The Goods and Services Tax (GST) Model Law changes from time to time and it is important for every business to keep a keen eye over these changes. Right from understanding the core of GST to identifying changes in long/ short term contracts to review of the compliance level and finally forecasting the expected level of compliance, are a few important aspects covered under the GST Advisory provision. To ensure you do not miss on any of the compliance issues, you must hire professional help and stay fully compliant.
Important aspect of GST to notice:
Depending upon the type and nature of the goods and services there are different tax rates. The existing slabs include 5%, 12%, 18% and 28%.
•CGST & SGST
There are two parts of GST, the central component that is Central Goods and Services Tax or CGST) and a state component that is State Goods and Services Tax or SGST.