Goods & Services Tax (GST)
The GST journey in India began in the year 2017, and since then, it has come a long way in shaping our economy. All matters like registration, form filing, application for refund, etc. are taken care of by our skilled and efficient Chartered Accountants. It is our sole purpose and duty to take part in and to give way to a robust and open discussion surrounding accountable GST, increased transparency and the ensuring of taxation in an increasingly digitized and globalized world.
- GST Registration for new Assessee
Regular Routine Work
- Filing of monthly, quarterly and Annual GST returns
- Assistance in deposit of GST to electronic cash ledger
- Consultancy on GST on regular basis
- Refund of GST from GST Department
- Bond and Letter of Undertaking (LUT) related work for Exporters
- GST Audit
- Search Cases under GST
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Mr. Kedia's View
SOLUTIONS FOR YOUR KEY QUERIES
From our Team of Expert & Dedicated CAs!
Ans- No, as per the provisions of Section 2(6) of CGST Act, Aggregate Turnover shall not include value of inward supplies on which tax is payable on reverse charge basis. Thus, such amount shall not be included while calculating the aggregate turnover of the person receiving such supplies under this Act.
Ans- Yes, Outward supplies on which tax is paid on reverse charge basis by the recipient will be included in the aggregate turnover of the person providing such goods or services.
Ans- Exemption from registration has been provided to such suppliers who are making only those supplies on which recipient is liable to discharge GST under RCM. Since, the legal services provided by advocate are liable to be charged under RCM, an advocate will be exempt from registration if he does not provide any other supply which is chargeable to GST under Forward Charge Mechanism.
Ans- There is no liability of registration if the person is dealing with 100% exempt supplies. Hence, the turnover limit of 40/20/10 lakh shall not be applicable on the person.
Ans- A person dealing wholly in exempted supplies is exempt from obtaining GST registration irrespective of the specified limits for aggregate turnover. However, if registered, then you need to comply with the provisions and thus file the due returns even if it is a NIL return. Further, in such circumstance, you may choose to cancel your registration since you are dealing only in exempted products.
Ans- Once a person obtains GST Registration whether mandatorily or voluntarily he is required to comply with all the related provisions and return filing. Therefore, you would be treated as a normal taxable person and be liable to pay tax on each supply made on or after the effective date of registration.
Ans- GST Registration is primarily state based. Hence, a person can obtain one registration for each and every place of business in the same state. The place of Business shall include both Manufacturing and Trading Units of the person. However, it is the decision of the person to obtain a single registration or multiple registrations for its different place of business within same state. Hence, the person can obtain either common or separate registration for its Trading and Manufacturing Unit in the same state.
Ans-You can opt for composition scheme later. However, such conversion is not allowed in the middle of a financial year. Thus, the application shall be filed in the beginning of the financial year or before the beginning of the financial year.
Ans-Those opting for and complying with composition scheme can exit and opt for normal tax scheme anytime. They would be eligible for ITC on stocks available on the date of switchover in compliance with the provisions of section 18(1)(c ) of CGST Act, 2017.
Ans-Yes, you will be liable to pay tax on reverse charge basis for supplies from unregistered person. Further, the rate of GST shall be the normal rate and not the reduced rate allowed to the supplier under composition scheme.
Goods and Services Tax Consultant in Delhi, India
The first mention about GST dates back to 2000 when the then Prime Minister of India, Shri Atal Bihari Vajpayee set up an Empowered
committee to draft a review on GST under the headship of Asim Dasgupta, the then Finance Minister of West Bengal. Since then GST has moved through different phases of consideration, modification and ratification spanning over a period of 17 years before getting launched at the stroke of the midnight hour on 30th June-1st July 2017 by the President of India under the name of the Constitution (One Hundred and First Amendment) Act, 2016. Promoted under the flagship of “One Nation, One Tax”, the historic move has been touted as the single biggest tax reform since the independence of India and has been symbolically considered as synonymous to the movement of political unification carried out by Sardar Vallabhbhai Patel during 1947-48.
After a wait of long 14 years, GST has been introduced in our country with effect from 01.07.17. GST, the biggest tax reform of the country, has subsumed various taxes levied by the Central and State Governments. It is expected that GST would re-shape our fast-growing economy and support Government’s endeavour to make India an easier place to do business.
GST is levied on every transaction of supply of goods & services except the exempted goods & services, Goods which are outside the purview of GST and transactions below the prescribed threshold limits. Businesses are required to file monthly, quarterly and annual returns and those with turnover exceeding INR 2 crores will also have to file audit reports.
At G. K. Kedia & Co., we make sure that you get the best Goods and Services Tax Consultants in India. We provide support in Goods and
Services Tax (GST) updates, advisory, consultancy in every aspect of the GST sector i.e. in laws & procedures, registration, record keeping, filing of statements/returns, refunds, representations, opinions, litigations, etc, audit, annual and transitional compliances.
With the implementation of GST law in letter in spirit coupled with the lack of proper knowledge among the taxpayers, there would be a spate of litigation coming in the near future which would require:
- Drafting of replies to show cause notices
- Reply to appeal
- Cross objections and revision applications
- Appearances before Adjudicating authorities, Appellate authorities
- Tribunals and High Court
All of which can be taken care by our GST practitioners.
Apart from GST, we also render services relating to Service Tax, Customs, Value-added Tax (VAT), Luxury Tax, Excise Duty, etc. with the best team of Goods and Services Tax Consultants in Delhi.