Globalisation accelerates change. More and more commercial transactions takes place across borders involving indirect taxes, increasing and complicating their tax risks.. The magnitude of Indirect taxes ― such as value added taxes, sales taxes, custom duties and excise is rarely highlighted in annual reports ,Yet indirect tax raises significant risks for all businesses. Poor indirect tax management can squeeze cash flow, allow the over or underpayment of tax and attract stiff penalties for non- compliance Goods & Services Tax
The indirect tax in India is proposed to be replaced by a dual GST with Central GST and State GST to be levied simultaneously by the Centre and the States. GST would replace most indirect taxes currently in place. The tax base is anticipated to be complicated in effect on all goods and services, with minimum exemptions. Following the destination principle, GST structure would include imports while exports are not to be taxed. For inter-State transactions in India, the State tax would apply in the State of destination as against to that of origin. Full input credit system would operate in parallel for CGST and SGST, however, cross utilization of input tax credit would not be permitted.
GST is seen as the single most important tax reform initiative in India.It is expected to promote investment and expansion of the economy. GST will have a sound impact on almost all aspects of businesses operating in the country In order to prepare for the GST, the companies need to understand its full significance and test the system changes and prepare a roadmap for a smooth transition to GST.p>
We have been closely involved in indirect tax with the GST initiative through its Policy Advisory Group - a specialized team of experienced professionals that advises businesses on distinct issues. The Group helps businesses recognise policy changes, look out impact on their operations, and engage in a dialogue with the concern authorities for remedies to address any concerns. Businesses may face indirect taxation obligations in countries where their clients are based. It can be complicated to comply with. Our firm help clients trading in overseas markets. Opportunities to do business in new markets have to be grabbed.
Apart from GST, our specialized team of experienced professionals will assist you to solve the business difficulties related to VAT, Service Tax, Excise and Customs, sales tax and others.