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:
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: