Goods and Service Tax – Overview

CA Bhupender Kumar is a leading GST consultant in Delhi. Our team provides comprehensive services in the realm of GST, including GST registrations and return filings, GST assessments, GST advisory and tax compliance, due diligence, and litigation services. In litigation, we represent clients before tax authorities. Our team possesses extensive experience in representing clients under both the previous indirect tax regime and the current GST regime.

Introduction of GST

Amidst global economic challenges, India has demonstrated strength with aggressive growth targets, supported by strategic initiatives like Digital India and Make in India. The introduction of Goods and Services Tax (GST) is another strategic move expected to drive economic growth in India by transforming the existing indirect taxation into a seamless flow of goods and services tax. GST aims to eliminate the cascading effect of taxes and position India as a significant player in the world economy. The expectations surrounding GST reforms are high, both within India and globally.

GST consolidates various indirect taxes levied by the Centre and state governments into a universal tax. Implemented on 1st July 2017 with the objective of “One Nation One Tax,” GST requires businesses to file monthly, quarterly, and annual returns. Registered entities with a yearly turnover exceeding two crores are also required to file an audit report.

Benefits of GST

  • Subsumes Various Taxes: Integrates VAT, CST, Service Tax, CAD, SAD, and Excise into a single tax.
  • Simplified Tax Policy: Reduces tax compliance requirements and simplifies the tax policy compared to the previous regime.
  • Eliminates Cascading Effect: Removes tax on tax, thereby reducing manufacturing costs and lowering consumer goods prices.
  • Decreases Public Tax Burden: Lowers costs for consumers, making goods more affordable.
  • Increases Demand: Boosts demand and production of goods, leading to economic growth.
  • Prevents Bogus Transactions: Enhances transparency and controls black money circulation.
  • Advances Economy: Positively impacts the Indian economy in the long term.

These benefits can only be realized if the advantages of GST are passed on to the final consumer. Factors such as profit markup also influence the final price of goods.

Impact of GST on Indian Economy

  • Reduces Tax Burden: Decreases tax burden on producers, fostering growth through increased production.
  • Improves Efficiency: Eliminates tolls and check posts, reducing wastage and costs associated with transportation.
  • Enhances Transparency: Allows consumers to understand taxes paid and their basis.
  • Boosts Government Revenue: Expands the tax base, contributing to government revenues.
  • Encourages Input Tax Credits: Promotes purchasing from GST-registered suppliers, bringing more vendors under GST.
  • Increases Export Competitiveness: Removes custom duties on exports, enhancing India’s competitiveness in global markets.

A Brighter Economy

The introduction of GST represents a major step in indirect tax reform. By consolidating multiple taxes into one, GST simplifies taxation for industries and reduces the tax burden on goods and services for consumers. It enhances the competitiveness of Indian products domestically and internationally, and its transparent administration promises smoother implementation. GST is expected to be a game-changer in forming a common market and reducing the tax impact on goods and services, affecting various aspects of business operations including pricing, supply chain optimization, and tax compliance.

Goods and Service Tax at BKC

BKC is among the top GST registration service providers in Delhi. Our services ensure seamless compliance with tax policies. Our GST services include:

  • GST Registration: Efficient online GST registration through the Central Government’s portal.
  • GST Returns: Timely filing of GST returns for sales and purchases as mandated by the GST Act.
  • GST Amendments: Handling amendments related to core and non-core details like address changes.
  • GST Audits: Independent audit services including GST reconciliations and preparation of annual returns.
  • GST Assessment: Representation before tax authorities for GST assessments.
  • GST Compliances: Management of GST compliance and deadlines, keeping clients updated with recent amendments.
  • GST Consultancy Services: Advisory on complex transactions and latest updates from GST authorities.

For expert GST compliance services in Delhi, reach out to us today at info@cabhupenderkumar.com or visit our LinkedIn page for more information on our services. Our team of experienced professionals is dedicated to providing exceptional service and ensuring your compliance needs are met with the highest standards.