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Overview - Goods And Service Tax

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Goods and Service Tax - Overview

Manish Anil Gupta & Co is one of the best GST Consultant in Delhi. Our team at the firm delivers comprehensive services in the area of GST. These include providing services related to GST registrations and return filings, GST assessments, GST Advisory and Tax Compliances, Due Diligence and litigation services. In litigation, our team represents before Tax Authorities on behalf of clients. Our team has a rich experience in representing clients both in the previous indirect tax regime and new GST regime.

Introduction of GST

Amidst economic crisis across the globe, India has feigned a signal of strength with aggressive growth targets, supported by a bunch of strategic moves like Digital India and Make in India initiatives. Bringing the Goods and Services Tax (GST) into picture is another such move that is expected to give the much-needed momentum for economic growth in India by transforming the existing indirect taxation towards the seamless flow of goods and services tax. GST is introduced to eliminate the cascading effect of taxes. India can play an essential role in the world economy in the years to come. The expectation with GST reforms is very high not only within the country but also within neighbouring countries and developed economies of the world.
GST is a consolidation of a myriad of different indirect taxes levied by the Centre and state government into a universal tax. The GST has eradicated the complexities involved with charging various taxes. GST came into existence from 1st July 2017 with the objective of “One Nation One Tax” which needs businesses to file monthly quarterly and annual returns. The registered persons with a yearly turnover of more than two crores are also required to file an audit report.

Benefits of GST

  • Subsumed bunch of indirect taxes such as VAT, CST, Service tax, CAD, SAD, and Excise

  • Lesser tax compliances and a simplified tax policy compared to the previous tax regime

  • Elimination of the cascading effect of taxes, i.e. removal of tax on tax

  • Reduction of manufacturing costs due to less burden of taxes on the manufactu0rers, thereby fall in prices of consumer goods.

  • Lowering the tax burden on the common man, i.e. public will have to spend less money to obtain the same products that were expensive earlier.

  • Increase in demand and consumption of goods

  • Increased demand will lead to an increase in supply. Hence, this will ultimately lead to a rise in the production of goods.

  • Control of bogus transactions through a more transparent mechanism under new regime to curb black money circulation typically followed by traders and shopkeepers

  • Boosting and advancing of the Indian economy in the long run

These benefits are possible only if the exact benefit of GST is passed on to the ultimate consumer. There are numerous other factors too, such as seller’s profit markup, that determines the final price of goods. GST alone does not conclude the final price of goods.

Impact of GST on Indian Economy

  • Decreases tax burden on producers and fosters growth through increased productions. The existing taxation structure, drawn with multiple tax clauses, prevents manufacturers from producing to their optimum capacity and impedes growth. GST will solve these difficulties by allowing tax credits to the producers.

  • Several tax restrictions, like toll plazas and check posts, lead to wastage of unpreserved things being transported. This penalty converts into high costs due to the higher needs of buffer stock and warehousing costs. A single and easy taxation system will excrete this roadblock.

  • The system will be more transparent now that will allow customers to know precisely the taxes to be paid and on what base.

  • GST will contribute and make additions to the government revenues by extending the tax base.

  • GST will provide input tax credits for the taxes paid by producers on purchase of goods or services. It is supposed to inspire producers to buy raw material from GST registered persons and is expected to bring more and more vendors and suppliers under the purview of GST.

  • GST will remove the custom duties applicable to exports. India's competitiveness in overseas markets will increase on account of lesser costs of the transaction.

A Brighter Economy

The introduction of the Goods and Service Tax in India will be a very unusual step in the field of indirect tax reforms. By consolidating a number of Central and State taxes into a single tax, GST is expected to significantly mitigate double taxation and make taxation overall simple for the industries. For the end consumer, it will be most helpful in terms of the decline in the tax burden on goods as well as on services. GST will also make Indian products very competitive in the domestic and overseas markets. Last but not least, the administration of GST will be more comfortable due to its transparent character. After its implementation, the new taxation regime will hold great hope in terms of sustaining economic growth of India.
GST is to be considered as a game-changer in indirect tax reform for the Indian economy by forming a common market and decreasing the impact of taxes on the cost of goods and services. GST is expected to affect the tax structure, computation of taxes, tax payments, compliances, availing and utilizing input tax credits. GST will have a high impact on almost all the aspects of business operations in the country, such as fixing price for goods or services, supply chain optimization and better tax compliance system.

Goods and Service Tax at MAG

MAG is among the best GST registration service providers in Delhi. Our range of services makes it seamless for you to comply with tax policies. Our service offerings in GST are:
  1. GST Registration:

     As per the GST regulations, GST registration is done through an online portal maintained by the Central Government. We are the best Tax Consultant in Delhi which can help you get the online GST registration in Delhi, India done quickly and effortlessly.
  1. GST Returns:

     As per the GST Act it is mandatory for every registered business to furnish the details pertaining to their sales and purchases which includes taxes paid and collected by timely filing of GST returns online in India.
  1. GST Amendments:

     If you are registered as a taxpayer, any alterations that you need to make pertaining to details of your core and non-core fields like address change etc are taken by our GST experts. We as a Tax Consultant handling GST in Delhi provides you best possible services in the field of any amendments and developments related to GST administration.
  1. GST Audits: 

    We are a leading GST Audit Firm in Delhi which provides independent audit services to its valued clients. The team at our company has immense knowledge on GST audit procedures which helps in providing GST Reconciliations with annual returns filed by the management and preparing of relevant reports. We also assist our clients in preparing and filing of annual returns.
  1. GST Assessment:

     We help our clients in dealing with GST Assessments by representing them before Tax Authorities.
  1. GST Compliances:

     When it comes to GST compliances, our firm takes care of all compliances and deadlines so that you don’t miss anything important. We keep you updated with recent amendments and related compliances by the government.
  1. GST Consultancy services:

    We provide consultancy in the area of advisory related to possible GST implications on complex transactions. We also offer consultancy services regarding latest updated and changes in rules and regulations by GST authorities on regular basis. We are one of the most reliable GST Consultant in Delhi.

    Manish Anil Gupta & Co is one of the best GST Consultants in Delhi. Our team of experts delivers comprehensive services in the area of GST.
So, if you are seeking GST Compliance related services in Delhi, kindly get in touch with us at and experience the finest services in the field of GST from our team of experienced professionals.

Frequently Asked Questions

One can avail the input tax credit on the following goods:
  • Inputs held as stock
  • Inputs contained in semi-finished goods or finished goods held as stock
  • Capital goods (only in cases where composition taxpayer opts out from the composition scheme and opts to pay the tax as a normal taxpayer or where the supply of exempted goods and/or services becomes a taxable supply) (reduced by a certain percentage, if any, in this case).
The Quarterly Returns with Monthly Payment (QRMP) Scheme is an option for the eligible taxpayers to file their GSTR-1 and GSTR-3B on a quarterly basis while paying their tax dues on a monthly basis through a challan.

All taxpayers whose aggregate PAN-based annual turnover is up to Rs. 5 crores in the current financial year & the preceding financial year (if applicable) and have filed their last due GSTR-3B are eligible for the QRMP scheme.
The taxpayer can get the information about the outstanding demands from Electronic Liability Register. This is shown in a table after logging in and navigating to Services > Ledgers > Electronic Liability Register > Part-II: Other than return related liabilities link.
No, you cannot avail ITC on cars and scooters.

However, if such car or scooter is being used for any of the following purposes, then ITC will be available on such vehicle –
  • Supply of other vehicles or conveyances
  • Transportation of passengers
  • Imparting training on driving such vehicle
  • Transportation of goods

Yes, GST can be paid online through the GST portal.

GST is calculated as a percentage of the value of the goods or services supplied, depending on the GST rate applicable to that particular item.

The GST rate in India varies depending on the nature of goods or services supplied, ranging from 0% to 28%.

GST simplifies the taxation process for industries, mitigates double taxation, and reduces the compliance burden. It makes Indian products competitive in the domestic and global markets, enhances ease of doing business, and supports sustainable economic growth.
The objective of GST is to establish a seamless flow of goods and services and create a "One Nation One Tax" system. It aims to promote economic growth, simplify tax compliance, reduce tax burden, and enhance competitiveness in the domestic and global markets.
GST was implemented in India on July 1, 2017.
In most cases, GST is applicable to all goods and services, except for those specifically exempted or outside the purview of GST.
Unlike the previous tax system, GST is a destination-based tax levied at each stage of the supply chain. It allows input tax credit, eliminating the cascading effect of taxes. It also streamlines the tax administration process by introducing a common registration, return filing, and payment system.
GST has subsumed several indirect taxes, including VAT (Value Added Tax), CST (Central Sales Tax), service tax, CAD (Countervailing Duty), SAD (Special Additional Duty), and excise duty. This consolidation simplifies the tax structure and reduces compliance burdens.
The cascading effect refers to the taxation of taxes, where taxes are levied on previously taxed amounts. GST eliminates this cascading effect by allowing businesses to claim input tax credit on the GST paid on inputs. This reduces the tax burden on businesses and promotes a more efficient tax system
Yes, you can make amendments to your GST registration details, such as changes in address, contact information, or other relevant details. These amendments can be made online through the GST portal.

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