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GST–The Goods and Services Tax
The Goods and Services Tax (GST) is the biggest tax reform in the field of indirect taxes in India. The GST has subsumed many indirect taxes and made it easy for taxpayers as well as Govt departments to deal with tax payment and compliance.
As the GST aims at simplifying the previous tax incidences on a transaction, it also comes with certain mandatory compliance as well. All such returns are to be filed online and also need a close monitoring for omission, availing and utilization of eligible Input Tax Credit. Further, system based notices are expected in the GST regime. In India, it is challenging to have a good accountant with expert knowledge in GST law and also with an ability to respond to various situations like mistakes, non-compliance by supplier etc.
As compared to the previous tax laws, GST however offers transparency. Non-compliers will have adverse impact on businesses as it could easily be seen on the GST portal regarding the compliance status of a taxpayer.
GST regime has brought many challenges along with simplification. In India there is a model of GST which has three different types of GST. This is first of such kind in all over the world. In other countries, there is only two different types of GST. So it becomes necessary for everyone to understand the peculiar features of each of the GST types such as IGST, CGST and SGST.
Compliance to such as acts however in some returns although the Imput Tax credit mechanism and payment mode change.
We, at Prorandum Ventures LLP, makes it even easier and perform all the tasks on behalf of you, from GST Registration to Expert Opinions.
OUR SERVICES
Prorandum LLP a multi-disciplinary services organization and offer a range of solutions to its clients. We focus on your requirements regarding accounts and finance and thus, provide the services which you need the most.
Our team consists of GST experts, qualified professionals like CA, CS and LLB etc. Our staff is well-trained and equipped with cutting edge skillsets to ease you out of any troublesome situation involving GST.
Teams are headed by experienced managers. Client satisfaction is the main motive for our operations.
- For GST, we provide following services:
- GST Registration.
- GST Compliance.
- GST Refund Assistance.
- GST Audit and Annual Returns.
- Valid Cancellation of a GST Registration.
- Expert Opinions on GST issues.
- GST Impact Analysis.
GST REGISTRATION
To start with GST, it important for a person to check whether he is eligible for GST or not. If he is mandatory required to take the GST registration, then it becomes important to give due consideration to the effect of GST in each and every transaction.
GST registration requirement depends on the various facts like turnover, nature of business, nature of impact of GST and mainly considering effect on working capital and profitability.
Also, while taking registration it very important to give correct details in registration application to as to avoid further queries and notices from department. Also the GST portal has certain features which need to be understood.
Deciding applicability of GST registration to you:–
GST registration as said earlier, applicable to you depending upon your business turnover, activity and also due to specific categories specified by Government of India. We help you in determining the necessity for GST registration for you.
Documents required:–
GST registration is PAN based. However there are certain other details which required to be obtained from other documents. Team Startup Services India shares a checklist to collect information and documents required for a GST registration application. In a general view following are the documents are required to apply for a GST registration.
List of documents required to apply for a registration under GST
| Sr.No. | Self-Attested Scanned copies of Documents required (Good Quality PDF/JPEG) | Proprietors/Individuals/HUF | Partnership Firm | Company/LLP |
|---|---|---|---|---|
| 1 | Proof of Constitution of Business - Firms: Copy of Partnership deed - Company/LLP: Registration Certificate of the company/LLP | ✔ | ✔ | ✔ |
| 2 | For All Partners/All Directors- - Photographs - PAN - Address | N.A | ✔ | ✔ |
| 3 | Proof of appointment of Authorized Signatory on the letter head of Company/Firm/LLP | N.A | ✔ | ✔ |
| 4 | Contact details: Mob No and Email ID – Office and Authorized person | ✔ | ✔ | ✔ |
| 5 | Proof of Principal Place of Business :- - Own Premises - Municipal Tax Paid Receipt or the Latest Electricity Bill - Rented Premises -Lease Agreement and Municipal Tax Paid Receipt/Latest Electricity Bill/NOC of land owner if no rent agreement is prepared | ✔ | ✔ | ✔ |
| 6 | Latest Bank Statement first page/ Cancelled cheque | ✔ | ✔ | ✔ |
| 7 | Whether DSC is compulsory of Authorized Person | N.A | N.A | ✔ |
| 8 | Date of Birth of Authorized person | ✔ | ✔ | ✔ |
| 9 | Top 5 Goods and/or Services provided | ✔ | ✔ | ✔ |
| 10 | Additional place of business (if any) like, warehouse, branch, sales office etc | ✔ | ✔ | ✔ |
GST RETURNS
There are certain compliances in each and every tax law. GST also has following returns required to be filed on specified periodicity. Periodicity depends on turnover of your organization during preceding financial year. The return of payment ie GSTR-3B by regular taxpayers, is however required to be filed monthly, irrespective of your turnover.
| Return | Nature | Turnover of last financial year | Periodicity |
|---|---|---|---|
| GSTR-1 | Details of all outward supplies | More than Rs. 1.50 Cr Upto Rs. 1.50 Cr |
Monthly
Quarterly |
| Monthly for all taxpayers | GSTR-3B | Summary return showing GST payment and ITC availment | No threshold on turnover |
| 3 | GSTR-1 | Details of all outward supplies | Monthly |
The due dates for the above returns are as follows:
| GST returns | Due Date |
|---|---|
| GSTR-1 | On or before 11th of the following month |
| GSTR-3B | On or before 20th of the following month |
| GSTR-4 | On or before 30th/31st of the following month after end of quarter |
Also, it is important to note the late fees for delayed filing of the returns are as follows
| Nil return (no liability, no ITC) | Late fees | |
|---|---|---|
| GSTR-1 | Rs. 200 per day (Rs. 100 CGST + Rs. 100 SGST) | Rs. 200 per day (Rs. 100 CGST + Rs. 100 SGST) |
| GSTR-3B | Rs. 20 per day (Rs. 10 CGST + Rs. 10 SGST) | Rs. 50 per day (Rs. 25 CGST + Rs. 25 SGST) |
| GSTR-4 | Rs. 20 per day (Rs. 10 CGST + Rs. 10 SGST) | Rs. 50 per day (Rs. 25 CGST + Rs. 25 SGST) |
Important :
- Late fees are subject to revision from time to time.
- Late fees are required to be paid under ‘Fees’ column only in the rows CGST and SGST.
- Incorrect payment of late fees would hold your GST return from getting filed.
GST REFUND ASSISTANCE
A GST registered taxpayer can claim refund of GST under certain circumstances like Excess balance in cash ledger, On account of Exports, Supplies to SEZ units, Excess payment of tax etc. Special consideration need to be given to these reasons for refund as the application is processed by the authorities by checking into information and documentation as applicable to these causes.
GST refund applications are required to be filed after due care as it may result it long-pendency or rejection of the application itself. Further, incorrect submission of refund application may not be processed by the system as well.
GST refunds result in increase in working capital for the businesses. It motivates for prompt compliance in upcoming future as well.
Government has taken various decision to ease the process of refund and also aimed at reducing time duration to issue a refund to applicant.
Regarding the refund, our experts can assist you in :
- Determining your Refund Eligibility.
- Amount of Refund claim.
- Preparation of documents required for refund claim.
- Tracking the status of your refund application.
- Preparation of documents required in case of provisional assessment.
GST AUDIT AND ANNUAL RETURNS
Like the other tax laws, the GST Act 2017 also requires following entities to get their books of accounts audited. Further there is also requirement to file an Annual Return.
Audit means an independent verification of books of accounts, records and other relevant information of an organization with an object to express an opinion about state of affairs of the organization. Under GST regime the audit has schemed as mentioned below:
| GST Annual Compliance | Turnover of financial year |
|---|---|
| GST Audit (GSTR-9A/9B/9C) | Equals or exceeds Rs. 2 crores |
| GST Annual Return (GSTR-9) | Applicable to all taxpayers, irrespective of turnover |
CANCELLATION OF GST REGISTRATION
Like GST registration, the cancellation also require a due consideration while applying for. Without following proper procedure for cancellation, the registration is not cancelled by the GST authorities.
Cancellation of GST registration has to be applied through proper forms and after taking care of required actions. GST registration cannot be cancelled merely because you have stopped doing business or incurring losses.
Team Startup Services India helps you in proper cancellation of registration and thus reduce the chances of further notices from GST department.
GST Advisory ,EXPERT OPINIONS AND IMPACT ANALYSIS
In a constant changing scenario of GST, such frequent amendments in the Act, Notifications, Circulars, it becomes difficult for a business man to keep a track on such changes and judge their impacts on an important or high value transaction. Proceeding ahead without taking into GST impact can either lead to business losses or invite notices from GST department.
Further, at certain times it happens that counter party takes a different view regarding the impact of GST and thus requires proper consultation. Our team consists of experienced professionals in the field of indirect taxation. We provide expert opinions on GST issues, conduct GST impact analysis and also help you in replying to the notices of GST department.