Goods and Services Tax (GST) was introduced on 1st July 2017, a landmark tax revolution in India history. GST will replace all the central and states indirect taxes thus eliminating cascading tax effect. GST will be applicable throughout India.
Goods and Services Tax is divided into three categories – Central GST (CGST), State GST (SGST) and Integrated GST (IGST)
CGST and SGST is levied on the intra-state supplies of goods and/or services under the CGST Act. This revenue will be shared agreement between center and state on pre-determined formula.
IGST is levied under the IGST Act on inter-state supply of any goods and/or across India. Any supply of goods and/or services in the course of import or export within or out from India will also be included in IGST. All the existing Central and/or State Tax will be replaced by IGST.
At Patron Accounting, we deliver expert services on issues related to GST, may it be a registration, advisory or any other GST compliance. Our GST professionals will help you in identifying correct GST provisions applicable and impact of changes in GST regulation on your business.
In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration. GST registration usually takes between 2-6 working days.
GSTR 2A is a purchase-related tax return that is automatically generated for each business by the GST portal to filled by 20th of next month. GSTR-1 is a monthly or quarterly return that should be filed by every registered dealer. It contains details of all outward supplies i.e sales. GST annual return has to be filed once in a year.
Identify the gap in your existing GST and optimize your GST which will save taxes. It will reduce the chances of any penalties later.
Tax department with authorities beginning to quiz input tax credit claimed by firms in GST. In case, your issues will resolved by us.