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GOODS AND SERVICE TAX (GST)
R V K S And Associates, Chartered Accountants
Opportunities to CS under GST The indirect tax law in India is in its last leg of maturity
It’s a big major change in principle and no further change is anticipated
All professionals on a common platform – almost
Not all professionals deal with all areas covered under GST
Everyone is learning or unlearning
Past legal pronouncements are immaterial – save ratios
Opportunities to CS under GST Less complicated law; more importance on procedures
Compliance vis-à-vis Litigation practice
Only model law is released. Preparatory time is available now
Technology to learn and update
Need for GST A complete destination based tax system
Benefit principle of taxation – 2 ideas – Beneficiary pays & Proportionately pays’
A single tax to replace multiple indirect taxes levied both at the Centre and State level.
Cascading effect of tax as set-off of prior-stage taxes was not available.
Tax burden on goods and services had to be reduced benefiting common man.
To make our products competitive in domestic and international markets.
To boost economic activity and create more jobs.
Constitutional Amendment Article 246 draws a line of restriction on Centre and
States due to which State cannot levy tax on Services and center on sale of goods.
The Constitution (122nd) Amendment Bill was passed in this effect wherein Article 246A is inserted to provide for levy of GST
Article 269A is inserted for levy of GST on inter-State supply of goods and services by the Centre and for creation of GST Council
Compensation to the States for loss of revenue arising on account of implementation of the GST for a period extending upto 5 years
Additional tax of 1% on supply of goods for the originating state in case of inter state transaction is dropped
Way Ahead…
Whether GST is a Money Bill or a Finance Bill…???
Passing of CAB by 15
states
President Assent to
CAB
Formation of GST Council
within 60 days
Passing of GST Act
and IGST Act by CG
Passing of SGST Act
by SG
Developing of GSTN
GST Roll out 1.4.17
GST Council President to constitute GST council with 60 days
It is constitutional body GST Council would be constituted comprising the Union
Finance Minister, MoS (Revenue) and the State Finance/Taxation Ministers
Votes cast by states would two-third weightage whereas the centre would get a one-third weightage
Quorum of 50 percent and decisions will be taken with a at least three-fourth weighted majority voting for a resolution
GST Council… cont’d Council to recommend on:
the taxes cesses and surcharges to be subsumed under GST
goods and services that may be subjected to or exempted from GST
date from which the specified petroleum products would be subject to GST
GST laws, principles of levy, apportionment of IGST and principles that govern the place of supply
threshold limit of turnover below which the goods and services may be exempted from GST
Modalities to resolve disputes arising out of its recommendation.
Taxes To Be Levied In GST State Goods and Services Tax (SGST) – Levied by the State
Government for supply of goods or services within the state
Central Goods and Services Tax (CGST) – Levied by the Central Government for supply of goods or services within the state
Integrated Goods and Services Tax (IGST) - Supply of Goods, or of services, or both in the course of interstate trade or commerce.
Note: IGST will levied on supply of goods or of services in the course of Import into the territory of India.
Taxes Subsumed in CGST
CGST
Central Excise and Additional
Duty
Central Sales Tax
Service TaxSAD
charged in lieu of VAT
CVD charged in
lieu of excise
Cess like SB Cess, KK Cess,
Infra Cess
Taxes Subsumed in SGST
SGSTVAT
Entertainment Tax
Luxury Tax
Taxes on Lottery, Betting
Entry Tax
Cess and Surchar
ge
Taxes Subsumed in IGST
IGST
CGST
SGST
Taxes not subsumed in GST Stamp Duty Excise duty on alcohol and liquor Taxes on profession and trade Electricity duty Basic Custom duty Safeguard duty – levied on import of steel Octroi Taxes on Vehicles – Road Tax Entertainment tax levied by local bodies Tolls
Products out of GST In the initial year five petroleum productsi. Dieselii. Petroliii. Natural gas iv. Crude petroleumv. Aviation turbine fuel
Alcoholic beverages (state excise would continue to apply)
Note: Tobacco products are subjected to GST with ITC. Centre will levy excise duty on tobacco products over and above GST with ITC.
Structure of the Model GST Law 25 Chapters
162 clauses
4 Schedules: Schedule I – Matters to be treated as supply without
consideration Schedule II – Matters to be treated as supply of goods or
services Schedule III - Liability to be registered Schedule IV - Activities of Govt. which are exempted
GST Valuation (Determination of Value of supply of goods and services) Rules, 2016
Features of GST GST - applicable on the supply of goods or services.
GST - a destination based consumption tax.
There is a levy on value addition at each stage
Dual GST with the Centre and States simultaneously levying it on a common tax base.
GST levied by the Centre would be called Central GST (CGST) and that to be levied by States would be called State GST (SGST).
GST would apply to all supply barring a few to be specified.
Features of GST The CGST and SGST would be levied at rates to be jointly
decided by the Centre and States.
The rates would be notified on the recommendations of the GST Council.
There would be a floor rate with a small band of rates within which the States may fix the rates for SGST.
The exemption list may be common for the Centre and the States.
In GST. tax payers shall be allowed to take credit of taxes paid and utilize the same for payment of output tax.
Features of GST An Integrated GST (IGST) would be levied and collected by the
Centre on inter-State supply of goods and services.
Parliament will have exclusive power to make laws with respect to levy of IGST on inter-State trade or commerce.
SGST portion of IGST shall be transferred to the destination State where the goods or services are eventually consumed.
Exports shall be treated as zero-rated supply. No tax is payable on exports but ITC related to the supply shall be refunded to exporters.
No mechanism for upfront zero rating of supplies of goods and services required for authorized operations of SEZ / EOU / STP units
Features of GST Other statue like SEZ Act, 2005 which are inconsistent will be
amended to bring in tune with GST
Import of goods/services would be subject to IGST in addition to basic customs duty.
Laws and procedures for levy and collection of CGST/SGST would be harmonized to the extent possible.
GST rate may vary between Center and State
Tax payers making inter-State supplies or paying tax on reverse charge basis shall not be eligible for threshold exemption or composition scheme
Features of GST Unlike the State VAT, the date of commencement of this levy
would need to be synchronized across the Centre and the States. This is because the IGST model cannot function effectively unless the Centre and all the States participate simultaneously.
GST is payable under RCM for both goods and services
Tax Invoice V/s Bill of Supply
Tax amount should be compulsory shown in the tax Invoice. No inclusive of taxes
Taxable Person – Section 9 Means a person who is registered or required to be
registered under Schedule III.
Liability to pay tax arises only when the taxable person crosses the exemption threshold
The Central / State Government and local authorities are also regarded as taxable person.
Persons who are not regarded as taxable persons under GST: an agriculturist an employee providing services to his employer person dealing with goods and/or services that are not liable
to tax under the Act person receiving services of value not exceeding Rs….. in a
year for personal use
Registration Tax payers with an aggregate turnover in a financial year up to
[Rs.10 lakhs] would be exempt from tax.
For NE States and Sikkim, the threshold exemption shall be [Rs. 5 lakhs]
Aggregate turnover means the aggregate value of all taxable and non-taxable supplies, exempt supplies and exports of goods and/or services of a person having the same PAN
Aggregate turnover shall be computed on all India basis.
Aggregate turnover excludes taxes, if any, charged under the CGST Act, SGST Act and the IGST Act, as the case may be
Registration Tax payers making inter-State supplies or paying tax on reverse
charge basis shall not be eligible for threshold exemption.
On the appointed day, every person registered under any of the earlier laws shall be issued a certificate of registration on a provisional basis
Time limit of 6 months from the appointed date to obtain the final registration
Schedule III of the Model GST Law prescribes that every supplier shall be liable to be registered in the State from where he makes a taxable supply of goods and/or services if his aggregate turnover in a financial year exceeds [Rs nine lakh]
Registration Supplier shall not be liable to registration if his aggregate
turnover consists of exclusively of goods and/or services which are not liable to tax
Application for registration shall be made within 30 days from the date when he becomes liable for registration
Voluntarily registration is also permitted
Application for Registration will be online
Registration to be granted State-wise. A person having multiple business verticals in a State may obtain separate registration.
Registration shall be deemed to have been granted if no deficiency is communicated to the applicant within the prescribed period (3 days)
Registration Cancellation of registration under CGST Act means a
cancellation of registration under SGST Act and vice-versa.
No Centralized Registration concept in GST
Liability to be registered irrespective of threshold Persons making inter-State taxable supply Persons required to pay tax under reverse charge Casual and non-resident taxable persons E-Commerce operator Persons who supply goods through e-commerce operator An aggregator who supplies services under his brand name Input Service Distributor (ISD) Persons required to deduct tax at source
Composition Scheme Small taxpayers with an aggregate turnover up to [Rs. 50 lakhs]
in a FY shall be eligible for composition levy.
Under the scheme, a taxpayer shall pay tax as a percentage of his turnover during the year without the benefit of ITC.
The floor rate of tax for CGST and SGST shall not be less than [1%]
A tax payer opting for composition levy shall not collect any tax from his customers.
If opted, composition scheme will applicable for all branches/units
Tax payers making inter-State supplies or paying tax on reverse charge basis shall not be eligible for composition scheme.
Exemption On the recommendation of the Council, the Central/State
Govt. may, by notification, exempt specified goods and/or services from payment of CGST/SGST.
Exemptions are of two types: General and Conditional
General exemptions are universal in nature and are issued in public interest.
Conditional exemptions are issued in public interest to deal with circumstances of an exceptional nature.
Rate of tax in GST Revenue Neutral Rate (RNR) will be worked out
GST rate to be decided by GST Council Standard Rate - between 18% to 22%. Merit Rate – around 12% Special Rate – between 2% to 6% Demerit rate – upto 40% Composition Rate – CGST 2% & SGCST 2%
Input Tax Credit Set Off Manner of utilization of credit:
ITC on account of CGST shall first be utilized towards payment of CGST; the amount remaining, if any shall be utilized towards payment of IGST
ITC on account of SGST shall first be utilized towards payment of SGST; the amount remaining, if any shall be utilized towards payment of IGST.
No ITC on account of CGST shall be utilized towards payment of SGST and vice versa.
ITC on account of IGST shall first be utilized towards payment of IGST; the amount remaining, if any shall be utilized towards payment of CGST and SGST, in that order.
Input Tax Credit A taxable person may take the credit and utilize the same for
payment of output tax.
Unutilized credit can be carried forward or can be claimed as refund in certain situations.
Condition for availing of ITC by taxable person: he is in possession of a tax invoice he has received the goods and/or services the tax charged in respect of the supply has been paid to
Government he has furnished the return
ITC cannot be availed on invoices which are more than one year old.
ITC is available for business purposes and in respect of all taxable supplies.
Input Tax Credit ITC is available on all goods other than goods and/or services in
the negative list.
Negative list comprises, inter alia, motor vehicles (except when they are used for certain
purposes) goods and services provided in relation to food and beverages,
outdoor catering, beauty treatment etc. Goods/services acquired by a principal in the execution of
works contract resulting in construction of immovable property
Full ITC shall be allowed on capital goods on its receipt
No credit on inputs/ input services used for private or personal consumption
Electronic duty Credit register available online will contain credit details
Import of Goods and Services IGST will be levied on import of goods and services into the
country.
The incidence of tax will follow the destination principle (Place of supply rules).
Tax revenue in case of SGST portion of IGST will accrue to the State where the imported goods and services are consumed.
Full and complete set-off will be available on the IGST paid on import on goods and services.
Thus, import of goods will attract BCD and IGST. It may be noted that import of services, as against service tax at present, in GST regime, will attract IGST.
Refund Only Two Types of refund in GST:
i. refund of tax on goods and/or services exported out of India or on inputs used in the goods and/or services which are exported out of India
ii. inverted duty structureiii. other instances like wrong payments, incentives, foreign
tourists, diplomats, assessments, etc
Refund can be claimed within 2 years from the relevant date.
Refund shall be granted within 90 days from the date of receipt of application.
Refund In case of refund claim on account of exports, 80% of the claim
can be given immediately on a provisional basis.
Applicant shall produce documentary evidence that he has not passed on the incidence of tax on to any other person.
No need to furnish such evidence if the refund claim is less than Rs. 5 lakhs. Self-certification would suffice.
Interest payable after 3 months from the date of receipt of application till the date of refund.
Goods and Service Tax Network (GSTN) Section 8 company – Non profit entity
Shares are held by Centre, State and non government financial institutions
Build the technology Infrastructure for GST
Manage back-end tasks such as tax settlement, assessment, refunds, etc.
Goods v/s Service Section 2(48) – Goods:
Goods means every kind of movable property other than actionable claim and money but includes securities, growing crops, grass and things attached to or forming part of the land which are agreed to be severed before supply or under the contract of supply;
Explanation: For the purpose of this clause, the term ‘moveable property’ shall not include any intangible property
Section 2(88) – services - means anything other than goods;
Explanation:Services include intangible property and actionable claim but does not include money
Goods v/s Service – Schedule II Transfer of goods or of right in goods without transfer of title
thereof, is a supply of service
Transfer of title in goods under an agreement which stipulates that property in goods will pass at a future date upon payment of full consideration is supply of goods (Hire purchase transaction)
Supply of service Job work is a service Construction, repair, supply Temporary transfer or permitting the use of any IPR Information Technology Agreeing to the obligation to refrain from an act, or to tolerate
an act or a situation, or to do an act Works Contract Supply of food in a restaurant
Meaning And Scope Of Supply
Under GST regime, tax is payable on the supply of goods and/or services.
Supply includes:i. All forms of supply such as
made or agreed to be made for a consideration in the course or furtherance of business.
Sale Transfer Barter Exchange
License Rental Lease Disposal
Meaning And Scope Of Supply
ii. Specified supplies made or agreed to be made without a consideration – Schedule I.
iii. Importation of service, whether or not for a consideration and whether or not in the course or furtherance of business.
iv. Transaction between a principal and agent shall be deemed to be a supply.
v. Supply of any branded service by an aggregator under a brand name shall be deemed to be a supply.
Supplies made without consideration – Schedule I Permanent transfer/disposal of business asset
Temporary application of business assets to a private or non-business use
Services put to private or non-business use
Assets retained after deregistration
Supply of goods and/or services by a taxable person to another taxable or non-taxable person in the course or furtherance of business
Time of Supply of GoodsEarliest of the following:
i. Goods are required to be removed -date when goods are removed
ii. Goods are not required to be removed - date when goods are made available to the buyer
iii. Date of invoice
iv. Date of receipt of payment by supplier
v. Recipient shows receipt of goods in his books
Time of Supply of Service The time of supply of services shall be:-
i. If the invoice is issued within the prescribed period – Earliest of date of invoice or date of receipt of payment
ii. If the invoice is not issued within the prescribed period - the date of completion of provision of service or the date of receipt of payment, whichever is earlier
iii. Where the above provisions do not apply – the date on which the recipient shows the receipt of services in his books of account
Time of Supply of goods/service under reverse charge Earliest of the following:
i. The date of receipt of services/goods
ii. The date on which the payment is made
iii. The date of receipt of invoice
iv. The date of debit in the books of accounts.
Time of Supply vis-à-vis Rate of Tax
Services Provided
Invoice Issued
Payment received
Time of Supply
Before
(31-Mar-17)
After
(10-Apr-17)
After
(20-Apr-17)
Earlier of date of invoice or receipt of payment
(10-Apr-17)
Before
(31-Mar-17)
Before
(20-Mar-17)
After
(10-Apr-17)
Date of Invoice
(20-Mar-17)
Before
(31-Mar-17)
After
(10-May-17)
Before
(15-Mar-17)
Date of receipt of Payment
(15-Mar-17)
Time of Supply – Change in Rate of Service
Services Provided
Invoice Issued
Payment received
Time of Supply
After
(30-Apr-17)
Before
(10-Mar-17)
Before
(20-Mar-17)
Earlier of date of invoice or receipt of payment
(10-Mar-17)
After
(30-Apr-17)
Before
(10-Mar-17)
After
(10-May-17)
Date of receipt of payment
(10-May-17)
After
(30-Apr-17)
After
(20-May-17)
Before
(25-Mar-17)
Date of Invoice
(20-May-17)
Place of Supply Rules
Intra-State Supply Inter-State Supply
Karnataka Bihar Karnata
kaBihar
Location of the
Supplier
Place of Supply
Location of the
Supplier
Place of Supply
Valuation Whether goods/services are supplied by the assessee
Whether Price is the sole consideration
Whether price paid/payable wholly in money
Supplier and recipient are not related
Transaction Value
In the above flow chart, even if one of the conditions is not satisfied then valuation will be as per Valuation Rules
Transaction Value Transaction value will include
Any taxes, duties, fees and charges levied under any statue other than SGST, CGST and IGST
Royalties and License fees
Incidental expenses such as commission and packing for any activity done by the supplier in respect of supply of goods or services
Subsidies provided in any form or manner linked to the supply
Any reimbursable expenditure
Any discount or incentive that may be allowed after the supply has been effected
E-Commerce Operator Electronic commerce operator shall include every person who,
directly or indirectly, owns, operates or manages an electronic platform that is engaged in facilitating the supply of any goods and/or services or in providing any information or any other services incidental to or in connection there with but shall not include persons engaged in supply of such goods and/or services o their own behalf.
E-commerce operatory would be required to collect TCS on amounts credited to the suppliers account
File returns within 10 days
Comparative AnalysisNature of Transaction Existing Regime GST Regime
Manufacture and Sale from Bangalore to Mysore – Intra State transaction
Excise Duty + VAT CGST + SGST
Manufacture and Sale from Bangalore to Chennai – Inter State transaction
Excise Duty + CST at local rate / CST at concessional rate
IGST
PCS renders service to a client in Bangalore
Service Tax CGST + SGST
PCS renders service to a client in Chennai
Service Tax IGST
Import of Goods Custom Duty + CVD + SAD
Custom Duty + IGST
Import of Services Service Tax under RCM IGST under RCMBranch Transfer - Goods ED + No VAT+ No CST
Reverse 2% VAT CreditCGST & SGST/ IGST
Comparative AnalysisNature of Transaction Existing Regime GST Regime
Branch Transfer – Service NIL/ No Reversal of CENVAT Credit
CGST & SGST/ IGST
Job Work Central Excise or Service Tax
No tax upto180 days
Free Samples – Distributed within Country
ED+ No VAT – Reversal of proportionate ITC
CGST + SGST / IGST
Free Samples – Outside the Country
No impact No impact
Transaction between Principal and Agent (Consignment Sales)
ED + No VAT – Reversal of proportionate ITC
CGST + SGST / IGST
Branded Aggregator Service
Service tax by the Aggregator
CGST + SGST / IGST by the aggregator
E-commerce – Operator’s activity
ST on service charged by the operator on Merchant
CGST + SGST / IGST on Service charges + TCS
E-commerce – Trader’s activity
ED + VAT/CST/ST CGST + SGST / IGST
Returns to be filed in GST
GSTR-1• Outward Supply• File within 10 days after the end of
the month
GSTR-2• Inward Supply• File within 15 days after the end of
the month
GSTR-3• Monthly Returns• File within 20 days after the end of
the month
GSTR-4
• Person registered under composition scheme
• File within 18 days after the end of the quarter
Returns to be filed in GST
GSTR – 5
• Return to be filed by Non - Resident• Monthly returns - File within 18 days
after the end of the month• 7 days after expiry of registration
GSTR – 6• Input Service Distributor• Within 13 days after end of the
month
GSTR – 7• TDS/TCS Returns• File within 10 days from the end of
the month
GSTR – 8• Annual Return• 31st December following the end of
the financial year
Annual Return Annual return needs to be filed online
Annual return shall be filed by every registered taxable person other than ISD Deductor deducting TDS Casual taxable person
Audited statement of accounts and reconciliation statement to be submitted along with the Annual Return by certain taxable persons
Late filing FeeDefaulted Return Late Fee
Return on Outward Details
Rs. 100 per day of delay, Max of Rs. 5,000
Return on Inward Details
Same as Above
Monthly Return Same as Above
Annual Return Rs. 100 per day of delayMaximum = 0.25% of Aggregate turnover
Invoice Matching On filing of return by the taxable person, his inward supplies
and/or debit notes shall be matched with the corresponding outward supplies and/or debit notes declared by the supplier in his tax return.
On matching, the ITC claimed by the taxable person shall be finally accepted and he shall be informed.
In case of mis-match, the discrepancy shall be notified to the taxable person and his supplier.
Where the supplier does not rectify the discrepancy in his return, the amount to the extent of discrepancy shall be added to the output tax liability of the taxable person.
Invoice Matching Likewise, the reduction in tax liability due to issue of a credit
note by the supplier shall be matched with the reduction in ITC claimed by the recipient in his return.
In case of matching, such reduction in the tax liability shall be finally accepted and communicated to the supplier.
In case of mis-match, the discrepancy shall be notified to the supplier and the recipient.
Where the recipient does not rectify the discrepancy and reduce his ITC claim in his return, the amount to the extent of discrepancy shall be added to the output tax liability of the supplier.
A taxable person can reclaim the ITC reversed only after the concerned supplier furnishes the details of invoice and/or debit note in his return.
Compliance Rating Every taxable person shall be assigned a GST compliance rating
score based on his record of compliance with the provisions of this act.
To be determined based on parameter which are yet to be prescribed
GST compliance rating score shall be updated and placed in the public domain
Large companies may deal with only those dealers who would has a specific minimum rating
Department my carry out search or seizure on assessee who have very less rating
Assessment Self Assessment - Taxable person shall himself assess the
taxes payable and pay tax
Turnover upto 1.5 cr – Assessment will be done by State
In case of Inter state transaction – Center will carry out the assessment irrespective of the turnover.
Turnover more than 1.5 cr, both Center and State will do the assessment
Assessment Taxable person may request for provisional assessment in
cases where he is unable to determine the value or rate of tax
Provisional assessment is to be finalized within 6 months
After final assessment, the taxable person shall be liable to pay additional tax or may claim refund, as case may be
Books of accounts should be retained for 60 months from the date of filing annual return
Audit by department Audit can be conducted at the place of business of the taxable
person or at the office of the tax authorities.
Taxable person shall be informed sufficiently in advance, prior to the conduct of audit.
Audit shall be carried out in a transparent manner.
Audit to be completed within 3 months, extendable by a further period of 6 months.
On conclusion of audit, the proper officer shall without delay notify the taxable person of the findings, the taxable person’s rights and obligations and reasons for the findings.
Transitional Provisions Cenvat credit / VAT carried forward in a return shall be
allowed as input tax credit under GST.
Un-availed Cenvat credit on capital goods, not carried forward in a return, shall also be allowed as ITC under GST.
Credit of eligible duties and taxes in respect of inputs held in stock shall be allowed to a registered taxable person.
Transitional Provisions Taxable person paying tax under composition scheme in the current regime can
take credit of eligible duties and taxes in respect of inputs held as stock in the form of RM, semi finished or finished goods
If a taxable person carries forward eligible credit in a return and switches to composition scheme then he shall pay tax equivalent to the credit on inputs, semi finished goods, capital goods held with him
Where the price is revised in pursuance of a contract after the appointed date, the supplier will issue a supplementary invoice either as debit or credit notes within 30 days. Supplementary invoice will either be treated as Inward supply or outward supply
Special Points in GST No tax is payable on the goods removed/despatched earlier but
returned to the place of business within 6 months after the introduction of GST
No tax is payable if input, semi finished goods and finished goods removed for job work and returned within 6 months
Capital goods removed for Job Work needs to be returned within 2 years
Registration may be canceled if returns not furnished for continuous period of 6 months
In GST, forms such as C form, E1 and E2 form will go away
E-sugam concept will be there in GST
Special Points in GST As per Section 37, Central/State Govt. dept, local authority,
Governmental agencies to deduct tax at 1% on payment made/credited to supplier of taxable supplies where the total value of supply under a contract exceeds 10L.
TDS amount to be credited by the deductor within 10 days
Where goods or services or both used both for taxable and non taxable supplies – proportionate credit to be availed
Immovable property is outside the purview of GST
Document invoices of Stock on which Excise Duty is paid as credit on it can be claimed in GST
Special Points Ongoing contracts which are inclusive of taxes
MRP based sales – have less stock as on 31st Mar’17
Act is prepared for safeguarding revenue but not for the assessee
Inspection under GST can be carried even at odd hours.
Excise Tariff disputes may go away in GST
Concept of abatement may not be there in GST
Only 9 codes for payment of tax under GST
GST Impact on various Sectors Manufacturing
Construction
Information Technology
Education Sector
Health Care Sector
Entertainment Industry
FMCG
Hospitality
Impact on Company Secretary (CS)
Increase in Tax Rate
Working capital management
Option to opt for Composition Scheme
Satisfying pure agent concept for payments made on behalf of clients
ST under RCM to be paid on few Govt. Services
VAT and Excise Duty Input Credit. Egs: Electronics, Furniture etc.
Opportunities for Company Secretary
Educating clients and restructuring their business system
Procedural compliance like – Registration, Filing returns etc
Consultancy Services
Support clients on refund claims
Health check up and tax planning
Representation services
Advantages in GST India will be a common market. Boost for Karnataka State
Removes cascading effect of taxes
Ease of doing business
Simplified law
Increased Assessee base
Reduction in taxes in long run
Less of tax evasion
Reduced litigation
Less corruption
Challenges in GST Impact on Service sector
Managing the Working capital
Controlling Inflation in short run
IT infrastructure PAN India
Adjudication with two department
Granting exemption for certain products
Matching of Credit for claiming Input Credit
Carrying forward the supply chain
Rigorous penalty provisions
