India, being a federal country, has adopted a dual GST model to cater to the diverse interests of its states. This approach divides the power to tax various transactions between the Union and the States and is characterized by a four-rate structure designed to accommodate varying state requirements.
The government has actively addressed challenges faced by trade and industry during the transition, resulting in numerous exemptions and concessions within the evolving GST framework.
Our GST services go beyond basic compliance. We benchmark your tax position against industry standards and competitors while reviewing internal controls and accounting systems to identify operational and financial improvements.
This enables us to uncover actionable insights—such as faster receivables cycles, optimized stock levels, streamlined order fulfillment processes, and improved cash flow through strategic tax planning.
Historically, India’s taxation system divided taxing powers between Central and State governments. This extended to indirect taxes such as excise duty, service tax, sales tax, and VAT.
The result was multiple tax rates, complex compliance requirements, and non-creditable taxes, leading to double taxation and artificial inefficiencies within businesses.
The landmark GST reform implemented in July 2017 replaced this complex web of taxes with a unified regime. Although India’s GST system remains relatively intricate, it has largely achieved tax neutrality, allowing businesses to focus on core operations rather than tax structuring.
Like any evolving tax system, GST faces unresolved challenges, including transition procedures, treatment of intangible assets, anti-profiteering provisions, exemptions in backward areas, classification disputes, refund mechanisms, input tax credits, tripartite contracts, loyalty programs, trade promotion schemes, and securitization- related complexities.
In a rapidly evolving GST landscape, partnering with our experienced team ensures your business remains compliant, agile, and positioned for growth. We understand the nuances of GST and provide tailored solutions aligned with your specific business needs.
Embrace the GST era with confidence—our experts are here to guide you through its complexities and help unlock new opportunities.