GST (GOODS AND SERVICE TAX)

GST (GOODS AND SERVICE TAX):– GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017. In other words, Goods and Service Tax (GST) is levied on the supply of goods and services. Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. GST is a single domestic indirect tax law for the entire country.

GST has replaced multiple indirect taxes, which were existing under the previous tax regime. The advantage of having one single tax means every state follows the same rate for a particular product or service. Tax administration is easier with the Central Government deciding the rates and policies. Common laws can be introduced, such as e-way bills for goods transport and e-invoicing for transaction reporting. Tax compliance is also better as taxpayers are not bogged down with multiple return forms and deadlines. Overall, it’s a unified system of indirect tax compliance.

Our GST Services Include:

1. GST Registration: We assist businesses in obtaining GST registration, guiding them through the registration process and ensuring compliance with registration requirements. Our experts handle all documentation and filings to facilitate smooth registration with the GST authorities.
2. GST Compliance: We provide end-to-end GST compliance services, ensuring timely and accurate filing of GST returns. We assist clients in preparing and filing various GST returns, including GSTR-1, GSTR-3B, and annual returns, to meet regulatory requirements.
3. GST Advisory and Consulting: Our firm offers expert advisory and consulting services on GST matters, providing guidance on compliance requirements, regulatory changes, and optimization strategies. We keep clients informed about GST updates and assist in implementing strategies to enhance tax efficiency and mitigate risks.
4. GST Audit and Assessment Support: In the event of a GST audit or assessment, we offer comprehensive support to clients. We assist in the preparation of documentation, respond to audit queries, and represent clients before tax authorities, ensuring a smooth audit process and favourable outcomes.
5. GST Refund Claims: We help eligible businesses in filing GST refund claims for input tax credit (ITC) and other eligible refunds. Our team ensures that refund claims are prepared accurately, supported by proper documentation, and submitted within the prescribed timelines to expedite the refund process.

Partner with Shubham Mangla & Co. for expert GST services. Contact us today to learn more about how we can assist your business in navigating the complexities of GST compliance and optimization.