GST
GST is the biggest tax reform in India, tremendously improving ease of doing business and increasing the taxpayer base in India by bringing in millions of small businesses in India. By abolishing and subsuming multiple taxes into a single system, tax complexities would be reduced while tax base is increased substantially. Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to obtain GST registration. Entities without GST registration would not be allowed to collect GST from customer or claim input tax credit of GST paid or could be penalised. Further, GST registration is mandatory once an entity crosses the minimum threshold turnover of starts a new business that is expected to cross the prescribed turnover.
As per the GST Council, entities in special category states with an annual turnover of Rs.10 lakhs and above would be required to obtain GST registration. All other entities in rest of India would be required to obtain GST registration, if annual turnover exceeds Rs.20 lakhs. There are also various other criterias, that could make an entity liable for obtaining GST registration - irrespective of annual sales turnover (Criteria for GST registration is provided below). Entities required to obtain GST registration as per regulations must file for GST registration within 30 days from the date on which the entity became liable for obtaining GST registration.
Our Services
- Reviewing the accounting data of the client and check for GST compliance as per the tax laws
- Filing GST returns as well as all periodic returns under other tax schemes. Collecting relevant data, review of annual returns, certifying reconciliation statements, and keeping clients updated on GST amendments.
- Determining the inputs, input services and capital goods on which taxes have been paid and credit of which are eligible to be taken and determining the reversals of input tax credit availed as per GST laws.
- Determining the applicability of reverse charge mechanism.
- Intimation for payment of taxes as per output liability of the clients.
- Filing of Annual Return in Form GSTR-9 or in other relevant form as per the status of the taxpayer.
- Preparing refund claim as per statutory requirement, filing refund claim with department and making follow up, representation in case refund claim rejected.