Value Added Tax (VAT) Services

GST is a broad based and a single comprehensive tax levied on goods and services consumed in an economy, GST is levied at every stage of production-distribution chain with applicable set offs in respect of the tax remitted at previous stages, It is basically a tax on final consumption. To put a single place, GST may be defined as a tax on goods and services, which is leviable at each point of sale or provision of service, in which at the time of sale of goods or providing the services the seller or service provider may claim the input credit of tax which he has paid while purchasing the goods or procuring the service.

It is seen as panacea for removing the ill-effects of the current tax regime, prevalent in the country. If adopted and implemented.GST may neutralize the existing problem of taxes being levied on top of taxes.

This system is basically designed to simplify current level indirect tax system. It integrate the union excise duties, custom duties, service taxes and state VAT into single levy known as GST. GST may be rightly termed as national level VAT on goods and services with only one difference that in this system not only goods but also services are involved and the rate of tax on goods and services are generally the same.

Value Added Tax Consultancy (VAT)

We also offer VAT consultancy services. Value added tax (VAT), or goods and services tax (GST), is a tax on exchanges. It is levied on the added value that results from each exchange for example sales. However it is different from the sales tax because a sales tax is levied on the total value of the exchange. VAT is neutral with respect to the number of passages that there are between the producer and the final consumer. A VAT is an indirect tax and is collected from someone other than the person who actually bears the cost of the tax. The customer pays for it but is collected from the seller. To avoid double taxation on final consumption, exports (which by definition, are consumed abroad) are usually not subject to VAT and VAT charged under such circumstances is usually refundable.

Value Added Tax is a multi point sales tax with set off for tax paid on purchases. It is basically a tax on the value addition on the product. The burden of tax is ultimately born by the consumer of goods. In many aspects it is equivalent to last point sales tax. It can also be called as a multi point sales tax levied as a proportion of Valued Added.

The Consultancy Services offered include:

• Assistance in Registration procedures
• Assistance in maintenance of Records and Registers
• Assistance in Monthly and Annual Returns
• Staff Training
• Advice on Accounting
• Consultancy on Retainer-ship
• Assistance in claiming VAT input credits
• Assistance in approaching the Commissioner to seek appropriate relief
• Assistance in claiming VAT input credits

Solutions

• VAT registration
• VAT return Filing
• VAT E-filling
• VAT Audit Report
• VAT Assessment
• VAT Appeals

Indirect Tax (VAT or GST)

VAT, GST Sales & Use Tax, and other transactional taxes are broadly based taxes on transactions, and liability will arise regardless of profitability. Failing to account for these taxes correctly can have a significant impact on business costs and cash flows. Deloitte specialists work with both businesses and the public sector.

Deloitte can help with timely planning and the application of technology-based compliance management solutions, thereby helping to reduce costs, reduce risk, and increase the confidence that nothing has been missed.

G.S.T & Value Added Tax

Value Added Tax is a multi point sales tax with set off for tax paid on purchases. It is basically a tax on the value addition on the product. The burden of tax is ultimately born by the consumer of goods. In many aspects it is equivalent to last point sales tax. It can also be called as a multi point sales tax levied as a proportion of Valued Added.

The firm has diverse VAT and GST experience with extensive interactions with both the Central and the State Governments in India.

The Goods and Services Tax (GST) is slated for introduction in India in April 2010. The GST is seen as the single most important tax reform initiative in India since independence. The GST is proposed to apply to both goods and services, covering virtually all sectors and industries. It will replace the complex system of levies on goods and services at the Central and State levels.

Broadly for taxation purpose , sales can be divided into:

• Sales within a state (known as ‘Intra state sales' or ‘Local sales')
• Sales from one state to another state within the domestic boundaries of India (Known as ‘Interstate sale' or ‘central sale')
• Sales in the course of export from or import into India.

While the VAT on first head i.e. Local sales , is levied by the state government as per their respective VAT laws, taxability of inter-state sale under second head is with in the preview of central government.

Delhi VAT has become applicable since 1.4.2005: Every trader , manufacturer or dealer who has achieved the specific turnover is required to get themselves registered with the VAT authorities.

For traders / manufacturers in Delhi, provide following services:

• How to get registration under Delhi VAT act?
• Exempted sales
• Know your Ward/Assessing officer.
• Rate of VAT tax under DVat.
• Taxability of Sales of Fixed assets
• Summary Assessment
• Regular assessments
• Appeal, revision and rectification of order.
• Amendment in registration certificate.
• Refund of tax.

Value Added Tax (VAT)

• Getting Sales Tax Registration under Central Sales Tax Act and Delhi VAT
• Consultancy on matters related to Sales Tax including Tax planning
• Preparation of VAT (Value Added Tax) returns
• Filing of Electronic/Manual VAT returns
• Help in obtaining statutory forms
• Liaison with VAT authorities Getting Sales Tax Assessments done
• Filing and pleading appeals wherever necessary
• Consultancy on matters related to Delhi Works Contract Tax Act 1999

VAT

• Assess applicability of different taxes
• Registration under various laws
• Tax Planning, Compliance and advisory Services
• Providing Updates on significant changes in law
• Tax audit under relevant Statutes
• Risk assessment on a continued basis
• Providing clarifications and opinions on issues
• Conducting introductory and advanced training
• Vetting of various returns / reports prior to filing
• Tax Representation before Authorities
• Appellate / Legal Services
• Advise on Maintenance of records
• Tax impact analysis
• Internal audits for tax compliances
• Assistance in claiming input tax credit
• Assistance in furnishing tax returns and claiming refunds
• Advice on the legal aspects of VAT
• Rendering advice on the wide range of issues in relation to tax invoices and retails invoices
• Internal Audit and Compliance Reviews
• Yearly VAT Audit as per VAT Act.

What Rajput Jain & Associates Offers

We also offer VAT consultancy services. Value added tax (VAT), or goods and services tax (GST), is a tax on exchanges. It is levied on the added value that results from each exchange for example sales. However it is different from the sales tax because a sales tax is levied on the total value of the exchange. VAT is neutral with respect to the number of passages that there are between the producer and the final consumer. A VAT is an indirect tax and is collected from someone other than the person who actually bears the cost of the tax. The customer pays for it but is collected from the seller. To avoid double taxation on final consumption, exports (which by definition, are consumed abroad) are usually not subject to VAT and VAT charged under such circumstances is usually refundable. Value Added Tax is a multi point sales tax with set off for tax paid on purchases. It is basically a tax on the value addition on the product. The burden of tax is ultimately born by the consumer of goods. In many aspects it is equivalent to last point sales tax. It can also be called as a multi point sales tax levied as a proportion of Valued Added

The Consultancy Services offered include:

• Assistance in Registration procedures
• Assistance in maintenance of Records and Registers
• Assistance in Monthly and Annual Returns
• Staff Training
• Advice on Accounting
• Consultancy on Retainer-ship
• Assistance in claiming VAT input credits
• Assistance in approaching the Commissioner to seek appropriate relief
• Assistance in claiming VAT input credits