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GST Implementation (F)

AUDIT & ASSURANCE

Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, it is collected from point of consumption and not point of origin like previous taxes.

Type of auditing service we are providing

  • Statutory Audit of Companies
  • Tax Audit for companies, Trust, Society , Firm and Individual
  • Information System Audit
  • Internal Audit
  • Due Diligence
  • Financial Analysis services
  • Stock Audit
  • Physical Verification Services

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Basic summary of Goods & Services Tax

  • The first country to implement Goods & Services Tax was France in as early as 1954.
  • India has the highest tax slab in the world i.e., 28%, next only to Argentina which is at 27%
  • Almost 160 countries around the world follow this scheme of indirect taxation
  • Indian GST has four rate structure, viz. 5%, 12%, 18% and 28% with cess on sin goods and luxury items
  • There is a special rate of 3% on precious metals like gold
  • GST is covered under five legislations i.e., Central GST Act, State GST Act, Integrated GST Act, Union Territory GST Act and GST (Compensation to States) Act
  • Integrated GST, Compensation Cess and Central GST are charged by Central Government
  • All taxation policies and their implementation are based on the recommendations of the GST Council
  • The taxable event under GST is supply
  • GST Bill was introduced under 122nd Constitutional Amendment Bill, but passed under 101st Amendment Act,2016
  • Assam was the first state to ratify GST Bill but Telangana was the first state to pass State GST Bill
  • GST Council was constituted with its headquarters in Delhi. The Union Finance Minister is the Chairperson
  • State Finance Ministers are members of GST Council

Tax accounting in the United States concentrates on the preparation, analysis and presentation of tax payments and tax returns. The U.S. tax system requires the use of specialised accounting principles for tax purposes which can differ from the generally accepted accounting principles (GAAP) for financial reporting.

Depending on its size, a company may be legally required to have their financial statements audited by a qualified auditor, and audits are usually carried out by accounting firms.

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Accounting

Goods and services are divided into five different tax slabs for collection of tax – 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. In addition a cess of 22% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products. Pre-GST, the statutory tax rate for most goods was about 26.5%, Post-GST, most goods are expected to be in the 18% tax range.

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