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GST in India follows a dual structure, comprising Central GST (CGST) levied by the Central Government and State GST (SGST) levied by the State Governments. For interstate transactions and imports, an Integrated GST (IGST) is levied, which is a combination of CGST and SGST.
GST is levied on different goods and services at various tax rates. The tax rates are categorized into five main slabs: 0%, 5%, 12%, 18%, and 28%. Some essential items like food grains, healthcare, and education are exempted from GST.
One of the significant features of GST is the availability of input tax credit. Businesses can claim credit for the GST paid on inputs or input services used in the production or provision of goods and services. This helps in eliminating the cascading effect of taxes and reduces the overall tax burden on businesses.
Entities involved in the supply of goods or services beyond a certain threshold turnover are required to register under GST. GST registration is essential for businesses to charge and collect GST from their customers and claim input tax credit.
Registered businesses need to file periodic GST returns, providing details of their sales, purchases, and tax liability. GST returns are filed monthly or quarterly, depending on the turnover of the taxpayer.
The E-Way Bill is a document required for the movement of goods beyond a specified distance under GST. It ensures the seamless movement of goods and acts as a mechanism to track the movement of goods to prevent tax evasion.
Small businesses with a turnover up to a certain threshold have the option to opt for the composition scheme. Under this scheme, they pay tax at a fixed percentage of turnover and have reduced compliance requirements.
The GST Council is a constitutional body comprising the Finance Ministers of the Central and State Governments. It makes decisions on GST rates, exemptions, rules, and other related matters.
Important regulatory aspects pertaining to GST in India include various rules, procedures, and compliance requirements that businesses and taxpayers must follow. Here are some key regulatory aspects related to GST:
Businesses with a certain threshold turnover are required to register under GST. GST registration is essential for businesses to charge and collect GST from customers, claim input tax credit, and comply with other GST regulations.
Upon registration, businesses receive a unique Goods and Services Tax Identification Number (GSTIN) to be used for all GST-related transactions.
GST in India follows a multi-tiered tax structure with different tax rates for goods and services. Businesses must correctly determine the applicable tax rates for their products or services.
Businesses can claim Input Tax Credit for GST paid on inputs, input services, and capital goods used in the course of business. However, proper documentation and compliance are essential to avail of ITC.
Registered businesses are required to file periodic GST returns, providing details of their sales, purchases, and tax liability. GST returns can be filed monthly, quarterly, or annually, depending on the type of taxpayer.
The E-Way Bill is a document required for the movement of goods beyond a specified distance under GST. It is generated electronically, and its purpose is to track the movement of goods to prevent tax evasion.
Under the RCM, the recipient of goods or services is required to pay GST instead of the supplier. RCM is applicable in certain scenarios, and businesses need to comply with the related regulations.
Small businesses with turnover up to a specified threshold have the option to opt for the composition scheme. Under this scheme, they pay tax at a fixed percentage of turnover and have reduced compliance requirements.
Businesses with a certain turnover are required to undergo GST audit by a qualified professional to ensure compliance with GST laws and rules.
The GST Council, a constitutional body, regularly meets to make decisions on GST rates, exemptions, and other aspects related to GST. Businesses must keep themselves updated with the changes made by the GST Council.
The place of supply determines whether a transaction is an intra-state (within the same state) or inter-state (between different states) supply, and it affects the applicability of CGST/SGST or IGST.
To ensure that the benefits of GST rate reductions are passed on to consumers, the National Anti-Profiteering Authority (NAA) monitors and investigates cases of non-compliance with anti-profiteering rules.
Our lawyers assist clients in resolving disputes with the GST authorities, including issues related to tax assessments, demands, or show-cause notices.
When a taxpayer disagrees with an order or decision of the GST authorities, our lawyers can help file appeals before the appellate authorities, such as the Commissioner (Appeals) or the Appellate Tribunal.
Our lawyers represent clients in disputes or investigations related to claiming input tax credit and help establish the eligibility and validity of ITC claims.
Our lawyers assist taxpayers in filing GST refund claims and represent them in cases where there are delays or issues related to the processing of refund claims.
Our lawyers can handle disputes arising from the classification of goods or services for GST purposes or the valuation of goods and services.
In cases related to the alleged non-passing of GST rate reductions to consumers, our lawyers can represent businesses in anti-profiteering investigations and proceedings.
Our lawyers can provide legal advice and representation during GST audits, investigations, or inquiries conducted by the tax authorities.
Our lawyers may engage in settlement negotiations with GST authorities to reach mutually agreeable resolutions in certain cases, avoiding lengthy litigation.
If disputes cannot be resolved at the lower levels, our lawyers can represent clients in challenging GST-related decisions before higher judicial forums, such as High Courts or the Supreme Court of India.
Our lawyers help clients understand complex GST laws, rules, and notifications, providing guidance on their practical application and potential implications.
Our lawyers advise businesses on GST compliance to help avoid potential disputes and litigations in the first place.