Goods &
Services Tax
There are many aspects within the Goods and Services Tax. It is a tax that has affected every walk of life and in every way possible. If you are an organization with any kind of commercial activity, it is important that you have taken care of the Goods and Services Tax impositions that you are obliged to. It is one of the most successful taxes of the government that has ensured correct taxation to the buyer and seller alike.
Introduction to GST
The government has come up with the aim of ‘One Nation, One Tax’. This is to remove all the enumerable taxes that the public and even the vendors were getting fed up with. There was no one tax that would not be too high. This was causing a lot of debates and discussions surrounding each and every tax in almost every Union Budget. The government realized that there is an urgent need to remove the confusion that surrounds these taxes. All these random taxes were significantly reduced and consolidated into one taxing system that is the Goods and Services Tax.
This allowed the government to have much more control and regulation over this tax. There is a lot more clarity in all levels of the consumption chain. Goods and Services Tax has been in use since July 1st, 2017. This tax needs businesses to file their quarterly and annual returns. Under the Goods and Services Tax Act, if your business has an annual return of over Rs 2 Crores makes your company eligible for filing annual return.
What is Goods and Services Tax?
Goods and Services Tax is technically just one tax that is now used to cover a number of taxes all at once. This means that consumers and even manufacturers are no longer paying multiple taxes at different rates all the time. When you just have one tax that is at a fixed rate, you will end up saving a lot of funds because there is just one tax to take care of now. More importantly, it is much easier now for the government to keep the commerce sector under check through this one tax.
In a shell, the Goods and Services Tax covers a number of indirect taxes which includes a number of Central and State taxes like Central Excise Tax, Service Tax, VAT, Purchase Tax, Central Sales Tax and many more.
Benefits of Goods & Services Tax:
There are many benefits to Goods and Services Tax. It is actually one of the most successful plans of the government that is connected to the larger goal of Digital India. Here is a list of the benefits of Goods and Services Tax right here:
- The slogan that is attached to the Goods and Services Tax is, One Nation One Tax. This has cleared a lot of confusion on the taxation system and regulation. This has boosted the public’s confidence in the way the government is functioning. This is important because having the right information is one of the most important aspects of a democratic country.
- Since GST has made commerce easier when it comes to registering and filling your taxes, this one tax system has boosted the campaign of Make in India, which is an initiative of the government to boost the production of goods and services within the country.
Impact of GST on Indian Economy
- With the implementation of Goods and Services Tax, the extra costs and human efforts of toll plazas and check posts to check all the commercial documents of the transportation vehicles when they are en route. This one taxation system has helped with road blockage and unnecessary traffic.
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They have more clarity to the taxation base of the country.
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Gives more control to the consumer as they know how much GST to pay. The GST rate is set across products and services by the government.
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Why We?
We Harsh R Jain and associates (HRJA) chartered accountants firm providing GST Return filing services since birth of GST which is July 2017. We provide GST return filing services to individual HUF proprietorship firms partnership firms trust body corporate and companies. We have already filed more than 15232 GST returns.
We had great exposure in GST Auditing services. We already done GST audit of Public Listed Companies and PSU Company.
We’d Love to Help You With Your Financial Plan
Our Services
- Direct Taxation
- Goods & Services Tax
- Company Registration
- Audit & Assurance
- Account Sourcing & Bookkeeping
- TDS & TCS Compliance
- Miscellaneous Registrations
Contact Us
- Call us at: 011-43074506
- Email: [email protected]
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