GST Advisory Services

GST Advisory Services

We provide a number of GST advisory services online in India like covering the impact of GST on the business of clients, examining different market scenarios of business models, legislative business level implementation assistance, transition management, and undertaking key compliance.

Benefits of GST Registration

• GST removes the cascading effect of tax
• Higher threshold for registration
• Composition scheme for small businesses
• The number of compliance is less
• Defined treatment for E-commerce operators
• Improved efficiency
• Unorganized sectors are regulated under GST

Eligibility for GST Registration

• Section 22 to Section 30 of the CGST Act, 2017 deals with the process of registration by every supplier of goods and services. Note on registration under GST with effect from 1st April 2019.
• Every person who is engaged in the supply of services and whose aggregate turnover exceeds Rs. 20 lakhs in the case of the States of Manipur, Mizoram, Nagaland, and Tripura and whose aggregate turnover exceeds Rs. 40 lakhs for remainder of the States, shall be susceptible to be registered under this act within the state or union territory, from where he makes of taxable supply of goods or services or both;
• Every person who is engaged in the supply of goods and whose aggregate turnover in a fiscal year exceeds Rs. 40 lakhs just in case of the States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripura, Uttarakhand and whose aggregate turnover exceeds Rs.40 lakhs (for remainder of the States), shall be liable to be registered under this act in the state or union territory, from where he makes of taxable supply of goods or services or both;
• Companies engaged in the export of services are also required to complete the GST migration process and obtain a GST Registration number to be entitled to tax exemption on the export of services outside India.
• In case of inter-state sales, GST Registration is mandatory regardless of turnover.

GST Rates

Rates under GST will depend on the sort of products and services. Currently, the slab rates are 5%, 12%, 18% and 28%. The rate for gold is 3% and 0.25% for rough stones.

GST Advisory

The government of India introduced the concept of Goods and Services Tax (GST) w.e.f 1st July 2017. The tax is imposed on a PAN India basis as a single unified tax covering all types of business activities. GST is implemented on ‘value-added’ to goods and services at each stage within the economic supply chain. This new taxation system has changed the taxation system to an excellent extent, impacting business operations, supply chain optimization, pricing of products and services, IT, accounting, and tax compliance activities across every industry segment. The effect of this major milestone within the Indian economy has altered the course of tax structure, tax incidence, tax computation, tax payment, compliance, credit utilization, and reporting resulting in a complete overhaul of the present tax system.

Kanakkupillai  has been deeply involved in providing Indirect Tax & other Advisory Services to its clients for more than 5 years. Being a financial service provider to our clients, it's our passion, duty also as interest to remain updated with every single update on tax reforms and related laws and procedures. Our team of execs is comprehensive of experts allocated from various litigation and advisory fields like Chartered Accountants, Lawyers, Company Secretaries, Cost Accountants, and far more. We’ve been helping business organizations in drafting policies that will have a positive impact on their business activities keeping in mind every kind of compliance and procedural requirements.

We provide the subsequent GST advisory services to our clients:

GST Registration: GST registration process could seem easy to travel through on paper. However, in practical implementation, it cannot come off that handy. While there's tons of documentation work involved, you are doing need to be accurate with every single step. Kanakkupillai  offers fast, smooth, and comprehensive registration services to businesses that are looking forward to starting a new business. All you've got to try to to is provide us with the required info and therefore the documents stated in our business-wise checklist and sit back and relax till we hand you over your registration in the timeliest manner.

GST Filing: GST return filing is an online process that needs to be undertaken on a monthly basis for almost every business while on a quarterly basis for a few. It is a tiring and cumbersome job that requires precision, timeliness, and accuracy for the purpose of calculating tax liability accurately. We offer dedicated professionals to our clients who manage their monthly income tax return filing and confirm that requirements are complied with on a timely basis.

E-Way Bill: The government of India has made it compulsory for every vehicle to carry an e-way bill for goods whose invoice value is above Rs. 50,000/-. The ambit of the e-way bill is quite large as a lot of invoices have the goods valuing Rs. 50,000/- and above. This additional compliance procedure has made it cumbersome for traders to run their trade smoothly. This is why Kanakkupillai offers E-way bill generation facilities to its clients to assist them specialise in growing their supply network while we handle the background documentation and compliance on their behalf.

Letter of Undertaking: Worried about getting taxed on your export. Don’t worry. Kanakkupillai takes care of your letter of undertaking and bond preparation compliances in order that you'll specialise in growing your business and making your  GST Advisory Services reach international markets. Our experts provide light-speed services in order that you don’t even feel a bump.

GST Accounting: Inspite of making us a partial partner in compliance procedures, you can trust us with all of your tax accounting & book-keeping. Our accounting executives and professionals are well-versed with the latest national & accounting policies, procedures, and standards. We make sure to maintain your books of accounts in accordance with the relevant tax & other commercial laws. We provide a dedicated accounting professional who answers all your queries, takes care of all the account keeping, closes the books at year-end, and prepares to annul financial statements.