Goods and Services Tax (GST)

GST is an indirect tax levied in India on the supply of goods or services or both. Goods and services are divided into five tax slabs for collection of tax – 0%, 5%, 12%, 18% and 28%. It come to an effect from July 1, 2017 through the implementation of one hundred and first amendment by the Government of India.

The goods and services tax shall replace a number of indirect taxes being levied by the Union and the State Governments and is intended to remove cascading effect of taxes and offer for a common national market for goods and services. The Central and State goods and services tax will be levied on all transactions involving supply of goods and services, except those which are kept out of the purview of the goods and services tax.

Tax Payable: Under the GST regime we have to pay various GST like CGST, SGST & IGST.

Every intra-State supply will attract CGST as well as SGST.

Every inter-State supply will attract IGST

Taxes subsumed under GST:

(a) subsuming of various Central indirect taxes and levies such as Central Excise Duty, Additional Excise Duties, Excise Duty levied under the Medicinal and Toilet Preparations (Excise Duties) Act, 1955, Service Tax. Additional Customs Duty normally known as Countervailing Duty, Special Additional Duty of Customs, and Central Surcharges and Cesses so far as they relate to the supply of goods and services;

(b) subsuming of State Value Added Tax(VAT) /Sales Tax, Entertainment Tax (other than the tax levied by the local bodies), Central Sales Tax (levied by the Centre and collected by the States), Octroi and Entry tax, Luxury tax, Purchase Tax , Taxes on lottery, betting and gambling; and State Cesses and surcharges in so far as they relate to supply of goods and services;

GST Council: Goods and Services Tax Council to examine subjects relating to goods and services tax and make recommendations to the Union and the States on parameters like rates, exemption list and threshold limits. The Council shall work under the Chairmanship of the Union Finance Minister and will have the Union Minister of State in charge of Revenue or Finance as member, along with the Minister in-charge of Finance or Taxation or any other Minister selected by each State Government.

We, at Finact Professional Services, provide Advisory Services for Business Start-Ups including the formation of business entity and GST procedures. Our business start-up guidance and GST services can be availed from anywhere in India. GST experts of Finact Professional Services will assist you to identify applicability and compliances under GST for your business.  They will perform formalities and procedures required to register your business and obtain your Goods and Service Tax Identification Number (GSTIN). Finact Professional Services can also arrange for migration and registration of GST for existing businesses that have not yet migrated to GST.

Our Services:  Our professional team members have great knowledge of GST and offer the various services.

• GST Registration.
• GST Accounting & Book keeping,
• GST Return Filing,
• GST counseling with department,
• consultancy on tricky / complicated matters.
• Availment & matching of ITC,

and much more.