K K Baranwal & Associates navigates the complex world of Goods and Service Tax (GST), a global phenomenon introduced first by France and adopted by over 140 countries, including India. In 2017, the enactment of the Goods and Service Tax Act revolutionized India’s indirecat tax regime, consolidating multiple pre-GST era laws. It’s essential to understand that GST isn’t a singular Act but comprises various Acts at both State and Central levels. While the Central Goods and Service Tax Act, 2017 pertains to the Central Government, each state has its corresponding GST law. Additionally, the Inter-State Goods and Service Tax Act, 2017 addresses transactions involving goods and services between states or outside India. For efficient handling of GST processes, consider online GST return filing with K K Baranwal & Associates.
Need For GST
In the era before the Goods and Service Tax (GST), India’s indirect tax landscape was characterized by levies such as Excise Duty, Value Added Tax (VAT), and Service Tax. These taxes were imposed at different stages of the supply chain, creating complexities and inconveniences for businesses. Excise duty targeted manufacturers, VAT taxed the value added at each supply chain node, and service tax applied to service provisioning. This multi-tax regime led to compliance challenges, confusion, and a cascading effect, where taxes were levied on top of existing tax amounts.
To address these issues, GST was introduced, revolutionizing the taxation system. Based on the concept of the supply of goods and services, GST significantly reduces the cascading effect. Under GST, every supplier must collect tax at the point of sale and is entitled to credit for the GST paid on input procurements. For a streamlined approach to taxation, consider the expertise of K K Baranwal & Associates in navigating the complexities of GST.
How Does GST Work?
GST involves diverse slab rates categorizing products based on their HSN codes. For instance, general goods and services often fall under the 18% slab rate, while essential items are classified under the 5% slab. Certain critical products and services, such as healthcare, enjoy complete exemption from GST. The revenue collected through GST is shared between the State and Central levels. As a consumption-based tax, the revenue is allocated to the State government where the goods or services are consumed.
Registration Under GST
K K Baranwal & Associates simplifies the GST registration process for individuals engaged in the supply of goods and services in India. Generally, registration is mandatory if the turnover from the sale of goods exceeds Rs. 40 lakhs annually and Rs. 20 lakhs for services. Certain North-Eastern states have a lower threshold limit of Rs. 10 lakhs. Additionally, K K Baranwal & Associates ensures seamless registration for specific supplies, such as import/export of goods and services. Trust us to facilitate your GST registration efficiently.
What We Offer?
K K Baranwal & Associates delivers efficient solutions to meet all your GST requirements. Given the integral role of GST in business operations, its impact extends across various sectors. Therefore, meticulous management of every aspect of this tax is essential for all businesses. K K Baranwal & Associates provides the following solutions to address your GST needs effectively.
GST Consultancy and Advisory
K K Baranwal & Associates simplifies GST complexities with expert consultancy services tailored to evolving regulations.
GST Compliances
We take charge of fulfilling all the compliances which includes GST Return filing, Composition scheme filing, registration etc.
GST Annual Return/ Audit
K K Baranwal & Associates ensures smooth GST compliance, offering expert services for annual return filing and audits for businesses exceeding turnover limits.
GST Review
K K Baranwal & Associates prioritizes annual GST reviews to capture missed transactions, enabling timely treatment and preventing potential litigations. Our tailored GST Review Services ensure client comfort.
GST Refund
Claiming refund of input tax from Authorities can be daunting, especially in case of exporters. We support and help you in claiming all kinds of due refunds from the Authorities.
E-Way Bill Training/ Generation
K K Baranwal & Associates simplifies interstate goods transportation by offering outsourced E-Way Bill generation services. Trust us for a hassle-free operation of your business logistics.
