GST Advisory Services

Overview of GST Advisory Services

The Government of India introduced goods and Services Tax (GST) on 1st July 2017.GST is India’s most significant indirect tax reform since its independence, as every business is liable to register under its Act. The Goods and Services Tax (GST) is a PAN-India unified tax imposed on goods and services, levied only on ‘value added to them. Besides changing the tax structure in India, GST is expected to significantly impact supply chain optimization, pricing, IT, accounting and tax compliance systems. It will affect tax structure, tax incidence, tax computation, tax payment, compliance, credit utilization, and reporting, moving towards a complete overhaul of indirect taxation.

Eazy Startups offers GST Advisory Services to businesses, assisting them in drafting policies that will help them handle their necessary business operations. GST advisory services include:

• Covering the impact of GST on clients’ businesses.
• Examining different market scenarios for business models.
• Legislative business level implementation assistance.
• Transition management.
• Ensuring key compliances are met.

Highlights of our Advisory Services

• Create particular areas to create impact
• Transform these impact areas into areas of opportunities
• Our expert team creates strategies to minimize the impact on areas
• We find a way to enhance the already present opportunities to utilize it completely

What are the benefits of GST Registration?

• GST eliminates the effects of taxes
• Fewer requirements for registration, therefore a higher chance of success
• Small businesses get a composition scheme
• Easy to follow the procedure
• Unique benefits for E-commerce businesses
• It helps the business to work efficiently
• Businesses falling under the unorganized sector benefit as it is regulated under GST

Eligibility for GST Registration

The eligibility criteria for GST registration are as follows:-

• Those persons engaged in the supply of services and whose aggregate turnover exceeds Rs. 20 lakhs in the case of Manipur, Mizoram, Nagaland and Tripura, and whose aggregate turnover exceeds Rs. The rest of the states, which is 40 lakhs, are required to register under this Act in the state or union territory where they make taxable supplies;
• The supply of goods is the responsibility of every individual whose annual turnover exceeds Rs. 40 lakh in the case of Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Arunachal Pradesh, Sikkim, Telangana, Tripura, Uttarakhand, and whose average turnover is more than Rs.40 lakhs (for the rest of the States).
• In order to qualify for tax exemption for the export of services outside India, companies must complete the GST migration process and obtain a GST Registration number.
• GST Registration is mandatory for interstate sales regardless of turnover.

GST Rates

Rates under GST are different as per the type of goods and services. The slab rates as of 2022 are 5%, 12%, 18% and 28%.

Frequently Asked Questions