Indirect Tax
Navigating Tax Complexities with Tailored Indirect Tax Solutions!
Foreign Trade Policy (FTP)
The FTP facilitates global trade through schemes like Import Export Code (IEC) registration, mandatory for import/export businesses, and Standard Input Output Norms (SION) fixation, which streamlines input-output ratios for duty exemptions. Additionally, the Services Exports from India Scheme (SEIS) incentivizes service exporters with financial rewards based on foreign exchange earnings.
Customs
Key provisions include the Import of Goods at Concessional Rate of Duty (IGCRD), allowing lower duty rates on specified imports, and the execution of B-17 Bond, ensuring duty-free capital goods are used as per regulations.
Special Economic Zone (SEZ)
Activities include setting up and notifying SEZs, expanding their operational areas, and obtaining approvals for authorized operations like manufacturing and IT services, enabling businesses to leverage SEZ benefits.
Goods & Service Tax (GST)
Services cover GST registration, return filing, and compliance with tax collection at source (TCS). Businesses can benefit from GST refunds, the Composition Scheme for small enterprises, and annual return filings, including audits for higher turnover entities.
Support to IT/ITEs Units
IT/ITeS units are supported through state incentives, including exemptions on stamp and electricity duties. These benefits apply to SEZ, STPI, and other eligible units under state-specific IT policies.
Software Technology Parks of India (STPI)/Non-STPI/ Export Oriented Unit (EOU)
Assistance is provided in setting up new units, expanding or reducing operational areas, and ensuring compliance with STPI or EOU guidelines to optimize operational efficiency.
Erstwhile Indirect Tax Regime
VAT/CST (Value Added Tax / Central Sales Tax)
VAT is a consumption-based tax levied on the sale of goods within a state, while CST applies to inter-state sales. Under the erstwhile indirect tax regime, businesses had to deal with VAT for intra-state transactions and CST for sales between states, leading to different compliance requirements. This system was replaced by the Goods and Services Tax (GST) to simplify the tax structure.
Excise
Excise Duty was a tax levied on the manufacture or production of goods within India. It applied to both domestically produced and imported goods. The duty was collected at the point of manufacture and was a key component of the erstwhile tax regime. Excise was phased out with the introduction of GST, which merged several indirect taxes under a unified system.
Service Tax
Service Tax was imposed on services provided by businesses to consumers. It was applicable to a wide range of services but excluded certain exemptions. Businesses had to comply with service tax regulations, including registration, payment, and filing returns. Service tax was subsumed under GST, simplifying the taxation process for services as well.
Other Services
Shop Act
IEM
MSME
DIC/IT/ITES Registration
Profession Tax
MPCB
Spice Board
FSSAI
REX Registration (Registered Exporter system)
LEI Registration (Legal Entity Identifier)
Digital Signature Certificate
Start Up India Registration
