Preparing Entities 4 GST Ready

The existing indirect tax system is combo of multiplicity of taxes - at different rates - at multiple points results in cascading effect of these taxes. This results in huge compliance cost to complied with different taxes. The proposed Goods and Service Tax (GST) is a destination based indirect tax that will be levied on supply of goods and services. The GST regime is all set to subsume multiple indirect taxes currently levied by the Centre and the states including excise duty, service tax, custome duty, value added tax (VAT), Central Sales Tax (CST), purchase tax, octroi, entry tax etc. These taxes are levied at various stages viz manufacture, sale, entry of goods, rendition of services etc. The proposed GST structure is two-tiered destination based consumption tax, whereby tax would be levied by both Centre and state on intra-state supply of goods or services viz. the Central Goods and Service Tax (CGST) and State Goods and Service Tax (SGST) respectively. For interstate purchases and imports exports Integrated Goods and Service Tax (IGST) will be levied by Central Govt. Credit of the above taxes would available throughout the entire supply chain and the ultimate burden would be borne by the end consumer. We as your business associates will help you to plan, implement and get your business ready for GST compliances in advance.

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