GOODS & SERVICE TAX (GST)
The proposed levy of Goods and Services Tax (‘GST’) is slated to change the very manner in which the indirect taxes are levied and perceived in India. Planned to be introduced in India in April 2015, it is one of the most important tax reform initiative in India since independence which is bound to usher a standard shift in the way business is done in India.
When we have VAT in almost the whole country and the system of central excise and service tax is well equipped with the CENVAT Credit, then why is there a need of GST? Well, this is needed to match the international phenomenon. It is needed to reduce the burden of Central Excise. The introduction of GST will certainly change the Federal system of Governance in our country in which states also have the right to collect taxes on goods.
We would be in the best position to deal with GST on account of following reasons:
- Understanding GST requires specialized knowledge in the field Central Excise, Service tax and VAT.
- We already have team of professionally qualified persons who are specialized in each of the above filed.
- Our experience in Indirect taxes is more than 15 years.
- We have been constantly monitoring the development of implementation of GST in India.