Tax Jobs in Mumbai

Market context

Goods and Services Tax (GST) is a multi-stage, destination-based consumption tax levied on the supply of goods and services. It replaced multiple indirect taxes like excise duty, service tax, and VAT, streamlining the indirect tax structure in India.

India's GST regime, effective since July 1, 2017, operates with a dual GST model where both the Central and State governments levy tax on the same supply. Key rates include 5%, 12%, 18%, and 28%, with some goods and services being exempt or zero-rated. GSTIN registration is mandatory for businesses exceeding specified turnover thresholds (e.g., ₹20 lakhs for services, ₹40 lakhs for goods in most states, with lower thresholds for special category states). Compliance involves monthly or quarterly filings (GSTR-1, GSTR-3B) and annual reconciliation (GSTR-9, GSTR-9C) with the Goods and Services Tax Network (GSTN).

Regulatory timeline

• 2024-03-01Clarification on GST applicability on services by directors and certain RCM provisions.Implemented
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• 2023-08-01Introduction of mandatory e-invoicing for businesses with turnover above ₹5 Crore.Implemented
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• 2023-07-1150th GST Council Meeting recommendations, including clarification on ISD and RCM.Implemented
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Skills & tools