Goods & Service Tax (GST)
GST means Goods and Service Tax, is the new buzz across the country today. Everyone is interested in knowing the impact that the new GST law will have in their day to day life and also to our economy. GST is being widely debated by economists, business leaders, industrialists, tax professionals and the general public at large. It is being considered as the biggest tax reform in India’s 70 year history as an independent nation.
GST has subsumed the majority of indirect taxes of our country (like Excise Duty, Service Tax, VAT, Central Sales Tax etc.). The GST registration has to be obtained if the turnover of the business is more than Rupees 20 lakhs in a Financial Year.
Customs duty is a kind of indirect tax which is levied on goods of international trade. Duties levied in relation to imported goods are referred to as import duty and duties levied on the export goods are called export duty.
Customs duty is a duty or tax, which is levied by Central Govt. on import of goods into, and export of goods from, India. It is collected from the importer or exporter of goods, but its incidence is actually borne by the consumer of the goods and not by the importer or the exporter who pay it.
The rates of customs duties are either specific or on ad valorem basis, that is, it is based on the value of goods. The value of imported goods shall be the as per the valuation rules applicable.
We provide the expertized services for the organizations to be in compliant with the Customs Act, 1962.
Following are the services provided under GST –