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Goods & Service Tax

GST has subsumed most of the indirect taxes and has brought a drastic change in which business operates.
While the aim of government is to simplify the tax compliance in longer run, business are feeling the transitional pressure because of the grappling issues with the new system.
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At Ajay A Goel & co., our team of professionals, provide step by step guidance to our clients to achieve tax efficient and regulatory compliant structure

Registration & Compliance Support

Implementation & Business Process Outsourcing

Transaction Advisory

Advantages

1. GST eliminates the cascading effect of tax
2. Higher threshold for registration
3. Composition scheme for small businesses
4. The number of compliances is lesser
5. Defined treatment for E-commerce operators
6. Improved efficiency of logistics
7. Unorganized sector is regulated under GST

Disadvantages

1. Not being GST-compliant can attract penalties
2. GST will mean an increase in operational costs
3. GST came into effect in the middle of the financial year
4. Adapting to a complete online taxation system
5. SMEs will have a higher tax burden

How does it works

  • A supplier must register in each of such state or union territory from where he effects supply if the taxable value of supply exceeds the threshold limit.
  • Upon registration, 15-digit GST Identification Number called “GSTIN” is allotted
  • A registered person has various statutory compliances monthly/ quarterly/ annually, as the case may be.
  • Non-filling of the returns on the prescribed dates will attract interest, late fees, penalty as applicable.
  • Goods and Service Tax has three components, IGST (Inter State sale or purchase) and CGST & SGST (same state sale and purchase)
  • Threshold limit of aggregate turnover for compulsory registration
  • 40 Lakhs: All other States
  • 20 Lakhs: - Assam, Kerala, Meghalaya, , Puducherry, Sikkim, Telangana, Tripura, Uttarakhand.
  • 10 Lakhs: Manipur, Mizoram, Nagaland
  • 20 Lakhs: All other States
  • 10 Lakhs: Manipur, Mizoram, Nagaland, Tripura
  • Voluntary Registration:
As the name suggest, anyone can register under GST even though he may not required by law Composition Scheme
  • Voluntary Registration: As the name suggest, anyone can register under GST even though he may not required by law Composition Scheme
  • Composition Scheme: The GST Laws provides a composition scheme for small dealers having turnover of Rs. 1.5 Cr. (For Himachal Pradesh, JK, Assam and all other Territories) and Rs. 75 Lacs for North Eastern states. There is also a composition scheme for service provider upto Rs. 50 Lacs

GST Registration and Compliance Support

Any person willing to get involved in a commercial activity is surrounded by questions regarding indirect tax registration & compliances. At Ajay A Goel & Co. our team of experts guides you in the process of registration after evaluating exemptions, categories of registration. Post registration we guide our clients in meeting all necessary compliance tailored to the needs of our clients. Involvement of senior members of the firm means we can use our experience and skills to identify opportunities to improve tax processes and deliver tax savings.
  • GST Registrations incl. managing of all compliance
  • Advice and training on the consequences of registration
  • Preparation / Reviewing of Returns
  • Support in designing an effective accounting system

GST Implementation and Business process Optimization

Our Team has in the past has helped our clients effectively implement GST in the most effective way. Advising them on ways to optimize utilization of resources and advising them on ways to implement effective business processes. We have helped our clients significantly improve their business practices with respect to GST
  • Mapping of Current Business Process and optimization
  • Complete GST Health Checkup
  • Designing and implementing internal control and best practices
  • Optimization of GST Tax Structure

GST Transactional Advisory

Businesses have significantly overcome the implementational challenges of GST, they are still not confident at the time of making large transactions. At times these transactions need in-depth analysis in order to highlight the outcome of various conditions. At Ajay A Goel & Co., we provide our clients transaction specific services as per their needs
  • Transaction GST compliance check
  • Transactions commercial structure check
  • Defining tax complaint structure
  • Assisting in drafting contract
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