Overview of Our GST Advisory Services

Good and Service Tax (GST), implemented from 01st July 2017, is touted to be India’s most significant tax reform. GST has given a 360-degree turn to the entire Indirect Tax Structure of the country by using customised technology to guide the taxpayer for an innovative, faster and most importantly, secure form of reporting forum of their transactions.

The change is not limited to the tax structure and the consequent rules and regulations; it has led to the introduction of the use of technology while filing or reporting the compliances, making it more efficient and which was clearly absent in the previous form of the tax structure.

In the present times, business entities not only need technology solutions for their taxes in order to process their GST filing and GST advisory concerns, but they also need a trustworthy consultant to guide them through the entire process. Our experts at Taxrepair have the expertise as well as the global reach that helps us give our clients a fully integrated GST Advisory Services to guide the businesses in GST related concerns.

Features of GST

1. One Tax Rate Throughout the Country

GST was introduced as unified, single tax reform. As a result, many existing indirect taxes like the Special Additional Duty of Customs, Central Value Added Tax, VAT and Service tax have been eliminated, and they have now been converted into a single or one tax in the form of GST. By removing these taxes, it has made tax compliance a lot simpler and easier for the business entities, and it has also aided in making the goods and services affordable to the consumers.

2. Input Tax Credit

Input Tax Credit system is available only to those businesses that are covered under the GST Act; it is one of the significant features of GST. In this system, if the service provider, supplier, agent or manufacturer has already paid the input tax on their purchases, they can deduct the same with the total output tax liability. In simple terms, the manufacturer, supplier, agent or the service provider registered under the GST can claim the Input Credit for the tax they paid on their purchases.

3. GST Composition Scheme

Small taxpayers or SMEs with an annual turnover of up to Rs. 1.5 crore or Rs. 75 lakhs in certain states have the option of opting for the Composition Scheme. Through the Composition Scheme, the entity has to pay GST at a fixed rate of their turnover depending on the type of business. However, the businesses that have taken the option of the Composition scheme are not eligible for the Input Tax Credit feature of GST; they have chosen either of the two.

4. Four Tier Tax Structure

GST is a four-tier tax structure of 5%, 12%, 18%, and 28% tax slab fixed by the Government of India. Food items, handlooms, all types of contraceptives, human blood and its components and postal items are some of the many commodities that are totally exempted under GST. The main benefits of the GST system are that it has improved transparency and has made goods and services affordable to consumers.

5. Why Taxrepair?

Under the GST Advisory Services, we offer our clients comprehensive solutions and guidance to help them resolve the complex issues related to their GST. With the combination of a thorough understanding of the intricacies of the business and extensive knowledge about the GST system, our team of experts guide our clients through any challenges they face pertaining to GST. In addition, our team ensures that they are constantly updated on any changes in the rules and regulations of the policies and explore innovative ways that will help us serve our clients even better through our GST Advisory Services.