Pros and Cons of GST in India

GST - Goods and Service Tax, as we all understand, is applicable on purchase of a good or service. The tax application has replaced all other indirect taxes. Numerous taxes levied by Central and State Government are now replaced by a single law. The GST is applicable to manufacturer, seller as well as consumer. GST consultants in Delhi are aware of changes and implication and are ready to help you with doubts. 

Understanding the benefits of GST

Transfer of tax liability

Indian tax system is one of the most complicated one compared to other countries. It has left quite a cascading effect. Since the tax liability was given to every next person in transaction cycle, it led to a significant increase in price of a good or service. GST has come as a solution to the same, and the burden of tax is now on the consumer. The industry can hence have a better control on funds and maintain a better cash flow. The elimination of transfer of tax liability is the biggest pro of GST bill.

Better control on tax evasion

Taxes can be complicated. The input tax, as per the law, is creditable to service provider only if the same is mentioned in their return. This ensures that the supplier is honest at the time of filing tax returns.

Better transparency

In order to utilise the benefits of GST, one needs to share all information in their paperwork. A retailer registered cannot have hidden costs. To become a registered retailer and avail these benefits, you can consult a top ca in West Delhi.

Better support to small business

Reduction in tax liability has made way for small companies to join the business league. There are many schemes under the GST bill that are fruitful for small companies.

Better threshold with GST

With VAT system, any company with a turnover of more than 5 Lakh had to pay due taxes. The threshold is now 20 Lakh, making it easier for small businesses to operate.

Understanding the Cons of GST?

High cost of operations

One of the biggest disadvantage of GST is the high operational cost of business. This is due to excessive training required for employees to help them understand GST. You can however simplify this by the help of GST consultants in Delhi.

Need for GST consultant in Delhi for every invoice

GST has made it easy for small businesses to become independent and successful. But it also needs them to have GST implementation for every invoice. This compliance needs them to have a professional on board all the time.

Decrease in tax exemption

The tax exemption is now decreased from 1.5 crores to mere 20 lakhs. This is not a good news for many indigenous manufacturing companies.

GST returns have to be filed online

While this may not bother a lot many of us, it is still a drawback for many people. The earlier taxes were done manually. it was easy for small business owners, many of whom were not very tech savvy. The online system needs you to upload invoices, this might be difficult for many people. If you are facing the same issue, you can get in touch with a ca in Janakpuri to help you file returns.

While it is a good idea to weigh the pros and cons of GST, it is something you cannot escape. The GST law is not complicated, but sure needs a thorough understanding. If you are new in business or GST seems confusing to you, GST consultants in Delhi are just a call away.

Call to action:

If you still have queries about the GST bill or its return filing, you can contact GST consultants. www.manishanilgupta.com are reputed advisors for GST return filing and registration.

Source:https://www.prlog.org/12822054-pros-and-cons-of-gst-in-delhiindia.html

Need a financial service? Hire the best CA firm in Janakpuri

You will find numerous reputed CA firms in your locality, that offers services in various fields like accounting, auditing, Information Technology (IT), Strategic Management, financing and taxation services. Further, it’s rare that such firms also offer two important registration services, namely Company Registration in Delhi and Society Registration in Delhi.

Why hire a firm?

In recent times of increasing globalization, there has also been a rapid increase in the demand of the accountancy of profession. Further, the Chartered Accountants are responsible for adapting to the various changes in the economy of the country with their substantial contributions.

Considering the broad aspect in the area of Chartered Accountancy few of the prominent services provided by the top Chartered Accountant firms.

Accountancy:

The chronological order of accountancy is:

1. Source document: It is a document that captures data from transaction and events happening in a firm within a specific period.
2. Journal: The transactions are further recorded into a journal from the source document.
3. Ledger: Further, the transactions are posted on the company’s ledger from journal entries.
4. Unadjusted Trial balance: There is a preparation of unadjusted Trial Balance with respect to all the ledger accounts in a firm.
5. Adjustments: The relevant adjustment entries are passed following the preparation of unadjusted Trial Balance.
6. Trial Balance: The finalized Trial Balance is prepared, post the recording of relevant adjustment entries.
7. Closing entries: All the appropriate closing entries are passed which are required to constitute the financial statement of a firm.
8. Financial statements: After following all the procedures as mentioned above, a Chartered Accountant prepares a financial report of a company which reflects all the financial transactions of a company in a particular period.

Management Accounting:

This field is also one of the most extensive domains in the profession of a Chartered Accountant. Subsequently, you will observe a CA firm offering various services in this field like performance evaluation, maintenance of working capital, day to day control, Cash flow statements; Funds flow statements, formulation of policies and much more. 

Few other kinds of services provided by a CA firm are services of Auditing, Management Consultancy, Companies Secretarial Work, Directorship etc. You will even find a GST consultant in Delhi working with the top firms. So no matter which financial service you are looking for, make sure to reach out toManish Anil Gupta & Co,the most reputed CA firm in Janakpuri!  

Source: http://prsync.com/manishanil-gupta/need-a-financial-service-hire-the-best-ca-firm-in-janakpuri-3293416/

Advantages of the Goods and Service Tax

GST has ensued a milestone reformation in the Indian tax system, replacing other Indirect taxes in the country. Abbreviation for Goods and Service Tax, the Indirect Tax came into effect on 1st July 2017, a follow-up post the passing of the GST Act in the parliament on 29th March 2017.

Applied on the supply of goods and services, the Act states that GST is a “comprehensive, multi-stage, destination-based tax levied on every value addition.” 

Advantages of the Goods and Service Tax

The reformation was brought forth by the government to eliminate the intricacies of the legacy tax system and refine it to be economically beneficial to big and small businesses alike, not to mention the overall tax-paying population of the country through a unified tax system.

GST has successfully eradicated the cascading effect that the old tax on the tax system had on the sale of goods and services, bringing down the cost of the same.

Bifurcation within the Goods and Service Tax

There are three applications within the GST, which are:

CGST – It is collected on any intra-state trade transaction by the Central Government

SGST- It is collected on any intra-state trade transaction by the State Government

IGST – It is collected on any inter-state trade transaction by the Central Government

GST is majorly digitized as everything from registration and return filing to any other responses takes place through the GST Portal, streamlining the process making it as seamless as possible.

Our organization offers you an all-inclusive CA-assisted GST registration and filing with a dedicated professional to process your GST registration with end-to-end support. We maintain a highly secured protocol to safeguard client information ensuring zero breaches of trust.

Also, read more info about the NGO Registration in Delhi, Company registration in Delhi & Audit firm in delhi

Importance of Hiring a CA & Audit Firm in Delhi for Your Business

Most business owners carry this notion that the need for an audit firm in Delhi comes once a year, around the time for tax filing and returns. It is a majorly flawed general belief, as tax filing might be one of the common reasons to hire a CA but there’s a lot more to the professional’s job role. Hiring a reputed CA firm has proven to be beneficial for business growth and mitigating financial risks and issues. A qualified and experienced chartered accountant is an asset to business organizations big and small alike.

Advantages of Hiring an Audit Firm in Delhi

There are myriad reasons why a business owner might need to consult a chartered accountant from time to time. Here are a few ways in which they can help you:

Assistance

Chartered accountants come with extensive knowledge about the financial policies and the intricacies that come with it. If you are starting your business or launching your line of products you need help with trademark registration in Delhi, which is usually a tedious and time taking process. However, with assistance from a CA, the process becomes seamless and less complex.

If you are looking for a GST consultant in Delhi for registration or other purposes, a CA firm suffices that job role as well, as they offer help by supervising all online processes related to GST registration and filing, etc. There are other areas in business as well where a CA can assist in the smooth running of operations.

Financial Advice

Owing to their keen and in-depth knowledge of market conditions and economics, chartered accountants can provide a business owner with excellent financial advice. It can help you save money in a bearish market, not to mention strategize long-term financial and investment plans for the growth of the business. They can prevent you from making bad business decisions and make sure that your revenue flow remains uninterrupted.

Accuracy is Everything Financial

Although audit firms are known for their tax filing services, many small business owners avoid hiring one to save money. That equals putting the business in jeopardy, as a single error can cost a lot more than hiring an audit firm. Getting professional help for income tax return filing in Delhi ensures that full accuracy of figures and documents are maintained so that no issues crop up from filing errors.

If you are looking for a reliable CA firm in Delhi, then Janakpuri based Manish Anil Gupta & Co. is the ultimate choice for quality accountancy and other services.

Their plethora of service offerings includes company registration, GST, and trademark consultation along with other financial, tax, and accounting services with guaranteed client satisfaction.

Source: http://prsync.com/manishanil-gupta/importance-of-hiring-a-ca--audit-firm-in-delhi-for-your-business-3290774/

Learn to read a P&L Report

Business is nothing but a cluster of many different tasks. If you have just entered the business market, you may find a lot many tasks which are cumbersome. One of such tasks, often loathed by many business tycoons too, is finance. No matter how much you hate handling finances, they cannot be taken for granted. Thankfully, there are many firms providing accounting services in West Delhi. They help you with many aspects of finances, like tax, balance sheet, audits and P&L accounts.

A profit and loss account is nothing but a summary of your incomes and expenses over a period. The statement is prepared often for a year. Whether you do your own finances or hire a ca in Janakpuri, it is important to know how to read the statement. This will help you understand the financial condition of your business.

To help you understand better, here are the common parts of a P&L Statement:

1. Cost of Goods sold

This is the direct cost you incur in production of goods.

2. Operating costs

These include overhead expenses that you incur in daily running of your business. These expenses may vary as per the product you deal in. Salaries, marketing costs and rent are some common inclusions.

3. Sales

As the names suggests, this means the revenue received from selling the goods. The goods here mean only the product you are dealing in.

4. Gross profit or gross loss

The amount left after subtracting cost from revenue earned. The gross profit reflects the profitability ratio of the company.

5. Operating profit

The amount left after reducing operating expenses from gross profit. It reflects the profitability of your business after taking into account the daily expenses.

6. Other incomes/expenses

These are extra incomes or costs which are not regular in the daily operations of business. These may include an interest earned, earning from selling an old machinery etc.

7. Net profit before taxes

This is the most important component of P&L statement. It shows the profitability factor of your business after considering all expenses. The amount also includes the tax which will be paid.

8. Taxes

As the name suggests, it is the amount due for the company to pay. To know more about taxes, rebates and returns, you can consult a ca in Janakpuri.

It is vital that you are aware of profitability of your business. It is the first step towards becoming a sound businessman. The P&L statement can help you identify what led you to losses, costs going out of hand and suggest how you can improve.

It is also an essential aspect for banks and other lending institutions. A quick glance at your statement can help the banker decide whether to give you loans in future or not.

www.manishanilgupta.com is an experienced chartered accountancy firm in Janakpuri. The company is also one of the leading firm for NRI Return filing in India.

Also, Visit Audit firm in delhi, GST consultant in delhi & Company registration in Delhi 

Source: http://prsync.com/manishanil-gupta/learn-to-read-a-pl-report-3289813/

Want to serve Society Better? Read to Find How

India is a multicultural melting pot, where a large number of people belong to starkly different communities. To serve such a society, it is essential to have the process planned and legalized. You can serve the people by forming NGOs in form of societies and trusts. To form a state level society at least 7 persons are required while at national level society it required 7 person from different states, in case of Trusts a minimum of 2 persons and a maximum of 21 persons are needed. 

If you set up NGOs in form of society or trust, you should register it to make it legal. NGOs are registered mainly for the following purposes:

Promotion of Science

Promotion of Literature

Performing arts

Military orphan funds

Maintenance of libraries

Knowledge

Grant for charitable assistance

Maintenance of museums and galleries

Performing Charitable Activities

Any other cause approved by Government

If you want to register your society, you should also know about the benefits and importance of getting your society registered under the Societies Registration Act, 1860:

It gives legal status to your society

It is an essential prerequisite for opening bank accounts

You can lawfully vest properties of your society

Your society is recognised before all authorities and forums

Exemption from Income Tax

Now let’s see what are the details and documents required for society registration:

Details Required:-

Name of Society

Governing Body (Minimum 7 members)

Chairman

Vice Chairman

Secretary

Treasurer

Members

Objectives of Society

Area of Operation

Email Id.

Contact No.

Registered Address

Documents Required:-

Pan Card of all members

Adhar Card of all members

Office Address Proof

Property Paper along with any one from below

Electricity Bill (if owned)

Rent Agreement with Electricity Bill (if taken on rent)

Memorandum of Association with the clauses of work and objectives of the society

Articles of association with the following information:

Rules and regulations of the society and membership requirements

Details of the meetings

Details about the auditors

Forms of arbitration

Processes of dissolution of the society

A covering letter signed by the founders of the society stating the purpose of formation of the society.

Declaration by the president of the society about his willingness.

There are some differences between society registration and trust registration. Society registration is done under the Society Registration Act, 1860 and a trust registration is done under the Indian Trusts Act, 1882. A trust requires at least two trustees, whereas a society requires seven or more members.

The benefits of registering your trust under the Indian Trusts Act, 1882 are as follows:

You will be eligible to get grants from the government.

You will be eligible to get the 80G certificate benefit under the Income Tax Act.

Recognition/Affiliation from any University / Organization

Now let’s see what are the details and documents required for trust registration:

Details Required

Name of Trust

Objectives of Trust

Mobile no and Email id

Constitute of Board of Trustees (Designation of members)

Documents Required

Two photos of SETTLOR as well as Trustee

Address Proof- Aadhar Card of all Members

Office Address Proof

Electricity Bill (if owned)

Rent Agreement with Electricity Bill (if taken on rent)

Physical presence of Settlor/all (at the time registration) with original ID (i.e. Aadhar Card)

Two witness with original ID proof (i.e. Aadhar Card at the time registration)

For all of the above requirements like NGO registration in Delhi, Society registration in Delhi or Trust registration in Delhi you can contact Manish Anil Gupta & Co. (Chartered Accountants) which is a reliable name in Industry & worth a try. 

Also, read more info about the NRI Return filing in India, Tax consultants in delhi and GST consultant in delhi

Source:http://prsync.com/manishanil-gupta/want-to-serve-society-better-read-to-find-how-3285342/

Read on to find out how to decrease your tax liability

Input credit can be defined as that amount of taxes which can be waived off in outputs if previous taxes were paid on the inputs. It is a mechanism you can avail of if you are a manufacturer, agent, supplier, aggregator, or e-commerce operator covered under the GST Act.

The main benefit of claiming Input Tax Credit is that it reduces your tax liability. There are other advantages too. Without the input tax credit, there would be a tax on tax, which would defeat the purpose of implementing the GST Act. 

Eligibility for claiming Input Credit

Your tax invoice is compliant with the Goods and Services Tax.

You have already received the goods or services or both.

In the case of receiving goods in instalments, input credit can be claimed after receiving the last lot.

Input credit cannot be availed if you have claimed depreciation on the tax part of the cost of your capital goods.

The invoice has been uploaded to the GSTN by your supplier.

GST has been paid to the government by your supplier.

Your supplier has filed the GST returns.

To get input credit, you have to claim it within the stipulated time limit.

Input credit is only available to you if your supplier has also paid GST. Hence, when you make a claim, it will be matched and validated before you receive the benefits. Also, to claim input credits, your supplier has to be GST compliant too. One can consult a Tax consultant in Delhi to make this job easier and to avoid all hassles.

Documents required for claiming Input Tax Credit

The invoice issued by your supplier

Invoice issued by you, when you receive goods and services from an unregistered business.

The debit note issued by your supplier, if the tax charged in the invoice is less than the tax payable.

A Bill of Entry, in case of imports.

A Credit Note or invoice issued by the Input Service Distributor.

A Bill of Supply issued by a dealer, exporter or supplier of exempted goods.

However, you should also be careful so that your input credit benefits don’t get reversed.

The conditions in which it might get reversed are:

Personal use of goods and services and/or capital goods.

Failure to pay your supplier within 180 days of issue of the invoice.

Use goods and services for the production of exempted supplies.

Selling plants and machinery and capital goods.

Transfer to composite levy from GST.

Cancellation of business registration.

For carrying out the above tasks, you can contact any GST consultant in Delhi. Manish Anil Gupta & Co. is a leading audit firm in Delhi.

Also, read more info about the Trust Registration in Delhi and Company registration in Delhi 

Source:https://www.prlog.org/12819095-read-on-to-find-out-how-to-decrease-your-tax-liability.html