GST stands for Goods and Service Tax. It is a kind of tax imposed on the supply of goods and services. In India, the Goods and Service Tax Bill was officially introduced in 2014 as The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014. The Goods and Service Tax act is expected to be operative in India from July, 2017. GST is designed to replace the indirect taxes imposed on goods and services by the Centre and States like sales tax, service tax, excise duty, luxury tax etc. Central GST and State GST would be levied simultaneously on every transaction of supply of goods and services except on exempted goods and services, goods which are outside the purview of GST.
Currently, the Migration process of existing dealers having registration number under various departments is being going on.
At the central level, the following taxes are being subsumed:
- Central Excise Duty
- Additional Excise Duty
- Service Tax
- Additional Customs Duty
- Special Additional Customs Duty of Customs
At the state level, the following taxes are being subsumed:
- State Value Added Tax
- Entertainment Tax
- Octroi and Entry Tax
- Purchase Tax
- Luxury Tax
- Taxes on lottery, batting and gambling
Our Service Tax consultants provide solutions on the ever changing Service tax Laws applicable in India.We advise our clients on the Service tax implications of any
transaction, either local or international, and on how to reduce that cost by restructuring the transaction and benefitting from certain tax exemptions and incentives. Our Indirect Tax Team is specialised in advisory on Amnesty Scheme Under Service Tax introduced by Finance Act’2013.
Value Added Tax / Central sales tax:
We advise our clients on the sales tax implications of any transaction, either local or international, and on how to reduce that cost by restructuring the transaction and
benefitting from certain tax exemptions and incentives. We provide specialised services in relations to compliance of routine Sales Tax and VAT Matters at local
and national level.