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Goods and Services Tax (GST)

The Goods and Services Tax is a harmonized system of taxation subsuming all Indirect Taxes under one tax. It seeks to address the challenges with the current Indirect Tax regime by broadening the tax base, eliminating cascading of taxes, increasing compliance and reducing economic distortions caused by inter-state variations in taxes.

GST will be applicable on the supply of all goods and services except Petroleum Products, Electricity Duty, Stamp Duty & Property Taxes and Alcohol for Human Consumption. The GST law is expected to be a dual system having two concurrent components - Central GST levied and collected by Centre & State GST levied and collected by States. The Central Law for GST will be known as CGST and will subsume Central Excise, Service Tax, CVD, SAD and all other Surcharges & Cesses. Whereas the State Law for GST will be called SGST encompassing State VAT, Sales Tax, Central Sales Tax, Purchase Tax, Entertainment Tax, Luxury Tax, Entry Tax (All forms), Taxes on Lottery, Betting & Gambling and Surcharges & Cesses. For Inter- State supplies of goods and services the Central Government will have the exclusive power to levy and collect GST in the course of Inter-State Trade or Commerce or Imports. This will be Integrated GST (IGST).The export of goods and services will be zero rated.

The proposed law will benefit the trade and commerce by reduction in multiplicity of taxes, mitigation of cascading/ double taxation, more efficient neutralization of taxes especially for Exports, Development of Common National Market and Simpler Tax Regime Fewer Rates and Exemptions, Conceptual Clarity (Goods v/s Services).

The Government will benefit by Simpler Tax System, Broadening of Tax Base, Improved Compliance, Revenue Collections and efficient use of Resources.

AJ Taxease Private Limited will be extending all assistance and guidance to its Clients for a smooth transition to the GST regime. We will

Educate the clients' team on the law
Study the impact on the business
Customize business plans under the new Law
Transaction structuring by mapping the existing business model
Work together with the clients to develop the standard operating procedures for their business and advisory services
Legal opinion along with focus on risk and compliance management.

In brief, we shall be hand-holding our clients for the implementation of GST regime in their organization without any problems.