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Goods and Service Tax (GST) services

Goods & Service Tax (GST) is the one of the important indirect tax reforms in India since independence. GST is a pan-India single unified tax on both Goods and Services, levied only on ‘value added’ to goods or services at each stage in the economic supply chain.

GST has gone through multiple amendments since to arrive at the current juncture. However, it must be noted that GST does not replace customs duty, which is still mandatory on imported goods and services. Every kind of product and service attracts a different tax rate under GST. For example, luxury or sin goods are classified to attract a higher interest rate, whereas necessities have been included in lower and nil rate slab rates.

Under GST regime, a supplier/service provider must obtain GST registration in each of such state or union territory from where he provides supply of goods or services if the taxable value of supply exceeds the threshold limit. Once registered in GST, one needs to follow all the rules & provisions mentioned under GST act and ensure all the compliances are completedwithin given time frame.

Types of GST

Central Goods and Services Tax (CGST)
The Central government collects the CGST tax, which is levied on the intra-state supply of products and services. The introduction of the same led to the abolition of central taxes such as central excise duty, customs duty, service tax, among others.

State Goods and Services Tax (SGST)
As the name implies, SGST is that component of the tax which goes to the state government. SGST is applicable on goods and services sold within the state. This has, in turn, replaced several other taxes, such as the value-added tax (VAT), entertainment tax, entry tax, and state sales tax, among others.

Integrated Goods and Services Tax (IGST)
Integrated GST is charged on products and services that are produced and consumed in two different states. The revenue collected from IGST is distributed among the relevant states. IGST was implemented with the intention of streamlining the tax process.

Union Territory Goods and Services Tax (UTGST)
UTGST, as the name suggests, is applicable on goods and services supplied within the union territories of India, namely Chandigarh, Andaman and Nicobar Islands, Daman and Diu, Dadra and Nagar Haveli, and Lakshadweep. UTGST is collected in addition to CGST instead of SGST.

GST Input Tax Credit (ITC)

Input Tax Credit means claiming the credit of the GST paid on purchase of Goods and Services which are used for the furtherance of business. The Mechanism of Input Tax Credit is the backbone of GST and is one of the most important reasons for the introduction of GST.

As GST is a single tax levied across India (right from manufacture of goods/ services till it reaches the end customer), the chain does not get broken and everybody is able to take benefit of the same and there is seamless flow of credit.

Availment of ITC
Credit of To be utilised 1st for the payment of Maybe utilised further for the payment of
Cases where ITC cannot be claimed:
  • Motor Vehicles & other Conveyance
  • Food & Beverages, Outdoor Catering, Beauty Treatment, Health Services, Cosmetic & Plastic Surgery
  • Membership of Club or Fitness Centre or Health Centre
  • Rent-a-Cab service, Health Insurance and Life Insurance
  • Travel Benefits to Employees. Eg: Leave Travel Allowance
  • Works Contract Services, when supplied for the Construction of Immovable Property
  • Goods and/or Services for Construction of Immovable Property, whether to be used for Personal or Business use.
  • Goods/ Services on which GST has been paid under the Composition Scheme
  • Goods/ Services received by a Non-Resident Taxable person
  • Goods/ Services used for Personal Consumption
  • Goods which are lost/ stolen/ destroyed/ written off/ disposed of by gift/ free sample
  • ITC utilized or availed by way ofFraud, orWill-full mis-statements, orSuppression of facts
  • Any tax paid due toNon-payment of tax, or short payment of tax, or excessive refund

We offer following services with regards to GST:

1) GST compliances
  • Obtaining GST Registration
  • Amendments in GST registration
  • Preparation &Filing of GST Returns
  • Assistance in payment of GST
  • Assistance in application and obtaining Letter of Undertaking (LUT)
2) GST Audit
  • Conducting GST audit
  • Preparation of reconciliation statement between financial statements and annual return
  • Filing & certification of reconciliation statement in Form-GSTR-9C
3) GST Advisory services
  • Detailed Impact Analysis of GST on the organizations.
  • Study of Existing ERP Systems maintained and suggesting necessary changes which are in compliance with GST Provisions.
  • Rendering advices and provide clarifications on GST related issues
  • Providing guidance on effective utilization of available Input tax credits (ITC) and expenses on which ITC cannot be availed
  • Identifying tax rates, HSN for goods & SAC for services
  • Periodic communications to organizations regarding amendments/notifications in GST provisions.
  • Providing opinions on applicability of GST
4) GST Refund Services
  • Understanding of the transactions for claiming GST refund
  • GST refund calculations
  • Matching and uploading of invoices
  • Support in filing the application for the GST refund claim
5) GST Litigations
  • Drafting and preparation of GST reply letters in response to the show cause notices received from GST department
  • Submission of reply letter and documents on GST portal
  • Representation before GST authorities and attending GST hearings