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GST is a consumption based tax levied on sale, manufacture and consumption on goods & services at a national level. This tax will be substitute for all indirect tax levied by state and central government. Exports and direct tax like income tax, corporate tax and capital gain tax will not be affected by GST. GST would apply to all goods other than crude petroleum, motor spirit, diesel, aviation turbine fuel and natural gas. It would apply to all services barring a few to be specified. With the increase of international trade in services, GST has become a global standard. The proposed tax system will take the form of “dual GST” which is concurrently levied by central and state government. This will comprise of:

 Central GST (CGST) which will be levied by Centre

  •  State GST (SGST) Which will be levied by State
  •  Integrated GST (IGST) – which will be levied by Central Government on inter-State supply of goods and services.
  • Currently there are many indirect taxes. We all know about Central Excise, Service Tax, VAT, Luxury tax, Entertainment tax etc.
  •  Now, what GST does is that it combines all these taxes into one, i.e. subsumes all other indirect taxes. It is done for all the Central level and State level taxes.
  • Following is the list of the taxes that are subsumed by GST
  • Central Level Taxes - Central Excise Duty, Additional Excise Duty, Service Tax, Countervailing Duty (CVD) and Special Additional Duty of Customs(SAD) (which are in nature of Central Excise)
  • State Level Taxes - State excise duty, State Value Added Tax or Sales Tax, Entertainment Tax, Octroi and Entry Tax, Purchase tax, Luxury Tax, Taxes on Lottery, Betting and Gambling
  • So, this means that GST clubs almost all indirect taxes together that are levied by central and State Governments.
  • Registration / Enrollment and Migration to GST regime
  •  Input Credit data compilation, carry forward & claiming
  •  Consultancy for record maintenance
  •  Consultancy for accounting related issues to GST
  •  Filing of periodical GST Returns
  •  Advice and opinions regarding levy and chargeability to GST
  •  Dealing with various other issues relating to GST