Tax Consultancy/ Advisory Services

Tax Consultancy services sharpen the overall tax performance of a business. It also develops an imperative approach in stock transfers, an input tax credit, valuation, classification, refunds, export benefits, and so on.

To avail our services, we charge 499/- as an advance or security payment.

TAX Advisory

HOW DOES Tax CONSULTANCY WORK FOR YOU?

Step 1

Our specialists will review the implications of Tax.

Step 2

A hand-holding throughout the transition phase and identification of problem spaces.

Step 3

Tax Code Mapping.

Tax CONSULTANCY (INDIA) - AN OVERVIEW

Tax is a value-added tax levied on most goods and services sold for domestic consumption. Tax is an indirect federal sales tax applied to the cost of certain goods and services. The business adds the Tax to the product’s price, and a consumer who purchases the product pays the sales price plus Tax. The Tax portion is received by the business or seller and forwarded to the government. As a result, Tax Consultancy provides revenue for the government.
Tax is India’s first major comprehensive tax reform in decades. This administration has rationalized tax collection and explained compliance procedures to a vast extent. Some businesses once had to register for a broad range of taxes, i.e., Excise Duty, Service Tax, VAT, CST, Octroi, Entertainment Tax, and Luxury Tax — now only expect a Tax registration. Tax is rigidly an indirect tax applied to the value of certain goods and services when The Income-tax originates under Direct tax. This value-added tax is levied on every goods and service provider in the domestic market. Though, not all businesses require registration.
Businesses that furnish goods or services over a value of Rs. 20lakh (Rs. 10lakh in North-Eastern states) are suitable for Tax registration. Remember that Tax is levied on supply, not sales. Hence, stock-taking, discounts, and freebies also come under the TaxN. That Businesses who are selling to other states must register for Tax, although of turnover.

BENEFITS OF Tax

Few benefits of Tax are following:

    • Reduced compliance burden
    • Elimination of cascading effect on taxes
    • Rise in demand for goods, thereby leading to an increase in the supply of goods
    • Simplification of taxes
    • Decrease in cost incurred for manufacturing
    • Increase in government revenues

 

WHAT IS Tax IN INDIA ?

On March 29, 2017, the Indian government announced the Tax to unify the state economies and enhance the country’s overall economic growth. According to which the Tax is an incidental tax that subsumes individual other taxes. This Act was enhanced effective on July 1, 2017, and since then, Tax Consultancy has replaced all the previously existing taxes. Tax is a comprehensive tax required at each stage of the sale.

characteristic of Tax

The main characteristic features of a tax are as follows:
(1) A tax is a necessary payment to be paid by the residents who are liable to pay it. Therefore, refusal to pay a tax is a punishable crime.
(2) There is no direct quid-pro-quo between the taxpayers and the public authority.
(3) A tax is levied to meet public expenses incurred by the government in the general interest of the nation.
(4) A tax is payable regularly and annually as determined by the taxing authority.
(5) A tax is a legal correction.

HOW DOES THE Tax SYSTEM WORKS IN INDIA

Tax is a complete, value-added tax imposed on the manufacture, sale, and consumption of goods and services. The Tax is a single centralized system that is implemented across the country.

How does Tax Will Transform India;
Being Tax removes the cascading effect of taxes and the states’ economic barriers, it will be beneficial for businesses and customers. For example, If a product has a tax rate of 20%, this is inclusive of central and state government taxes. The seller can produce in one state and supply to other states with no taxes. Additionally, the consumers would be subject to only this indirect tax and no other taxes. The Tax helps the government build a common market with common processes by reducing corruption.

FAQS ON Tax Consultancy

The tax would accrue to the taxing authority with jurisdiction overconsumption, which is also termed as place of supply.

India is a governmental country where both the Centre and the States have been assigned to levy and obtain taxes through appropriate legislation. Both the levels of government have different responsibilities to work according to the kind of powers prescribed in the Constitution for which they require to raise support. A dual Tax will, hence, be in keeping with the Lawful requirement of fiscal federalism.

Exports will be treated as zero-rated supplies. No tax will be due on exports of goods or services. Still, credit of input tax credit will be available and available as a refund to the exporters.

Centre will levy and administer CTax & ITax while respective states will levy and administer STax.

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