The term "corporate tax planning" encompasses the strategic structuring of business operations in order to minimize tax liabilities. Corporate tax planning activities generally seek to avoid legally triggering tax costs rather than illegally evading an existing obligation to pay taxes. Tax planning represents a forward-looking activity, as opposed to tax compliance or reporting, which reflects back on events that have already taken place. Corporations typically engage certified public accountants or tax attorneys for technical advice in this complicated area.
Do you invest in a tax-efficient manner?
What strategies are available to you to minimize taxes paid during your lifetime?
Tax management is a vital component of smart financial planning. Depending on your specific needs and wants, we will work closely with you and your accountant to help manage taxes in the following areas:
Investing: choosing tax-efficient investments while optimizing asset location and tax loss harvesting
Retirement Planning: evaluating available retirement plans, contribution limits, and conversion possibilities
Charitable Giving: creating strategies that benefit your favorite charities while also reducing your tax burden
Estate Planning: designing a strategy to transfer maximum wealth to your loved ones
All the taxes mentioned earlier are proposed to be subsumed in a single tax called the Goods and Services Tax (GST) which will be levied on the supply of goods or services or both at each stage of supply chain starting from manufacture or import and till the last retail level. So basically any tax that is presently being levied by the Central or State Government on the supply of goods or services is going to be converged into GST.
GST is proposed to be a dual levy where the Central Government will levy and collect Central GST (CGST) and the State will levy and collect State GST (SGST) on intra-state supply of goods or services. The Centre will also levy and collect Integrated GST (IGST) on inter-state supply of goods or services. Thus GST is a unifier that is going to integrate various taxes being levied by the Centre and the State at present and provide a platform for forging an economic union of the country.