Good and Service Tax is the largest Indirect tax reform in India which is going to impact the way business is carried out at pan India level. It’s going to replace almost all the existing Indirect tax or levies like Excise Duty, Service Tax, VAT, Entry Tax etc. Its impact will vary across the different kind of businesses.
Dual GST structure enhances the overall complexity which can be mitigated through a robust IT system. It’s imperative and high time for companies to gear up and assess the likely impact of GST on their kind of business.
Old age concepts like “Sale”, “Manufacturing”, “Stock Transfer” needs to be unlearned and new terms like “Destination”, “Consumption”, “Place of supply” to be learned.
Now, almost whole India will be one market, breaking the boundaries of erstwhile State specific indirect taxes.
Our scope of services under GST regime
Impact analysis
Our team of experts will understand your business and carry out an impact analysis covering all the importan taspects i.e. working capital requirement, logistic issues, job work vs.In-house, procurement, Maximum Retail Price.
Transitionsupport
For existing registered entities under various Indirect tax laws, there would be an automatic transition to GST regime . The transition process will require assessment of situation and positions of taxation liability under existing laws. We’ll work out the strategy for transition to GST and its likely impact on the closing balance of tax obligations and benefits.
Regular compliances
Once GST is made applicable and transition process is complete, our next role would be to support you in regular compliances under GST which includes but not limited to new registrations, amendments in existing registration, calculation of period tax liability, preparation and filing of tax return, tax assessment etc.
Rate classification for goods
ü Exempt
Food grains, Cereals, Milk, Jaggery, Common Salt……………………
ü GST @ 5%
Worn clothing, Fly ash, Fishing net and fishing hooks, Sulphur recovered in refining of crude………..
ü GST @ 12%
Condensed milk, Printing ink, Specified parts of sewing machine, Furniture wholly made of bamboo or cane, Diabetic food…………
ü GST @ 18%
Escalators, Fork lifts, lifting and handling equipment, Electrical apparatus for radio and television broadcasting, Chocolates, Rubber tubes and, miscellaneous articles of rubber, Slabs of marbles and granite, Detergents……..
ü GST @ 28%
Pan masala, Cigars……
ü GST @ 28% + Cess
Small cars(1% / 3% cess), Luxury cars(15% cess)
Rate classification for services
Only rates of select goods and services have been mentioned here
• GST rate on pearls, precious or semi-precious stones, diamonds (other than rough diamonds), precious metals (like gold and silver), imitation jewellery, coins – 3%
• GST rate on rough diamonds – 0.25%
Why RKA is the best choice for GST?
ü Extensive experience of handling Indirect Taxes on pan India level. There are many clients for whom we take care of tax compliances.
ü Strong team of energetic and experienced professionals
ü Best Indirect tax experts are part of our professional alliance network.