GST Registration and Filings
GST is one of the major taxation restructurings in India aiming to merge State economies and enhance overall growth by forming a single, unified Indian market to make the economy more powerfull. GST is a complete destination based indirect tax levy of goods as well as services at the national level. The main purpose of GST is to consolidate diffrent indirect tax levies into a single tax.
Goods and service tax eliminated different tax rates applicable in different states. The online system reduced the complicated formalities for taking registrations and filings. GST is a consumption or destination based tax levied on the basis of the “Destination principle.” It is a comprehensive tax regime covering both goods and services, and be collected on value-added at each stage of the supply chain. Further, GST paid on the procurement of goods and services can be set off against that payable on the supply of goods or services. Simply put, Goods and Services Tax is a tax levied on goods and services imposed at each point of supply. GST is a national level tax based on value added principle just like State level VAT which was levied as tax on sale of inter-state goods.
The essence of GST is in removing the cascading effects of both Central and State taxes by allowing setting-off of taxes throughout the value chain, right from the original producer and service provider’s point up to the retailer’s level. GST is thus not simply VAT plus service tax, but a major improvement over existing system of VAT and disjointed Service Tax ushering in the possibility of a collective gain for industry, trade and common consumers as well as for the Central Government and the State Governments. GST, as a well-designed value added tax on all goods and services, is the most elegant method to eliminate distortions and to tax consumption.
Biswas Filing is a pre and post business registration compliance management service provider. We are a group of Chartered Accountants, Company Secretaries and Advocates based in Thiruvananthapuram. Our aim is to register start-ups, micro, small and medium business at an affordable cost, by limiting our charges, in order to provide a support for the budding businesses. We are delivering a wide range of services to the business enterprises in Kerala, including Company Registration, Limited Liability Partnership Registration, Partnership Firm Registration, OPC Registration, GST Registration and Filing, Accounting and Book Keeping Services and Filing firm.