Tax Consulting Services in Delhi

Tax Consulting Services in Delhi - We at SK Tax Law Firm provide all kind of Tax Consultation. Our teams are well versed with issues affecting both Foreign and Indian businesses. You can avail all Tax related services at one place. As you know that now all kind of business tax amalgamated into GST so now you are not supposed to pay taxes separately. Now we would discuss about GST and you would come to know how it functions. Let’s talk about GST – Introduction, CGST, SGST and IGST. CGST stands for Central Goods and Service Tax and SGST for State Goods and Service Tax while IGST for Integrated Goods and Service Tax. If a person is selling in same state, which is called Intrastate supply, is CGST & SGST means the Tax amount would be divided in CGST & SGST. If sale is in another state, the tax amount would be paid as IGST which would be called Interstate supply.

Tax Consulting Services in Delhi

For example: A dealer in Delhi sold goods to the consumer in Delhi worth Rs. 11,000. The GST rate is 18% comprising of CGST rate of 9% and SGST rate of 9%, in such case the dealer collects Rs. 1980 and Rs. 990 will go to the central government and Rs. 990 will go to the Delhi government.

Now, if the dealer in Delhi had sold goods to a dealer in UP worth Rs. 11,000. The GST rate is 18% In such case the dealer has to charge Rs. 1980 as IGST. This IGST will go to the Centre.

So this is how it works. Here, we are trying to make you understand, if you any question for any kind of Tax related concerns, you can contact us for your queries. As GST is new and day by day Amendments are introduced which make many kind of confusions so we are the one who can help you solve your queries at any stage.

There are some more and important legal compliance which you need to fulfill. If you miss this legal compliance, you may have to pay for that. You need to file GST Return every month whether you made any supply or not. If you do not file GST Return on or before due date, it leads you to pay penalty. There are two types of GST Registration.

Regular Registration - Tax Consulting Services in Delhi

In Regular Scheme, a Taxpayer needs to file GST Return every month and in Composition scheme, in three months. A Taxpayer registered under Regular scheme can make supply all over India.

GST Registration under Composition Scheme

While Taxpayer registered under Composition scheme can only make supply of Goods or Service in only one state in which GST is registered. If the turnover is more than 1.5Cr, which is the subject to amendment by the Government so need to check when you are reading this Article, in this case you cannot opt for Composition scheme.