Launched on 1 July 2017, the Goods & Services Tax (GST) applies to all Indian service providers (including freelancers), traders and manufacturers. A variety of Central taxes like Service Tax, Excise Duty, CST and state taxes like Entertainment Tax, Luxury Tax, Octroi, VAT are accumulated in the GST. Also, taxpayers with a turnover of less than ₹1.5 crore can choose a composition scheme to get rid of tedious GST formalities and pay GST at a fixed rate of turnover.
Every product goes through multiple stages along the supply chain, including purchasing raw materials, manufacturing, selling to the wholesaler, selling to the retailer and then the final sale to the consumer. Interestingly, GST will be levied on all of these 3 stages. Let’s say if a product is produced in West Bengal but is being consumed in Uttar Pradesh, the entire revenue will go to Uttar Pradesh.
The Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in India. Every taxpayer registered under GST has to file GST returns. These returns are used to calculate the tax liability by the government. GST is an evolving system of taxation and the government keeps updating the rules and regulations around it. So, it is important to stay up-to-date to be able to file your returns correctly. Our GST return filing service helps taxpayers to get it done easily. Our professionals will take care of the filings so you don’t have to worry about keeping up with the due dates and staying GST compliant.
In India, businesses need to follow several crucial steps when dealing with indirect taxes. Firstly, they must identify which indirect taxes are applicable to their business, such as GST, customs duty, excise duty, or service tax. If the tax authorities issue a show cause notice, it is vital to take immediate action. This involves preparing a response to the notice with all the relevant information and evidence that supports the business's position. Moreover, submitting supporting documents may also be necessary. This step requires guidance on the documents required and ensuring their accurate and timely submission.
RoDTEP, or Remission of Duties and Taxes on Exported Products, is a new scheme introduced by the Indian government to replace the existing Merchandise Exports from India Scheme (MEIS). It aims to provide a level playing field to exporters by reimbursing the taxes and duties incurred by them in the production and distribution of exported goods. RoDTEP covers a wide range of products and applies to all exporters, including small and medium enterprises (SMEs). The scheme has been designed to enhance the competitiveness of Indian exporters in the global market and promote the growth of the country's exports.
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