GST in India is implemented on 1st July 2017. GST is the biggest indirect tax reform since independence is aimed at dismantling inter-state barriers to trade in goods and services by subsuming a slew of around 17 indirect taxes at present.
1. GST is a destination based tax regime.
2. All forms of "supply" of goods and services such as sale, transfer, barter, exchange, rental, lease and import of goods and services made for a consideration will attract CGST and SGST.
3. As GST will apply on "supply", the erstwhile taxable heads such as "manufacture", "sale" and "provision of services", among others, will lose relevance.
4. The liability to pay CGST or SGST will arise at the time of supply.
5. GST would be payable on "transaction value", being the price actually paid or payable, and said to include all expenses in relation to sale, such as packing and commission.
6. GST to be levied on all goods and services, except alcoholic liquor for human consumption. Petroleum and petroleum products shall be subject to the levy of GST on a later date notified on the recommendation of the Goods and Services Tax Council
Benefits of GST:
1. Subsume all indirect taxes at the center and the state level.
3. Reduce the cascading effect of taxes on taxes.
4. Increase productivity and transparency, increase tax-GDP ratio.
5. Reduce/Eliminate tax evasion and corruption.
The rate of tax has not been provided in the Modal GST Act. It would be provided separately in the schedule. There may be different rate of taxes for different class of goods and services.
Registration has to be obtained state-wise and not on all India basis. The taxability is determined based on registration treating them as separate entity for supply of goods/services. Separate registration will be accorded by State Government and Central Government in each state, with mutual co-ordination among them.
Records and Returns:The records though to be maintained as per the needs of the business, since GST is going to be technology based, all the transactions relating to GST is required to be uploaded into GST portal on periodical basis.
AUDIT & ASSURANCE
NCS & CO based on years of expertise has developed, employs and implements the latest methods of audit , for maximizing audit efficiency through a risk based audit approach. This enables timely delivery and value added advisory services to clients. Most importantly the Firm’s audit approach is business oriented. It focuses on an understanding of the client’s business much deeper than the knowledge of the accounting system and records on which auditors have traditionally concentrated.
The types of audit conducted by our team is-
1. Statutory Audit :
Statutory audits are conducted in order to report the state of a company’s finance and accounts to the government. The audit report of statutory audit is made in the form prescribed by the government agency. We focuses on completeness, accuracy & fair presentation of your financial statements & disclosures and also focuses on independence and transparency.
2. Internal Audit:
The main intention of internal audit is to check the status of finance and operational efficiency of the company. The report of internal audit is to be submitted to management.
3. Tax Audit
Tax Audit is required u/s 44AB of the income tax act, 1961.This section mandates that every person whose business turnover exceeds INR 1 crore and every person working in a profession with gross receipts exceeding INR 25 lacs must have their accounts audited by an independent chartered accountant. The Tax audit report is to be obtained by September 30th after the end of previous financial year.
Unlike previously, tax compliance these days has become complicated and time consuming. With our in depth understanding of the subject and the system, we provide easy to comply services. We provide professional services to residents and non residents on various taxation matters to Corporates & non-Corporates.
1. Preparation of return Income Tax Returns.
2. Applying for PAN, TAN & TDS returns
3. Consultancy and Liasioning on Income Tax Assessment matters
4. Providing consultancy services in all the areas of Direct Tax ranging from Tax Planning for Individuals to Tax Planning for Corporate entities
5. Transfer Pricing matters
6. Income tax Appeals before CIT (Appeals) and ITAT
7. Tax Planning in relation to Capital gain issues
Indirect taxes in India are very complex and subject to frequent amendments. This requires entities to undertake periodical mapping of their tax system to examine instances of non compliance and potential problems or opportunities.
1. Registration of Business entity under various indirect taxes such as Service Tax, Vat, Central Excise etc.
2. Compliance and Advisory Under Customs, Central Excise, Service Tax, VAT.
3. Indirect tax audits - Central Excise, Service Tax, VAT.
4. Representation to various revenue departments and support services
5. Preparing and filing of Tax returns and regular compliances.
6. Tax Planning and Indirect Taxes Advisory
7. Search and survey related assistance
CONSULTANCY AND ADVISORY
At NCS & Co. we help organizations to implement their business strategies by consulting with them, to build effective organizations, innovate and grow, reduce costs, manage risk and regulation. Our aim is to support you in designing, managing and executing lasting beneficial change.
◕ Compliance Under Corporate Law Matter
◕ Project Financing
◕ Assists In Business Setup
◕ Advise On Administrative Issues