Prepared for Business Activity Under GST Helpline
As we know, GST is a single taxation system, which is expected to coming soon in India. It is a complete tax regime which should be paid bt the user on the manufacture, consumption of goods, sale, and services at a national level. The main benefit of GST is that it removes all indirect taxes and services and create a single market, which will also be helpful for lowering tax rate and services. The implementation of GST will result in many benefits like Increase in tax collection, Growth economy rate, attract investor opinion and business friendly environment etc. The main aim of this act is transparent and corruption-free tax administration and its implementations may not successful without administrative challenges and legal hurdles.
Business entities should understand clearly that GST is not a just simple tax issue, it is the market demand and business pricing of goods and opportunities. For example, currently, when we import goods, we pay 22% import duties and receives an input credit of almost 14%.This is a straightforward credit available from import documents. Under the GST, a similar credit should be availed by the business and they must be aware of the new tax system.
The main action of Business entities are listed below.
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Registration and compliance. Existing VAT registrations be canceled.
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Identifying and understanding the transactions process of GST liability.
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Evaluating the manner and quantum of input credit under law.
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proceeds of goods, both domestic and imported.
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Pre-existing refund claims and litigations and the transitional provisions as would apply
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Records upkeep.
System change and IT back-end infrastructure within the business.
For detailed information on GST India, you may download GST Helpline App which provides all information regarding GST. The GST application are available in both online and offline mode. Which presented on both platform Android as well as iOS and very simple to understand. So, start using it today!
For Android and iOS smartphone users you can download this GST Helpline app: