The Goods and Services Tax (GST) is among the biggest tax reforms introduced in the history of the Indian economic evolution. Launched in July 2017, GST has been a major transition in the Indian tax framework. It is an evolving law and continues to get more robust while simplifying compliances. GST has an exceptional impact on the economic growth of the country and the way business is done in India. Implementation of GST has achieved the following:
- Multiple indirect tax laws have been replaced by a singular uniform tax regime making compliance easier for everyone
- Dual GST model – CGST to be the central tax and SGST to be the state tax
- IGST – (An Indian innovation) on the interstate transaction, to be shared between center and states
- Destination based consumption tax, i.e., tax on inter-state supply to accrue to the destination state
- Converted India into one common market with a smooth flow of tax credits
- Electronic filing and online credit matching has substantially reduced non-compliance and tax frauds – this is providing a significant boost to honest businesses
We, at H.K Joon & Co., assist our clients looking for GST Services in India in navigating through the ever-changing compliance scenario as follows:
- Periodic GST compliances including GST registration, periodic return filings, advisory for E-Way bill compliance, Accounting bookkeeping, etc.
- Assistance in aligning tax reports, invoices and Providing insights on factors for vendor negotiation
- Annual GST compliance including annual return filings, advisory for required reconciliations, advising on required changes compliant with the amendments, etc.
- Advice on transitional issues
- Preparing GST-compliance calendar
- Annual GST audit for each registered unit, expert advisory on anti-profiteering measures/strategies, other annual compliances
- GST cases including a write up to the Department along with replies of the questionnaire
- Assisting IT-team to make GST compliant IT-system and Assisting in aligning the existing RCMs
- Verification of the tax calculation in the system after IT implementation/ compilation
- Helping to identify internal checks for reducing errors and Revalidating impact analysis based on final GST law
Our highly efficient Indirect tax professionals with their wide-ranging experience and in-depth knowledge of the subject matter can help clients in all the above-mentioned aspects. We also provide advisory and compliance-related services regarding all indirect tax laws including a few like those of GST, Customs Duty, and Foreign Trade Policy, and also on the pending tax and litigation matters related to the erstwhile regime.