GST

GOODS AND SERVICE TAX

Goods and Services Tax (GST) is applicable in India from 1st July 2017. GST return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period.

GST REGISTRATION

GST Registration is the process of registering with the Goods and Services Taxes (GST) Department and is a crucial step for any business. A business with above Rs.40 lakh turnover in case of sale of goods and Rs. 20 lakh turnover in case of service business shall register itself as a normal taxable entity. The government takes non-registered businesses seriously and levies heavy penalties based on their tax evasion period.

DOCUMENTS REQUIRED FOR GST REGISTRATION

The GST registration documents vary depending on the type of business people want to register for. However, the general documents that every business needs to submit for the GST registration process are as follows,

Permanent Account Number (PAN) Card.
Passport Size Photograph of proprietor.
Aadhar card of proprietor.
Phone Number/ Mail ID for proprietor.
Address proof of business premises (Sale deed, Rental Agreement, Electricity Bill & Property tax receipt).
Bank Statement or Cancelled cheque or Passbook.
A GPS map picture of the proprietor with name board of the entity with address installed at the place of business. The address on the GPS picture should match with address of the place of business mentioned for registration.

For private limited company/OPC/LLP/Partnership Firm, one must include these documents with their GST registration application.

Certificate of Incorporation in the case of Company, OPC, or LLP.
Partnership Deed in the event of a partnership firm.
MOA & AOA in case of Private Limited Company with seal and sign on all pages.
ID proof & Address proof of partners/ directors.
Opening page of a bank statement held in the name of the business or the partner/director.
Letter of permission or a board resolution.

RETURN FILING – MONTHLY & QUARTERLY

We help in ensuring compliance with GST Act requirements of filing of regular monthly and quarterly returns. The various returns under GST are as follows:

GSTR-1 – Details of outward supplies of taxable goods and/or services effected
GSTR-1A – Return for reporting amendments or increase in sales within the same month. It can be filed after GSTR-1 and before GSTR-3B return.
GSTR-2A/2B – Details of inward supplies of taxable goods and/or services effected claiming input tax credit. We also handle IMS (Invoice Management System) compliances for selecting and rejecting applicable invoices in order to facilitate filing of GSTR-3B.
GSTR-3B – Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax.
CMP-08 – Quarterly Return for composition tax payers

ANNUAL RETURN FILING

We undertake complete analysis and reconciliation of monthly returns to meet GST annual return filing requirements. The following are the annual returns filed

GSTR-4 – Annual Return to be filed by composition scheme taxpayers within 30th April of the next financial year.
GSTR-9 – Annual return to be filed by 31st December of the next financial year by all businesses with a turnover of above 2 crores in addition to the Monthly/Quarterly return filed on a regular basis.
GSTR-9C – Reconciliation statement to be filed by taxpayers with a turnover of more than 5 crores by 31st December of the next financial year.

GST AUDIT

Every registered person whose turnover exceeds Rs.2 Crore during a Financial Year should get their accounts audited as per Section 35(5) of CGST/SGST Act read with Rule 80(3) or CGST/SGST Rules 2017. We undertake GST Audits to help comply with regulatory and legal requirements under the GST Acts and under Form GSTR 9C.

GST RECONCILIATION AND CREDIT MATCHING

Annual and month wise reconciliation of filed GST Returns with accounts including the following:

Reconciliation of GSTR-1 & 2B with GSTR 3B and GSTR 9 annual returns
Reconciliation of consolidated GSTR-1 & 2B with Sales and purchases as per books
Reconciliation with actual tax payments, GST challans and monthly payable as per returns filed

E-INVOICING

From August 1, 2023, generating e-invoices has been made mandatory for organizations with an annual turnover exceeding Rs.5 Crore. The threshold limit of 5 Crore is a significant step towards standardizing the invoice generation process and ensuring better compliance. We provide e-invoice services for our clients to ensure compliance in e-invoicing sales invoices, debit notes, credit notes, etc.

E-WAY BILL

EWay Bill is an electronic way bill for movement of goods which can be generated on the eWay Bill Portal. Transport of goods of more than Rs. 50,000 (Single Invoice/bill/delivery challan) in value in a vehicle cannot be made by a registered person without an eway bill. If the distance is less than 200 km then the validity period will be one day. For every additional 200 km thereafter, the validity extends by an additional day. We provide e-way billing services to our clients to facilitate movement of goods for the seamless operation of their business.

SEZ UNIT

Special Economic Zones (SEZ) are designated areas that are set up to promote exports and generate employment. SEZ units and developers are required to register for GST in India before that they must obtain SEZ registration from the concerned authority. We provide the following GST services related to SEZs:

Obtaining GST registration for SEZ unit.
Filing of returns.
Processing refund requests and securing refund.

LETTER OF UNDERTAKING (FOR EXPORTS/SEZ)

Letter of Undertaking is a mechanism offered by the government under GST to make it easier to export and encourage exports. Under GST regime, the exporter can:

Export without payment of tax
Export along with tax payment and claim refund later
Examples of transactions where LUT can be used:
Zero-rated supply to SEZ without payment of IGST
Export of goods to a country outside India without payment of IGST
Providing services to a client in a country outside India without payment of IGST
We provide LUT to clients who wish to expand their business to global markets and enable exports in a hassle free manner. We also offer LUT renewal services every year in order to facilitate smooth import/ export transactions.

GST REFUNDS

Refund claims can be made for the following cases under GST:

Refund of excess Balance credit in Cash Ledger
Refund of ITC on Export of Goods & Services without payment of Tax
On account of supplies made to SEZ unit /SEZ developer (without payment of tax)
Refund on account of supplies to SEZ unit /SEZ developer (with payment of tax)
Export of services with payment of tax or excess payment of tax
On account of refund by supplier of deemed export.

We process GST refund requests and provide timely follow-up until our clients receive their refund amount.

ATTENDING TO NOTICES

In case if any notices are issued by the GST department or if there are any proceedings against the business, we undertake complete analysis of the issue and provide professional consultancy. We also represent the client in attending to proceeding related matters both online and in person.