The Goods and Service Tax Act is a recently implemented law that is continually evolving. Given its profound impact on every aspect of business, it is crucial to comprehend the law and stay updated on all the latest amendments.

At K K Baranwal & Associates, we provide top-notch GST consultancy and advisory services. Our experienced team at K K Baranwal & Associates is adept at handling a range of GST issues, from implementation to classification and valuation. Trust us to navigate the complexities of GST with precision and expertise.

Our Range Of GST Consultancy And Advisory Services Includes:

GST Classification of Goods and Services

The HSN code, a 4 to 8 digit uniform code that classifies over 5000 products and is recognized worldwide, plays a crucial role in determining the GST tax slab for each good and service. Accurate classification is essential, as an incorrect one can have a significant impact on the taxability of the product. Determining the correct HSN code is of utmost importance. Furthermore, certain goods and services are eligible for tax exemptions under GST law, but these exemptions are subject to numerous rulings and case laws.

At K K Baranwal & Associates, we leverage our extensive experience in HSN classification to assist all our clients effectively. Trust us to ensure accurate classification and navigate the complexities of tax exemptions under the GST law.

GST Valuation

GST, being a consumption-based tax, is imposed on the final amount charged by vendors to their customers. However, the determination of the amount on which GST must be levied is subject to various valuation rules. Factors such as rebates and discounts extended by sellers to buyers may or may not be included in the GST valuation of goods and services. Incorrect valuation in each transaction can lead to issues such as interest charges, additional tax liability, and potential litigation.

At K K Baranwal & Associates, we specialize in the valuation of every business transaction, whether it’s significant real estate deals or the day-to-day sale of products. Trust us to ensure accurate and compliant GST valuation for your business.

Reverse Charge Assistance

Under GST law, a supplier of goods and services is typically responsible for collecting and depositing GST with the authorities. However, in specific cases, such as the import of goods, GST has to be paid by the recipient. Identifying supplies falling under the purview of the reverse charge mechanism is crucial, as failure to do so can lead to non-compliance and legal issues for GST-registered individuals.

At K K Baranwal & Associates, our GST advisory services ensure a thorough review of each business transaction by our experts to identify exceptional transactions that may be liable for reverse charge. Trust us to provide accurate guidance on your GST obligations.

Determination of Place and Time of Supply

Determining the place and time of supply is a critical aspect of the GST process. The place of supply specifies the nature of the transaction, distinguishing between inter-state and intra-state transactions. Conversely, the time of supply establishes when the supplier becomes liable to pay GST. This task can be challenging due to the various provisions in the law for determining the place and time of supply.

At K K Baranwal & Associates, we assist you in accurately determining and identifying the nature of these transactions, ensuring that you remain fully GST-compliant in all respects. Count on us for expert guidance on navigating the complexities of place and time of supply under GST.