Indirect Tax Service

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Need for Service tax Compliance and Assistance

Service tax is, as the name suggests, a tax on Services. It is a tax levied on theservices specified by the Central Government under theFinance Act, 1994. It is an indirect tax (akin to Excise Duty or Sales Tax) which means that normally, the service provider pays the tax and recovers the amount from the recipient of taxable service.

The Growth story of service tax as a revenue collection tool of the Central Government is absolutely breathtaking. In a span of 20 years from the year 1994-95 the collection of service tax has risen from a mere Rs. 410 Crores to Rs. 97509 crores in the year 2012-13 showing tremendous growth in revenue collection and also the wide spread applicability of the same.

For Service Provider

Every person providing services for consideration whose value of service exceeds `.10 lacs is required to collect the service tax and make the compliance.

For Service Receiver

And now a day if you are specified person and taking the specified services then being service receiver you are also liable to pay service tax which is popularly called as “Reverse Charge Mechanism (RCM)”.And there is no `. 10 lacs exemption available to such service receiver.

How our Service can Assist

  • Transaction structuring and planning for Service Provider
  • Transaction structuring and planning for Service Receiver to avoid RCM
  • Design and Implement the account system so to derive the tax data easily
  • Registration (including Centralized Registration)
  • Filing of half Yearly Returns
  • Handling Service tax Audits
  • Compliance to Show Cause Notice

Useful Links

Need for VAT Compliance and Assistance:

VAT is the short form of Value Added Tax. VAT is the tax that has replaced the earlier levy of Sales Tax. Under the earlier first point system of levy of tax, the manufacturer or the importer of goods into the State was liable to sales tax. There was no levy of sales tax on the further distribution channel. VAT, in simple terms, is a multi point levy on each of the entities in the supply chain with the facility of set off of Input Tax i.e., the tax paid at the stage of purchase of goods by a trader and on purchase of raw materials by a manufacturer. i.e., only the value addition in the hands of each of the entities is subject to tax.

When VAT registration is required?

  1. If a person has started new business and the turnover exceeds Rs. 5 Lakhs along with taxable turnover of Rs. 10,000/- the application is to be made within 30 days from the date of exceeding the turnover.
  2. In case any person wants to apply for registration whose turnover is below Rs.5 lakhs, he can apply for voluntary registration U/s.22 of GVAT by depositing a sum of Rs. 25,000/- in to Government treasury which deposit is adjustable towards future tax liability.

How our service will assist you

  • Registration under the GVAT and CST
  • Registration for Tax Deduction Number(TDN)
  • Classification of goods and accordingly identifying the rate of Vat
  • Advice on deduction of tax at source, works contract, Leasing & revenue Purchase (hire-purchase) etc.
  • E-filing of VAT returns
  • Helping in obtaining the C-Form, H-Form, F-Form etc.,
  • Appearing before the authorities for Assessment, etc.,
  • VAT Audit.

Useful Links