GST is known as the Goods and Services Tax. It is an aberrant expense which has supplanted numerous circuitous assessments in India, for example, the VAT,
excise duty, service tax, and so forth The Goods and Service Tax Act was passed in the Parliament on 29th of March 2017 and became effective on first July 2017.
In other words, Goods and Service Tax (GST) is exacted on the supply of labor and products. Goods and Service Tax Law in India is an extensive, multi-stage, objective put together expense that is exacted with respect to every value addition. GST is a solitary homegrown circuitous duty law for the whole country.
Objectives Of GST
- To achieve the ideology of ‘One Nation, One Tax’
- To subsume a majority of the indirect taxes in India
- To eliminate the cascading effect of taxes
- To curb tax evasion
- To increase the taxpayer base
- Online procedures for ease of doing business
- An improved logistics and distribution system
- To promote competitive pricing and increase consumption
GST AUDIT
According to legal necessity of GST Act, each seller with yearly turnover of more than 2 crore get audited from Chartered Accountant and document GST Audit Report with office in GSTR Form 9C.
We at VMR Advisors help you in managing all GST fillings and compliances