GST

GST - Taxation & Planning

Goods and Service Tax (GST) is comprehensive Indirect Taxes levied by the government on sale of goods or provision of services in India. This law was introduced in 2017 .

We have been working with the clients from different industries such as Information Technology (IT), ITES, manufacturing, garments, pharmaceuticals, Ecommerce, automobiles, real estate, etc. We are also providing extensive service to start-up ventures, incubators, etc

Goods and Service Tax (GST) is a destination-based tax on consumption of goods and services. It is levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.

GST Registration

GST is Transparent Tax which includes various other indirect taxes. With our GST filing services, a business can show the tax applied, in the sales invoice. The Customer will have the knowledge of how much tax have they paid on the product or service.

The exemption set by GST council for India has a threshold up to Rs.20 lakh. However, The Goods & Services Tax (GST) Council decided that businesses in the North-Eastern states and the hill states who annually have a turnover below Rs.10 lakh would not fall under the GST net.

Purchase from Unregistered Persons: -In cases of supply by an unregistered supplier to a registered person, GST shall be paid by the recipient under Reverse Charge Mechanism. A registered taxable person who is liable to pay tax on reverse charge should issue a Tax Invoice on making any inward supply of goods or services from unregistered person.

We at Right Grid with skill in GST administrations gives consultancy to household to multinational organizations. We have tremendous involvement in round about duties and its suggestions. Our group is knowledgeable with different assessment ramifications of exchanges in various businesses.

GST ADVISORY AND COMPLIANCE

Right Grid provides expert services on GST matters. Though the introduction of GST subsumed as many as tax laws into one, there has been amendments and changes on a regular basis to address the many of the hardship which have arisen on introduction of GST and also to address the political compulsion of the government. All these changes on a very frequent basis, have undone the simplicity of GST and consequently increasing the requirement of Expert advice in complying with the frequently changing GST requirements. Various services provided by Right Grid are as follows:

GST (GOODS AND SERVICES TAX) ASSISTANCE

• Ascertain applicability of tax laws based on the operational activities.
• Assistance in Registration.
• Assistance in preparation and filing of Periodic Returns
• Providing Updates on significant changes in law.
• Providing clarifications and opinions as and when required.
• Conducting introductory and advanced training to acquaint client’s staff.
• Assistance for Amendment/ Surrender of Registration.
• Tax Representation before Authorities.
• Appellate / Legal Services.
• Advise on Maintenance of records
• Preparation and filing of Returns.
• Advising on GST Matters
• Filing for GST refund
• Representation before Tax Authorities.
• Appeal at Tribunals and Courts
• Registration, modification or amendment under GST Act
• Filing GST returns such as 3B, 1, etc
• Obtaining Letter of Undertaking (LUT) for export of services or goods
• Audit under GST laws
• Attending to the Notices issued under GST Laws
• Consultation and advise on GST matters
• Assisting in obtaining GST Refunds

Who has to get registered under GST Act?

Every supplier whose aggregate turnover exceeds Rs. 20 Lacs in a financial year is liable to get himself registered within 30 days, in a State from where he makes taxable supplies. Further, a casual taxable person or a non-resident taxable person shall apply for registration at least 5 days prior to the commencement of business. We at Right Grid, help the entities to obtain new registration, voluntary registrations, amendment of existing registrations, filing of monthly and annual returns, etc. Our team is well versed with GST matters. In case, you need these services, we would be glad to assist you.

Components of GST:

• CGST: Collected by the Central Government on an intra-state sale (Eg: Within Karnataka)
• SGST: Collected by the State Government on an intra-state sale (Eg: Within Karnataka)
• IGST: Collected by the Central Government for inter-state sale (Eg: Karnataka to Kerala)

Components of GST:

• Removing cascading tax effect
• Composition scheme for small business
• Lesser compliances
• Increased efficiency in logistics
• Higher threshold for registration
• Online simpler procedure under GST
• Defined treatment for e-commerce
• Regulating the unorganized sector

Once business entity is registered, it has to obtain various other registrations, based on its nature of business. Right Grid provides the services of obtaining below mentioned post incorporation registrations: