GST, the latest form of taxpaying is likely to come into activeness from 1st July 2017. Like any other city in India, Lucknow is also going to follow the terms and conditions of this taxpaying method. The tax department of the city has undergone several pieces of training and technological modifications to control the GST services in Lucknow.
The Features of the Service
Though there are the upcoming features in the guidelines of GST, still confusion persists till the service gets started. Such foreseen features are-
- No Multiple Taxation
Previously there was manifold and multi-level tax payment procedure. But now only one kind of tax has to be paid on average rating. The percentage of the tax for the different sectors is mentioned in the guideline.
- GST Registration
The businesses, which have the turnover of more than 20 lacs, they have to register their names in the GST regime.
- Centralized Payment
In this latest one, there is no dual handling of the state and central in the matter of collecting the tax. Based on this criterion, the GST services Lucknow has also been made centralized.
- More Documentation
Each detail of the business including purchase and delivery have to be updated in the online documentation files. The up gradation has to be completed till the 10th of the next month.
- Machine Based Taxpaying
In this system, the technology is the one, to whom you are going to pay the tax. It is expected that this may decrease the corruption and bribe in the process.
Based on these main features, the GST services in Lucknow are going to start its action from 1st July 2017. Though there is some confusion about this method, the government also trying the level best to make the process sustainable to all kinds of people in the business.
As the capital of India’s largest state of Uttar Pradesh, Lucknow offers a variety of facilities. With the Goods and Services Tax coming into effect on July 1, 2017, hectic preparations are ongoing. Controversies have been going on for some time regarding the usefulness of the GST system. Union Finance Minister Arun Jaitley has been the chief architect of the introduction of the GST.
Instead of separate central and state government taxes that existed earlier, GST will form a single indirect tax all over the country. The Constitution (One Hundred and Twenty Second Amendment) Act 2017 has made it official. In recent weeks the GST council has been drawing up the taxes applicable to various goods and services. GST services in Lucknow will help organizations deal with the new system.
GST is believed to be a simpler, compared to the earlier system. The single GST package will do away with several taxes that existed earlier like the excise and customs duties, services tax, value added tax etc. Similarly, octroi and inter-state levies are expected to end. Advertisement taxes, entertainment and entry taxes along with taxes on lotteries are expected to be bound together by GST.
Since GST is based on consumption, the state where goods and services are consumed receives the tax, not the state of origin. Handicrafts made in Meghalaya and sold in Karnataka means that taxes are collected by the Karnataka government.
Under GST, all transactions attract taxes, whether it is purchase, lease or sale, barter, and import of goods or services. The dual GST system means that both the Union and State Governments will impose taxes. Business within a single state will pay Central GST and that particular State GST taxes. When business takes place across states, the Central Government imposes an Integrated GST. Avail GST services in Lucknow to know all the details.
Selecting the right tax and accounting services in Lucknow can make a big difference for you and your company in more ways than just the obvious one: keeping more of your funds only to yourself.
Avoid costly audits: always make sure that your tax planning is accurate and sound. Do not try to save money by hiring tax accounting services as they will decisively save your money in the future. Professional tax services will probably guarantee your company has a sound financial accountability analysis done. This indicates smart business sense and will assist you to make an intelligent business choice based on firm accounting principles.
No doubt, hiring the inexpensive professional tax and accounting services is always tempting, but you should go for hiring the best according to your budget. All you want is a competent, sea
soned tax accountant that maintains with ever changing legislation to make certain your businesses best interests are saved. In the upcoming years, a good accounting service will keep a big portion of your money.
Below mentioned are few tips that you should consider before selecting tax and accounting services in Lucknow for your business:
- Always try to get the advice from other companies that have identical but not direct contest with your business. Find out whether they are contented with their tax and accounting services, and what aspects they deem are more useful.
- One very significant question is to ask how the agency handles its client’s audits. Does it cover the expenditures of an audit, or it passed on as added cost to you? Try to get a clear picture of fees if the firm is taking additional charges.
- Try and seek what vertical business markets the agency has served, because a big wholesale distributor business has different tax advice needs than a realtor.
- Always question to your probable tax planning specialist when he or she needs to receive your documents and receipts to file your applications without the requirement for an extension.
Last but not the least, ask what it will cost, the trick is finding the tax and accounting services in Lucknow that fits in your budget and offer full value of your money.