@ Contact for this Service
Amit Gupta, (MBA)
Goods and Services Tax (GST) is a consumption-based comprehensive indirect tax levied on the supply of goods and services that was introduced in India on 1st July 2017, Abolished serveral indirect taxes and replaced them levied by the central and state governments. GST is considered as one of the important indirect tax reforms in India since independence that has a significant impact on the economy and the business environment. GST is a pan-India single unified tax on both Goods and Services, levied only on ‘value added’ to goods or services at each stage in the economic supply chain. GST has several benefits, including reducing the tax burden on consumers, simplifying the tax regime, and promoting the ease of doing business in India.
The GST system in India is a dual GST system, meaning that both the central government and the state governments levy GST on the supply of goods and services. The GST council, which is a constitutional body, is responsible for making recommendations on various aspects of GST, including rates, exemptions, and thresholds. Under GST regime, a supplier must obtain GST registration in each of such state or union territory from where he provides supply of goods or services if the taxable value of supply exceeds the threshold limit. Once registered in GST, one needs to follow all the rules & provisions mentioned under GST act and ensure all the compliances are adhered to.
GST is levied at multiple rates, including 0%, 5%, 12%, 18%, and 28%. Some goods and services are exempt from GST, such as fresh fruits and vegetables, books, and certain healthcare services. Additionally, there is a special rate of 0.25% on rough precious and semi-precious stones, and a compensation cess is levied on certain luxury goods and sin goods, such as cigarettes and tobacco products.
How Can MNRS Help?
1) GST Advisory services
- Detailed Impact Analysis of GST on the organizations.
- Analysing GST implications on business transactions, contracts, pricing, and other related matters and means to tackle them.
- Identifying tax rates, HSN / SAC applicable to supplies of the dealer
- Study of Existing ERP Systems maintained and suggesting necessary changes which are in compliance with GST Provisions.
- Periodic communications to organizations regarding amendments/notifications in GST provisions.
- Providing opinions on applicability of GST
2) GST Registration and Compliances
- Helping businesses in obtaining GST Registration (GSTIN)
- Amendments in GST registration
- Preparation and filing of applicable GST Returns
- Assistance in payment of GST
- Providing guidance on effective utilization of available Input tax credits (ITC) and identifying expenses on which ITC cannot be availed
- Providing reconciliation of GST as per GST rules
3) GST Audit
- Preparation of reconciliation statement between financial statements and annual return and filing the same.
- GST audit to ensure the accuracy and completeness of GST returns filed by the business.
- Preparation & Filing of Form-GSTR-9C, wherever applicable
4) GST Refund Services
- Understanding of the transactions for claiming GST refund
- GST refund calculations
- Helping businesses in claiming GST refunds for input tax credit, exports, and other eligible categories.
- Support in filing the application for the GST refund claim
5) GST Litigations
- Assisting businesses in resolving GST-related disputes and representing them in front of the GST authorities and appellate tribunals.
- Submitting of GST reply letters in response to the show cause notices received from GST department
- Submission of reply letter and documents on GST portal
- Department Liaising and submission of documents
6) GST Training
- Educating business owners and employees on various aspects of GST, such as registration, compliance, invoicing, and returns filing