• GST Advisory Services
• Understand the financial and operational impact GST will have on your business before taking action.
• Tax Review
• Our experts will review the implications of GST
• Transition Assistance
• Hand-holding through the transition phase & identification of problem areas
• Transaction Mapping
• Tax code mapping for GST related transactions and GST accounting entries

GST Advisory Services?

All businesses need to conduct a study of the various changes in the Goods and Services Tax (GST) Model Law. This would involve a comprehensive study of GST, identification of changes to any long-term contracts, conducting tax-code mapping for all transactions and a review of existing level of compliance. Vakilsearch has tied-up with well-experienced experts in the field to ensure that your business is completely prepared for GST on July 1, 2017.

Features of GST

• TAXES SUBSUMED BY GST
• The GST will consolidate Central Excise Duty, Service Tax, VAT, Central Sales Tax, Customs Duty, Central Surcharge & Cess, Octroi, Luxury Tax, Entertainment Tax, Purchase Tax and a few other indirect taxes. The GST will apply on all goods and services. Even petrol and petroleum products will eventually be subject to it.
• GST RATES
• The GST council has decided on a four-tier structure. The GST rate will depend on the type of goods and services. Currently, the slab rates are 5%, 12%, 18% and 28%. The rate for gold is 3%; the rate will be 0.25% for rough stones.
• CGST & SGST
• GST will have a central component (Central Goods and Services Tax or CGST) and a state component (State Goods and Services Tax or SGST). Therefore, centre and state will levy GST on all entities. Inter-state transactions will attract the Integrated Goods and Services Tax (IGST), to be levied by the centre.
• GST THRESHOLD
• Businesses with a supply turnover of over Rs. 20 lakh must register for GST. The key word here is supply, which takes into consideration any turnover, including stock-taking, discounts and freebies. In fact, even those supplying non-taxable goods must register for GST. Business making sales to other states must register for GST, regardless of turnover.