Recently, India introduced a new tax system called GST. This is a crucial step to bring the entire nation together as one single market. This tax system is comprehensive, multi-stage and destination-based.

Now that the GST law is in effect, many indirect tax laws have been laid to rest. Under this new regime, the tax will be imposed at every point of sale. If a there's a sale which involves conducting dealings in two states, both central GST and state GST will be levied. The supply chain of a product or item includes multiple change of hands – purchase of raw materials, manufacturing, storage of finished goods and sale from wholesaler to retailer to consumer. So, the tax is charged separately at every stage of the supply chain.

This technology-driven tax system has several benefits to offer as well. The online GST portal is where all of these activities take place.

The GST system is comprised of 3 components:

• CGST: Collected by the Central Government on an intra-state sale
• SGST: Collected by the State Government on an intra-state sale
• IGST: Collected by the Central Government for inter-state sale

The list of indirect taxes charged in the pre-GST regime was a long one. It included taxes like central excise duty, duties of excise, additional duties of excise, additional duties of customs, cess, state VAT, central sales tax, purchase tax and luxury tax among others. Now that GST has been rolled out, all these indirect taxes have been replaced with just one indirect tax.

The GST laws apply to all businesses whose turnover is over 20 lakhs (INR 10 lakhs for states in NE). Registering for GST has been made compulsory for some specific business types, failing which you may be liable to face heavy penalties. GMG Advisors Pvt Ltd focuses much on start up consultant taxation services with ease. With gst compliances services in Bangalore we are up for all budding enterprenuers and corporates.

Business that should register for GST include:

• Businesses whose turnover is more than 20 lakhs
• Resident and non-resident taxable persons
• Agents of a supplier
• E-commerce aggregators
• Persons who supply via e-commerce aggregator
• Individuals who are already registered under the pre-GST law

Our team of GST experts will equip you with detailed information about the applicability and compliances of this new tax regime, help your business get registered under GST and obtain your GSTIN quickly.

At GMG Advisors, we help businesses assess GST impact analysis. Our expertise and insights into indirect tax with accounting function allows us to effectively perform GST impact analysis on the basis of specific client needs. We offer GST registration and compliance services and assist clients in identifying and making potential changes to their accounting system and software. Since GST affects every stage of the supply chain, it is of utmost importance to measure all the impact it makes and then take appropriate steps to implement GST without any hassle.