaint with new processes and providing them with on-job training
– Conducting a review of the end to end supply chain operations for the supply of goods and services and advising changes to comply with GST
It’s time to unlearn the age-old concepts like ‘manufacturing’, ‘sale’, ‘stock transfer’ and quickly understand and learn new concepts like ‘consumption’, ‘destination’ and ‘place of supply’.
eTaxMentor is a leading financial consultancy firm providing GST Consultancy in India. We provide a range of GST advisory services to help your business become GST compliant. With our strong understanding of the various GST laws, we can advise you on the best GST practices.
If you need any support with regard to GST advisory and GST consulting in India, you can get in touch with us and we will be happy to assist you.