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Goods & Services Tax (GST)

India is noted for its intricate and complex tax structure. The much talked about ‘GST in India’ triggered the tax structure to eliminate the multiplicity of the taxes and their cascading effects and to harmonize the Centre and State tax administration. GST is an indirect tax reform, which aims to remove tax barriers between states and create a single market. It is collected on value added at each stage of supply chain right from production till distribution.

The current tax structure is undetermined and uncertain due to multiple rates, which further leads to multiple forms. However, GST will replace all the various indirect taxes and bring them under one umbrella to make compliance easier. GST in India is perhaps India’s most revolutionary and detailed tax reform ever and has been envisioned as an efficient tax system making India one unified common market.

India is a federal country where both the Centre and the States have been delegated the powers to collect or levy taxes. Both the levels of Government have separate responsibilities to fulfil and perform, as per the Constitution, for which they need to raise resources. A dual GST will, therefore, be keeping with the Constitutional requirement of fiscal federalism. The Centre and State will be simultaneously levying GST on each activity.

GST in India will have two components- Central GST (CGST) and State GST (SGST). The Central GST and State GST will simultaneously be applied on every transaction of supply of goods and services except on goods and or services, which are exempted and lie outside the realm of GST. However, IGST will be levied on inter state sales and imports. It will be shared equally between the Centre and the State.

Here is an indicative glimpse of services we offer, in light of a dynamic and evolving regulatory environment surrounding Goods & Services Tax:

  • Assistance and advice for diagnostic / impact analysis to assess the operational, commercial and financial impact of GST
  • Assistance and support in planning transition to GST including on the prevailing ERP.
  • Migration of existing assesses 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 service tax levies would be dovetailed into GST, and also to plug in any existing leakages and gaps in the present regime.