GST Modification

GST Modification

Our team at the firm provides comprehensive services in the field of GST. These include providing services related to GST registration and return filing, GST assessment, GST advisory and tax compliance, due diligence and litigation services. In litigation, our team represents before the tax authorities on behalf of clients. Our team has rich experience of representing customers in both the previous indirect tax regime and the new GST regime.

Introduction to GST

Amid the worldwide economic crisis, India has shown a sign of strength with aggressive growth goals, backed by a slew of strategic steps such as Digital India and Make in India initiatives. Bringing in Goods and Services Tax (GST) is another such step which is expected to give much needed impetus to economic growth in India by shifting the existing indirect taxation to a smooth flow of Goods and Services Tax. GST has been introduced to eliminate the cascading effect of taxes. India can play an important role in the world economy in the coming years. The expectation of GST reforms is very high not only within the country but also within the neighboring countries and developed economies of the world.

GST consolidates a myriad of different indirect taxes levied by the central and state government into a single universal tax. GST has eliminated the complexities involved in charging various taxes. GST came into existence from 1st July 2017 with the objective of "One Nation One Tax" which requires businesses to file monthly, quarterly and annual returns. Registered persons with an annual turnover of more than two crores are also required to file an audit report.