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Overview

One of the most notable aspects of GST is its destination-based nature, ensuring that tax revenue flows to the state where goods and services are consumed rather than produced. This has led to more equitable revenue distribution among states. Additionally, the input tax credit (ITC) mechanism has eliminated the cascading effect of taxes, reducing the overall tax burden on businesses and consumers.

The GST framework has also made compliance more efficient through its digital-first approach, with businesses filing returns and making payments online via the GSTN portal. The implementation of e-invoicing and e-way bills has further streamlined operations, enhancing transparency and minimizing tax evasion.

However, GST has faced its share of challenges. Frequent amendments to rules, multiple tax slabs, and complex return filing requirements have created confusion for businesses, especially small and medium enterprises (SMEs). The compliance burden, while reduced in theory, has shifted to a more technology-driven process, which can be difficult for businesses with limited resources. Furthermore, the system's reliance on IT infrastructure has sometimes led to technical glitches, delaying compliance and causing frustration among taxpayers.

In terms of rates, GST covers a wide range from 0% to 28%, with additional cess on luxury and demerit goods. While this flexibility is necessary to accommodate India's diverse economy, it has also created inconsistencies and lobbying for rate rationalization. The frequent adjustments to rates have added to the complexity of the system.

On the positive side, GST has been a game-changer for interstate trade, as it has eliminated the need for multiple taxes at state borders, reducing logistics costs and delays. Exports have benefited from being zero-rated under GST, with refunds provided for taxes paid on inputs, thereby enhancing India's global competitiveness.

The system has significantly boosted revenue transparency, with tax collections showing steady growth over time. Additionally, GST has encouraged formalization of the economy by incentivizing businesses to register for GST to avail of ITC benefits, leading to a broader tax base.

we provide,

  • GST Compliance Services

    • GST registration and amendments.

    • Filing monthly, quarterly, and annual GST returns (GSTR-1, GSTR-3B, GSTR-9, etc.).

    • Reconciliation of input tax credit with GSTR-2A and GSTR-2B.

    • GST audits and annual compliance reporting.

    • Assistance in obtaining GST refunds for exporters or unutilized ITC.

  • Customs and Import/Export Taxation

    • Advisory on customs duty and import/export regulations.

    • Assistance with obtaining Import Export Code (IEC).

    • Support for duty drawback claims and exemptions.

    • Compliance with SEZ/STPI/EOU-related tax norms.

    • Guidance on Foreign Trade Policy incentives.

  • Advisory Services

    • Guidance on classification of goods/services under GST.

    • Industry-specific tax strategies to minimise tax liability.

    • Analysis and advisory on the applicability of reverse charge mechanism (RCM).​

  • Input Tax Credit (ITC) Management

    • Verification and optimization of ITC claims.

    • Resolving mismatches in ITC between purchase registers and GSTR-2A/2B.

    • Advisory on blocked credits and eligible credits under GST law.

  • Indirect Tax Planning and Structuring

    • Structuring transactions to ensure optimal tax efficiency.

    • Advisory on supply chain restructuring to reduce indirect tax costs.

  • Sector-Specific Advisory

    • Taxation services tailored to industries such as e-commerce, real estate, manufacturing, healthcare, and exports.

  • Cross-Border Indirect Tax Compliance

    • Advisory on GST implications for import/export of goods and services.

    • Assistance with compliance under cross-border supply rules.

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