We have designed a comprehensive approach, which is aligned to the needs of our clients and we assist our clients in undertaking GST compliances under the following legislations in an efficient manner.
Key features of GST typically include:
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Single Tax: Instead of multiple taxes levied at different stages of the supply chain, GST combines all taxes into one, which is applied at every point of sale.
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Dual Model: GST typically operates under a dual model, involving taxation by both the central and state governments. There are typically two components of GST: Central GST (CGST) levied by the central government and State GST (SGST) levied by the state governments.
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Input Tax Credit (ITC): Businesses can claim credit for the GST paid on inputs used in the production or supply of goods and services. This helps in eliminating the cascading effect of taxes and reduces the tax burden on businesses.
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Destination-Based Tax: GST is a destination-based tax, meaning that the tax is collected at the point of consumption rather than the point of origin. This ensures that the revenue from GST goes to the state where the goods or services are consumed.
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Threshold Exemption: Small businesses with annual turnovers below a certain threshold are exempted from GST registration, reducing compliance burden for them.
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Online Filing and Payment: GST typically involves online processes for registration, filing returns, and payment of taxes, aimed at improving transparency and efficiency in tax administration.
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Composition Scheme: Some countries implement a composition scheme under GST, allowing small businesses to pay tax at a fixed rate based on turnover, simplifying compliance requirements.