Benefits of GST
No Tax on Tax – There will be no cascading effect on taxes. For eg VAT was charged on base price + excise duty. Now both CGST and SGST will be levied on base price. Reduction in prices – Due to full and seamless input credit, manufacturers or traders don’t have to include taxes as …
Which of the taxes are to be replaced by GST?
Taxes currently levied and collected by the Centre: Central Excise duty Duties of Excise (Medicinal and Toilet Preparations) Additional Duties of Excise (Goods of Special Importance) Additional Duties of Excise (Textiles and Textile Products) Additional Duties of Customs (commonly known as CVD) Special Additional Duty of Customs (SAD) Service Tax Central Surcharges and Cesses so …
What is compliance?
“Compliance” means that an individual or a group or an enterprise conforms with or obeys a set of rules or regulations determined by the law or any governing body. When it comes to a business and corporate management, compliance refers to the enterprise obeying all of the legal laws and regulations in regards to how they manage …
Importance of Compliance Services
Enterprises are often plagued with worries involving tax compliance and ensuring that all tax forms are filed and payments paid. From understanding the different taxation systems across diverse states and countries, to helping enterprises meet their tax obligations, tax compliance services can help both global and local enterprises in filing tax returns, processing checks and …
Why is Compliance necessary?
Through the correct declaration and paying on time of taxes, the enterprise ensures transparency and prevents itself from being legally prosecuted. The complexity of tax laws, the high discretionary powers of tax officials, the low cost of punishment are only some factors creating opportunities for corruption in revenue administration. An enterprise can resist bribery demands from tax officials only …
Smile and file shall provide services in the following domains
Goods and services tax. Direct Tax. Company Law filings. Payroll Management. Fixed Assets Management.