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    GST Compliance

    GST is an indirect tax that is levied on goods as well as services. All the existing state and central indirect taxes are subsumed under the GST. GST levied on supply of goods or services or both at each stage of supply chain starting from manufacture or import and till the last retail level. So basically any tax that is presently being levied by the Central or State Government on the supply of goods or services is Goods and Service Tax.

    Another very significant feature of GST is input tax credit will be available at every stage of supply for the tax paid at the earlier stage of supply. This feature would mitigate cascading or double taxation in a major way.

    This tax reform will be supported by extensive use of Information Technology [through Goods and Services Tax Network (GSTN)], which will lead to greater transparency in tax burden, accountability of the tax administrations of the Centre and the States and also improve compliance levels at reduced cost of compliance for taxpayers.

    • Under this system, a single product is taxed at the same rate in every corner of the country, hence deciding the applicable GST rate becomes convenient.
    • Only GST registered business can charge or collect GST.
    • Tax can legally be collected from purchasers and the credit of the taxes paid on the goods or services supplied can be passed on to the purchasers or recipients.
    • There is a common portal for various requirements such as registration, tax payments, refunds, and returns.
    • The Composite Scheme and its tax benefits can be availed by the entrepreneurs whose turnover is within the prescribed limit.
    • Businesses prefer to choose GST registered entrepreneurs over the unregistered to avail the benefits of the input tax credit.

    Income Tax

    Income Tax is a Tax that you pay directly to the government on the basis of your Income or Profit.Income Tax is collected by the government of India. Taxes are of two types- direct tax and Indirect Tax.

    Direct Tax is the tax paid by you on your Income directly to the government and is levied on Profits and Income. However Indirect Tax is the Tax levied on goods or services and is collected by someone else on your behalf and paid to the government.

    Here are some matters where our role comes in Income tax advisory-
    • Consultancy on various intricate matters pertaining to Income tax.
    • Effective Tax Management and Advisory Services.
    • Tax Planning for Corporates and others.
    • Designing / restructuring salary structure to minimise tax burden.
    • Obtaining Advance tax Rulings.
    • Obtaining No Objection Certificates from Income Tax department.
    • Obtaining PAN for assessees, employees etc.
    • Advance tax estimation and deposit.
    • Assessing the liability towards deferred taxes.
    • Providing regular updates on amendments, circulars, notifications & judgments.
    • Filing Income Tax return and other forms for all kinds of assessees.
    • Filing Income tax returns for employees of corporate clients.
    • Liaison with Income tax department for rectification, assessment, obtaining refunds etc.
    • Expertise in complicated direct tax assessments.
    • Filing and pleading appeals under various provisions of IT Act.
    • Special expertise in search, seizure and prosecution litigation.
    • Advice on future tax implications in respect of the potential acquisition.
    • Opinions on the various Double Tax Avoidance Agreement related issues.
    • Settlement of various issues raised under FEMA.
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