GST

GOODS AND SERVICE TAX

Goods and Services Tax (GST) became applicable in India from 1st July 2017. Under the new GST regime, nearly 1.4 crore businesses in India have obtained GST registration. All entities with GST registration are required to file GST returns every month. GST return filing is mandatory for all entities with GST registration, regardless of business activity, sales, or profitability during the return filing period. Hence, even a dormant business with GST registration must file GST returns.

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. It ensures that the company can offer its products to customers complying with the tax laws of the country. A business with turnover above Rs. 40 lakh in the case of sale of goods and Rs. 20 lakh in the case of service business must register itself as a normal taxable entity. Online GST registration can be a tedious process. Thus, those who fall under the GST Registration eligibility must complete the process as soon as possible. The government takes non-registered businesses seriously and levies heavy penalties based on their tax evasion period.

DOCUMENTS REQUIRED FOR GST REGISTRATION

The documents required for GST registration vary depending on the type of business. However, the general documents needed for the GST registration process are:

Permanent Account Number (PAN) Card
Passport Size Photograph
Aadhar card
Phone Number/ Mail ID for proprietor/partner/director
Address proof of business premises (Sale deed, Rental Agreement, Electricity Bill)
Bank Statement or Cancelled cheque or Passbook

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 a Limited Liability Company, an OPC, or an 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
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 ensure compliance with GST Act requirements for filing 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-2A/2B – Details of inward supplies of taxable goods and/or services effected claiming input tax credit
GSTR-3B – Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of the amount of tax.
CMP-08 – Quarterly Return for composition taxpayers

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 by 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 includes 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

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

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
On account of refund by supplier of deemed export
Excess payment of tax

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.