The GST (Goods and Services Tax) is a type of tax that applies to both goods and services. In India, it is a sort of tax system that has replaced chiefly various indirect taxes, such as excise tax, service tax, and VAT. On March 29, 2017, Parliament passed the Goods and Services Tax Act, which took effect on July 1, 2017.

In other words, the Goods & Services Tax (GST) is indeed a tax levied on the provision of goods and services. In India, this is regarded as a destination-based tax and multi-stage tax imposed on any value addition. GST (Goods and Services Tax) is a single domestic indirect tax legislation that applies across the board. GST consultants in Chennai will help you understand this better. Even if you are starting a new venture and need new GST registration, you may contact a GST registration consultant in Chennai.

GST registration in India is simple if you seek help of a consultant. Nevertheless, you can visit the GST official website, submit the required company documents and apply online.

GST Policy Types

GST is classified into four types: Integrated Goods and Services Tax (IGST), State Goods and Services Tax (SGST), Central Goods and Services Tax (CGST), and Union Territory Goods and Services Tax (UTGST) (UTGST) are four types of GST. Each has a different taxing rate.

The new indirect tax regime under the Goods and Services Tax (GST), which went into effect on July 1, 2017, caused significant uncertainty about how the new taxation system would impact companies and tax payments. Several municipal taxes imposed on products and services have been absorbed by the Goods and Services Tax (GST).

Taxes phased out in favor of the GST

The Goods and Services Tax (GST) replaced several state and federal levies. The following levies were repealed:

Taxes levied by the State:

  • Sales Tax or Value Added Tax (VAT)
  • Octroi
  • Excise Tax
  • Lotteries, betting, and gambling taxes
  • Tax on Purchase
  • Tax on Luxuries

Central taxation list: Tax on Service, Excise Duty Surcharge, Central Excise Duty, for example.

The CGST, SGST, and IGST are the three taxes that apply under this system.

  • CGST: The Central Government's tax on inter-state sales (e.g., a transaction happening within Maharashtra).
  • SGST: This is the state government's tax on intrastate sales (e.g., a transaction happening within Maharashtra).
  • IGST: This is a tax levied by the Central Government on interstate transactions (e.g., Maharashtra to Tamil Nadu).

Old GST vs New GST

Outward supply and tax obligations should be reported by filing a GSTR-1 form. Import ITC must be submitted in GSTR-3B within eligible ITC before the credit may be obtained. If the taxpayer's annual revenue exceeds Rs.1.5 crore, he must submit GSTR-1 every month. Instead, the assessee has the option of submitting a GSTR-1 once each quarter.

To record sales and declare sales tax obligation, use GST ANX-1. GST ANX-1 is used to submit import, and GST RET-1 is auto-populated with import ITC.

Those who file returns under the new system would be divided into big taxpayers (those with yearly revenues above Rs.5 crore) and small taxpayers (whose annual turnover is up to Rs.5 crore). For a big taxpayer, GST ANX-1 must be filed every month, while it may be filed on a monthly or quarterly basis for a small taxpayer.

Services Provided by GST Consultants in Chennai

Providing advice on Goods and Services Taxes, Customs, and Foreign Trade Policy (under erstwhile Central Excise, Service Tax & VAT).

  • Optimization of Taxes and Credit
  • Advice on tax compliance for startups and e-commerce.
  • Strategic consultancy, particularly for long-term government and public-sector contracts
  • Project planning and transaction structuring, encompassing real estate and construction, ITSS and ITES, and e-commerce.
  • An examination of the GST implications for a particular client/industry and the best solution to the client's problem.
  • Cost management and tax planning, including tax optimization to achieve the lowest tax incidence possible within the four corners of the legislation.
  • Maximization of input tax credit for businesses with numerous units, multi-locational enterprises, various business verticals, SEZ, 100 per cent EOU and DTA units, and so on.
  • GST guidance post-implementation for future and current projects and orders.
  • Value-added consulting, such as restricted evaluations of operations, to suggest significant savings to SME's via a loan, proper tax payments, and the use of permissible exemptions.
  • Examining contracts for GST optimization.
  • Other value-added services include the categorization of goods/services/tax rates and exemption coverage.
  • Regularly, assistance is provided through GST advice.
  • Assistance in comprehending and implementing the GST regime.

Benefits of Hiring a GST Consultant

The main reason for engaging GST consultants in Chennai or elsewhere is to simplify GST return filing and other related duties. The following are some additional advantages:

  • Submission of GST returns on time to avoid tax penalties.
  • In India, there is a single point of contact for all GST-related inquiries.
  • Keeping tax-related operations on track in a professional manner
  • Becoming acquainted with the different elements of GST that may arise in the future

Services of a GST filing consultants in Chennai may be used for Invoices, Expense Management, Customer Management, and Accounting for large Businesses, Startups, and Small Businesses.

Features

Accounting

Income & Expense Grouping, Accounting Ledgers, Tax Heading Creations & Operations, Bank & Cash Creation & Operations, Asset liability Creation & Operations, Income & Expense Recording, Journal Entries & Contra Transactions, etc.

Invoicing

Invoices may be created with your branding or from one of more than 20 themes (includes contractor Invoices). Invoices may be generated, or quotations can be converted to Invoices. Convert foreign currency invoices to INR automatically. Invoices for recurring services should be raised. Invoices may be emailed, printed, or exported as PDF files. When an invoice is due, you'll be notified. Send a text message or an email to remind yourself.

Procedures and Operations

Product & Service Grouping, Customized Invoice with Logo, Small, Medium or Large-Scale Operations, Retail or Whole Sale Enabled, Product Service and Maintenance, Go down & Showroom Specific Operations, etc. All of this can be tedious for an individual. Therefore, you must contact GST consultants in Chennai for a hassle-free business.

The tax filing can be a complex process, but a GST tax consultant in Chennai can make it effortless for you. It can be a daunting task if you are a manufacturer or service provider. You have to claim the input tax credit through a tangle of different slabs. Furthermore, these slabs include rates, categories, etc.

GST is complicated, undoubtedly. If you plan to start a new business, you have to go for new GST registration. However, if you are in Chennai, you will find many GST consultants in Chennai to help you out.

The GST invoice-to-invoice matching mechanism requires several monthly filings and audits to obtain the input tax credit. However, invoice matching is a helpful way.

Takeaway

Looking for a GST registration consultant in Chennai? My legal clinic will indeed serve your purpose. GST is a crucial part of the tax system. Whether you own a small business or large, GST related issues will be there. Therefore, contact My Legal Clinic and find the best solution to all your GST related problems.