Goods And Services Tax

The government imposes a form of statutory duty on businesses: the collection and payment of taxes.

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All indirect taxes are levied under the same umbrella of the goods and services tax. Prior to 2017, there were many tax levies on both a state and federal level. However, beginning July 2017, when the GST entered the scene, the levy and compliances have been combined.

Every business with a turnover greater than the allowed threshold, engaged in interstate commerce, that is, business that crosses state lines, or engaged in export and import business, is required to carry out the following:

  • Enrollment and obtaining a GSTIN (Goods & Service Tax Identification Number)
  • GST is collected when goods and services are provided to customers, and it is then paid into the government’s account.
  • Submission of returns and other information on a regular basis (as and when asked for).
  • Creation of an invoice in compliance with GST regulations.
  • Create an E-Way bill (Document for transportation of goods).

In addition to the things already mentioned, the business units also need to take care of a number of compliance-related difficulties.

In order for a business to operate without interruption and without incurring penalties and interest payments, it is essential that it abide by the provisions of the GST law.
The following services are available in the period of GST compliance:

  • Registering for GST
  • Filing periodic returns
  • Respond to notices and represent clients in tax authorities’ meetings.
  • GST compliance guidance

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