Taxation - GST

tax is a financial charge or other levy imposed upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state to fund various public expenditures. Efficient and effective tax management is the key success to any business, since it helps to reduce costs and stay ahead in today’s competitive era.

Taxation – Goods and Services Tax(GST)

Indirect tax is a type of tax where the tax is borne by the end consumer. Therefore, if a business entity fails to anticipate the applicability of an indirect tax and does not recover the same from the consumer it becomes a cost to the entity and is a direct hit to the cost analysis.

Consequently indirect taxes have a direct bearing on the costs, pricing policy, cash flow and profitability and ultimately the competitiveness of an organization.

Hence it becomes critical to evaluate the impact of various indirect taxes on any given transaction.

Generally, indirect taxes unfold into Central Excise, Service Tax, VAT and CST along with GST (Goods and Services Tax).

With the historic introduction of GST w.e.f 1st Day of July, 2017, the role of other indirect taxes like Central Excise, VAT etc. has been reduced to only specified products.

Goods and Services Tax (GST) is applicable on ‘supply’ of goods and services or both, in India including the state of Jammu & Kashmir.

Therefore, the erstwhile concepts like levy of excise at the time of ‘manufacture’, levy of VAT / CST at the time of ‘sell’, service tax at the time of ‘provision of service’ have no relevance with introduction of GST.

There is only a term called ‘Supply’ and no term like manufacture, sell etc. as taxing event.

Also with the introduction of GST, the distinction between goods and services has been mostly eliminated.

Goods and Services Tax (GST) is a consumption based tax i.e. tax is payable in the State / Union Territory where goods or services or both are finally consumed. As GST is the destination based taxation, there is seamless flow of credit.

Goods and Services Tax (GST) has emerged as game changer in the industry and a historic move in the taxation system of India.

The major benefit of Goods and Services Tax (GST) is to have uniform tax rate across the country for the similar product and seamless flow of tax credit at each level.

GST unfolds into following categories:

  1. Central Goods and Services Tax (CGST) – A levy by Central Govt. for supply of goods within state / union territory.
  2. State Goods and Services Tax (SGST) – A levy by State Govt. for supply of goods within state.
  3. Union Territory Goods and Services Tax (UTGST) – A levy by Union Territory for supply of goods within Union Territory.
  4. Integrated Goods and Services Tax (IGST) – A levy by Central Govt. for supply of goods outside the state.
  5. Cess – A levy with additional tax burden in addition to above.

Therefore, it can be summed up like below:

  • For intrastate supply – CGST + SGST / UTGST
  • For interstate supply – IGST
  • Cess – Applicable on above both for the specified headings of GST Tariff.

For the Goods and Services, we provide following services:

  1. Registration with the GST Authority
  2. Guidance regarding implementation of GST into your business
  3. Regular Compliance of GST including Filing of Returns within time
  4. Advisory services with respect to GST matters
  5. Appearing before the various authorities under the GST
  6. Assistance for E Way Bill Generation and Management
  7. Other services.

Apart from regular compliance, we are providing expert advisory services which make us as one of the Best GST Consultant and specifically as the Best GST Consultants in Ahmedabad and Best GST Consultants nearby Ahmedabad.

Apart from serving the industry as GST Consultant in Ahmedabad and providing GST Services in Ahmedabad; we, P Chhajed & Co. LLP are providing the best consultancy services in Vadodara (Baroda), Sanand, Bechraji, Vithlapur, Kadi, Mehsana, Halol etc. in the state of Gujarat and also serving in the states of Haryana, Rajasthan, Madhya Pradash, Maharashtra etc.

We as one of the Leading Chartered Accountant in Ahmedabad and Top CA in Ahmedabad are happy to help you with respect to your GST matter.