GST Audit | GST Registration

Goods & Services Tax (GST)

GST was implemented in India effective from 1st July, 2017 and witness far reaching impact on all the business process for very business entity. The concept of manufacturer, trader & service provider is replaced with Supplier & Recipient and sale, purchase, provision of services replaced with Supply. GST replaced at least 17 taxes imposed by Central Government and various State Governments and under GST regime both CG and SG shall be charging tax on the same transactions at a GST rate on value determined under this Act. Some of the important departures in GST regime are as under:

• Uniform Indirect Tax System across Country;
• Uniform rate of GST on all value of Goods & Services across India.
• Uniform compliance procedure across Country;
• No Tax on Tax;
• No Tax cascading for Indirect Tax;
• Destination principle adopted by introducing IGST concept on all inter-state supplies of all Goods & Services;
• Last but not the least, credit interlocking i.e. Input tax credit can be claimed only if the supplier pay the tax and file his valid GST returns.

All the business entities has to be more accurate and prompt for all GST compliances otherwise they end up losing cash in term of tax credits.
We at PK Lakhani with a dedicated and expert team, advise our clients in handling all challenges in relation to all compliances, expert advice on any aspect of GST. Some of the activities which can be handled by our expert team may be: