M.K.AUDIT are offering Chartered Accountants services and GST practitioner| consultants in Chennai

GST Tax Consultant In Chennai

1. What is the meaning of GST?

The introduction of the GST bill is one of the biggest tax reforms in India. The GST (Goods and services tax) will simplify the current system of taxation. As the name suggests the GST is a tax levied when a consumer buys a good or service, it is a consumer based tax. GST will enable broadening of the tax base, which will further result in reduction in effective rate of tax.

2. Which other taxes will be replaced by GST?

Central Excise duty
(CENVAT)
Additional duties of excise
Excise duty levied under Medicinal & Toiletries Preparation Act
Additional duties of Customs (CVD & SAD)
Service Tax
Surcharges & Cess
State Gst / Sales Tax
Central Sales Tax
Purchase Tax
Entertainment Tax (not levied by the local bodies)
Luxury Tax
Entry Tax (All forms)
Taxes on lottery, betting & gambling
Surcharges & Cess

3. All goods or services likely to be covered under GST except :

1. Alcohol for human consumption – State Excise plus Gst
2. Electricity – Electricity Duty
3. Real Estate – Stamp Duty plus Property Taxes
4. Petroleum Products (to be brought under GST from date to be notified on Recommendation of GST Council)
4. Tobacco Products under GST with Central Excise duty.

5. Following are the stages of the GST implementation process (What we will do as Business consultants at Pearl)

Step1: Meet our consultant to discuss about your company and we will propose the customized GST Impact Analysis Approach.
Step2: We will conduct an interview with the concerned person of your organisation and complete Business Review Questionnaires.
Step3: Our consultant analyses and reviews the Business Review Questionnaires (BRQ).
Step4: Our consultant prepares GST Impact Advisory Report on GST impact assessment, implications and actions required.
Step5: Organize GST training for management and staff.
Step6: GST registration and post implementation support.

6. E-Registration under GST

The E- Government has already initiated the process of collecting data of the existing registered dealers Under the Gst, Excise and Service tax laws so as to auto register the Assessee under the GST law Without any further compliance. The key features of the registration process for the new dealers under GST would be as follows:

• A simple PAN based registration procedure
• A GST identification number a 15 digit common identification number (GSTIN) will be allotted to the applicant.
• Deemed registration in case no query is raised within 3 days
• Verification may be initiated post registration by the department in certain cases.

7. Persons requiring registration

Following are the persons required to take registration under this act.
Nature of supply Registration Required

1. Taxable inter-state supply Yes
2. Exempted inter-state supply No
3. Intra-state supply(upto Rs 9 Lacs) No
4. Intra-state supply(exceeding Rs 9 Lacs) Yes
5. Casual taxable person Yes
6. Non-resident persons Yes
7. Input service distributor Yes
8. Agent or the like Yes
9. E-commerce operator Yes
10. Supply through E-commerce operator-Branded or otherwise Yes
11. Intra-state supply upto Rs 9 Lacs As an agent Yes
12. Aggregator-supplying services Yes
13. Persons required to deduct TDS providing intra-state supply upto Rs 9 Lacs. Yes
14. Reverse charge-for personal use beyond prescribed limit Yes
15. Reverse charge-other than personal use Yes

8. Other Aspects of GST

• Option available for separate registration for each business vertical
• Option of voluntary registration is available.
• Every person applying for registration should have PAN number.
• Non residents may be granted registration on any other documents as prescribed in absence of PAN number.

GST AND APPLICABILITY

One must register for GST if the aggregate turnover of supply of goods and services is 9 lakhs. The threshold for payment of tax is 10 lakhs. However, in certain cases persons shall be taxable irrespective of the threshold or value of aggregate turnover;

o Persons effecting an inter-state supply
o Persons requiring to pay tax under reverse tax mechanism
o Casual taxable persons i.e. who occasionally undertakes transactions involving supply of goods and services, whether as principal agent or in any other capacity where there is no fixed place of business.
o Non-resident taxable persons
o Persons supplying goods and/or services through an electronic commerce operator
• Job worker, in terms of goods supplied by the job worker after completion of his work

Benefits of the GST Model

• The Model estimates to bring in
• An increase in GDP
• An increase in international competitiveness
• Increases Foreign Direct Investment.
• Acquiring funds from developed countries may become easier.
• Increases revenue from Direct and Indirect taxes in the country.
• Reduces trade barriers and lowers transaction costs through reduced corruption.
• Traders can benefit by claiming full tax credit on the supply of goods with GST.
• Reduced tax burden at multiple levy point and also for the final customer.
• Traders can avail the credit of Gst and excise duty.
• Credit of import duties will make import cheaper for retailers.

The taxable person may be eligible to take tax credit on input tax not more than one year from the date of issue of tax invoice relating to supply. However, certain transfers may not be eligible for an input tax claim such as goods and services used primarily for personal use or consumption of employees, or goods and services acquired by the principal in the execution of works contracts of immovable property, other than plant and machinery, or if the taxable person has claimed depreciation on the tax component of the cost of capital goods under Income Tax Act, 1961.

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