GST Advisory

GST counseling services are concerned with a company's overall tax performance. It creates a strategic approach to stock transfers, an input tax credit, refunds, valuation, classification, and export benefits, among other things.

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  • The Goods and Services Tax (GST) is India's greatest indirect tax reform since independence. GST is a pan-India uniform tax on both goods and services that are charged exclusively on the 'value added' to commodities and services at each level of the economic supply chain.

  • GST is likely to have a far-reaching influence on all aspects of corporate operations in the nation, including product and service pricing, supply chain optimization, IT, accounting, and tax compliance systems. It will have an effect on the tax structure, tax incidence, tax computation, tax payment, compliance, credit use, and reporting, resulting in a total reform of the present indirect tax system.

  • The idea of the Goods and Services Tax was established by the Government of India on July 1, 2017. (GST). It is used to all commercial activities conducted in India. GST is India’s greatest indirect tax overhaul since independence. GST is a pan-India unitary tax on goods and services that is levied exclusively on the ‘value added to products and services at each level of the economic supply chain.

  • GST has not only altered the tax structure in India, but it is also likely to have a significant influence on all aspects of corporate operations in the nation, including supply chain optimization, product and service pricing, information technology, accounting, and tax compliance systems.

  • We at Legal Ladder have a large pool of qualified professionals who have been keenly following the changes in GST. We assist companies in predicting policy changes and analyzing their impact on their operations.

Tax Rates and Structures Uniformity/Development of a Common National Market

The implementation of GST would guarantee that indirect tax rates and structures are consistent across the country. It would improve the predictability and convenience of conducting business. In other words, GST would make doing business in the country tax neutral, regardless of where it is done.

Increased exports

The GST’s inclusion of major Central/State taxes, comprehensive and thorough set-off of taxes paid on goods and services, and the phase-out of the Central Sales Tax (CST) would reduce demand for locally produced goods and services. This will boost Indian exports by improving the international competitiveness of Indian goods and services.

Taxation that is proportional to the value of goods and services

Because of several taxes charged by the central and state governments, with insufficient or no ITC accessible at various levels of value addition, the cost of most goods and services in the country was burdened with numerous hidden taxes.

Simple Compliance

The cornerstone of India’s GST regime will be a powerful and comprehensive IT infrastructure. All tax-payer services, including registration, returns, and payment, would be accessible online. Compliance would be simple and open.

  • Copy of the applicant’s PAN card 

  • Proof of business address (rental or lease agreement, utility bill, owner’s NOC, etc.)

  • Proof of the business’s constitution, such as a partnership deed, Memorandum of Association (MOA), certificate of incorporation, registration certificate, Articles of Association (AOA), or Society bylaws. 

  • Identity and address documentation with photographs for each of the directors and promoters 

  • Details of authorization (anything from a letter of authorization to a copy of the resolution adopted by the managing committee/Board of Directors naming the authorised signatory) 

  • Bank details (First page of bank passbook, a cancelled cheque of the bank account showing the name of the account holder, bank statement)

  • GST registration refers to the process through which a taxpayer registers for GST. When a business is correctly registered, it is assigned a one-of-a-kind registration number known as the Goods and Services Tax Identification Number (GSTIN). When taxpayers register, the federal government assigns them a 15-digit number.

  • There are no fees associated with completing the GST registration procedure. If a firm fails to finish the registration procedure, a fee of 10% of the total amount owed, or Rs.10,000, would be charged. In the instance of tax evasion, the penalty will be 100 percent of the amount owed. GST registration is required for firms with annual revenue of Rs.20 lakh or higher. If the supply is made in more than one state, GST registration must be completed in each state.

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What are the types of GST?+

In India, there are three forms of GST: the Central Goods and Services Tax (CGST), the State Goods and Services Tax (SGST), the Union Territory Goods and Services Tax (UTGST), and the Integrated Goods and Services Tax (IGST) (IGST). 

On what all products GST is not applicable?+

 Cereals, fresh fruits and vegetables, milk, natural honey, salt, and other items are exempt from sales tax. In addition, petroleum crude, high-speed diesel, motor spirit (also known as gasoline), natural gas, and aviation turbine fuel are excluded from GST.

What is the full form of GSTIN?+

All firms that successfully register for GST are granted a one-of-a-kind Goods and Services Tax Identification Number, or GSTIN.

Is GST mandatory on advisory services also?+

 Consultancy services are subject to a GST rate of 18%. Consultancy can be of any type, including healthcare, finance, and investments. Although there are five slab rates, advisory services are only covered by the 18% slab.

GST Registration

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About Us

We’re a technology- driven platform, offering services that cover the legal requirements of startups and established businesses. Some of our services include objectification, government enrollments & forms, account, attestation, and periodic obediences.

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