An indirect tax is a tax that is imposed on a transaction and one that is generally passed on by the supplier of the relevant goods or services to its customer or consumer. Around the world, governments look to raise revenue through ‘indirect taxes’, such as value-added tax (VAT), goods and services tax (GST), and sales and local taxes, with additional taxes imposed on imports via customs and excise duties. The compliance requirements of these taxes can be highly complex and will significantly impact a business’s cash flow. However, in India, most of the indirect tax statutes has been subsumed in Goods and Service Tax w.e.f. July 01, 2017.
Indirect Taxation
GST (Goods & Service Tax)
GST is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. It is a single tax on the supply of goods and services, right from the manufacturer to the consumer. The credit of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage.
The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages. Three components of GST are CGST, SGST & IGST. Since the introduction of GST, the scope of the same has increased considerably from year to year. Compliance with GST has also increased in quantum and complexity since its introduction.
We offer services at an affordable price, which meet the client’s requirements and expectations completely, like :
SALES TAX/ VAT
With the implementation of GST, the Sales Tax/ VAT has been subsumed in GST. However, the assessments are still going on for by the respective state departments. We assist our clients in getting the departmental assessments done.
SERVICE TAX
With the implementation of GST, the Service Tax has been subsumed in GST. However, the assessments/ audits are still going on/ shall keep ongoing for some time, by the respective jurisdictional service tax offices/ departments. We assist our clients in getting the departmental assessments and audits done.
