It is a destination-based tax on consumption of goods and services, applicable from July 01, 2017 in which the number of indirect taxes was subsumed into one tax. Centre will levy and administer CGST through the “CGST Act 2017” & IGST through the “IGST Act 2017” and their respective rules framed thereunder, while respective states /UTs will levy and administer SGST/ UTGST though respective, UTGST or State Acts and their respective rules framed thereunder. GST Laws requires strong controls on Compliances to avoid additional cost.
The GST Law prescribes for various compliances like
The Compliances under GST Laws are very important and non-compliances will affect the business entities badly not only by additional business cost though Interest, Late Fees and Penalties but also by way of Blockage of E-Way Bill, Suo-Moto Cancellation of GST Registration Number and so on.
Further compliance under GST has become more important due to Section 149 of the CGST/SGST Act, according to it every registered person shall be assigned a compliance rating based on the record of compliance in respect of specified parameters. Such ratings shall also be placed in the public domain. A prospective client will be able to see the compliance ratings of suppliers and take a decision as to whether to deal with a particular supplier or not. This will create healthy competition amongst taxable persons.
Therefore, business entities require sound and careful GST Management System to avoid penalties and fines.
Our firm with Young and Dynamic Team with experienced professionals and GST Practitioners is well equipped in GST Compliance and Consultancy Services. Our Team will provide the following Services namely