GST or Goods and Services Tax or GST registration services are applied to the supply of goods & services and is the biggest indirect tax reform of India. It is an indirect tax that applies to the production, sale, and consumption of goods and services at the national level.
This tax replaces all other taxes levied on goods and services levied by states and the central government. Take the help of a reliable and expert tax consulting company that can counsel your business on goods and services tax (GST) Services.
At present, around 160 countries in the world have made goods and service tax registration Compulsory in their respective economies. This tax is collected by the state government of the end consumer.
The previous tax structure was a bit complicated. Indian used to follow a multi-level tax framework where goods and services used to get taxed at different stages in states and at the center too. This used to make a negative tax environment within the economy.
There were taxes levied at different rates. The Center used to levy taxes like service tax, Income tax, CST (central sales tax) or, excise duties and others, while the State used to impose VAT or State sales tax & excise, octroi, entry tax, property tax, and other taxes.
This old structure built an unnecessary burden on the economy and made business operations restricted; plus, the price of the products and services in the domestic and international market used to get affected by this.
As a solution to the above-mentioned issue, GST implementation was done. This tax is location-based and has a federal framework, which means it will include three taxes: Central, State and integrated.
The one which will be controlled by the state is called SGST; the one levied and managed by the center is called CGST, and the last one is dedicated to the inter-state movement of products and services.
Here is where your business stands a chance to get impacted by GST implementation:
- Reduction in multiplicity of taxes
- Simpler tax structure
- Need for Working capital
- Pricing of product or services
- Logistic decisions (GST being a location-based tax)
- Selection of vendors
Why RS Signatoure’s Goods and service tax (GST) Services are worth?
We have a robust team of professionals who consult clients on GST taxation and share all the necessary knowledge on the subject matter to help clients understand GST better.
- We serve across India and abroad.
- We are not just abled; we are experienced and reliable.
- We have a broad presence and network across varied industries.
How can our goods and service tax (GST) Services help you?
- Customized analysis
- Transition support
- Handholding & training