We provide a number of GST advisory services online in India like covering the impact of GST on the business of clients, examining different market scenarios of business models, legislative business level implementation assistance, transition management, and undertaking key compliance.
Benefits of GST Registration
• GST removes the cascading effect of tax
• Higher threshold for registration
• Composition scheme for small businesses
• The number of compliance is less
• Defined treatment for E-commerce operators
• Improved efficiency
• Unorganized sectors are regulated under GST
Eligibility for GST Registration
• Section 22 to Section 30 of the CGST Act, 2017 deals with the process of registration by every supplier of goods and services. Note on registration under GST login with effect from 1st April 2019.
• Every person who is engaged in the supply of services and whose aggregate turnover exceeds Rs. 20 lakhs in the case of the States of Manipur, Mizoram, Nagaland, and Tripura and whose aggregate turnover exceeds Rs. 40 lakhs for the remainder of the States, shall be susceptible to be registered under this act within the state or union territory, from where he makes of taxable supply of goods or services or both;
• Every person who is engaged in the supply of goods and whose aggregate turnover in a fiscal year exceeds Rs. 40 lakhs just in case of the States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripura, Uttarakhand and whose aggregate turnover exceeds Rs.40 lakhs (for the remainder of the States), shall be liable to be registered under this act in the state or union territory, from where he makes of taxable supply of goods or services or both;
• Companies engaged in the export of services are also required to complete the GST migration process and obtain a GST registration number to be entitled to tax exemption on the export of services outside India.
• In the case of inter-state sales, GST Registration is mandatory regardless of turnover.
GST Rates
Rates under GST will depend on the sort of products and services. Currently, the slab rates are 5%, 12%, 18% and 28%. The rate for gold is 3% and 0.25% for rough stones.
GST Advisory
The government of India introduced the concept of Goods and Services Tax (GST) w.e.f 1st July 2017. The tax is imposed on a PAN India basis as a single unified tax covering all types of business activities. GST is implemented on ‘value-added’ to goods and services at each stage within the economic supply chain. This new taxation system has changed the taxation system to an excellent extent, impacting business operations, supply chain optimization, pricing of products and services, IT, accounting, and tax compliance activities across every industry segment. The effect of this major milestone within the Indian economy has altered the course of tax structure, tax incidence, tax computation, tax payment, compliance, credit utilization, and reporting resulting in a complete overhaul of the present tax system.
Kanakkupillai has been deeply involved in providing Indirect Tax & other Advisory Services to its clients for more than 5 years. Being a financial service provider to our clients, it's our passion, duty also as an interest to remain updated with every single update on tax reforms and related laws and procedures. Our team of execs is comprehensive of experts allocated from various litigation and advisory fields like Chartered Accountants, Lawyers, Company Secretaries, Cost Accountants, and far more. We’ve been helping business organizations in drafting policies that will have a positive impact on their business activities keeping in mind every kind of compliance and procedural requirements.