Goods and Services Tax
Introduction
The Goods and Services Tax (GST) is a tax that is not directly paid by people who buy or sell goods and services in India. GST went into effect on July 1, 2017, and replaced a number of other taxes, such as VAT, excise duty, and service tax. This made the tax system simpler. This change made the tax system easier to understand, cut down on paperwork, and made things more open.
GST is aimed at reducing tax complexity and minimizing the cascading effect of taxes, with tax rates ranging from 5% to 28% based on the type of goods or services. Businesses must file monthly, quarterly, and annual returns based on their turnover, depending on the chosen scheme. GST is meant to make taxes less complicated and stop them from having a domino effect. The tax rates range from 5% to 28%, depending on the type of goods or services. Depending on the scheme they choose, businesses must file monthly, quarterly, and yearly returns based on their sales.
GST Applicability
There are different slabs for GST tax rates: 5%, 12%, 18%, and 28%. For compliance, it's important to know which slab applies to your business. Our GST experts will help you find the right solution for your business needs.
Registration Criteria
Turnover-Based Registration
- Goods: If your turnover exceeds ₹40 lakh (₹20 lakh in special category states), GST registration is required.
- Services: Registration is required if your turnover exceeds ₹20 lakh (₹10 lakh in special category states).
Interstate Supply
You need to register for GST if you sell goods or services across state lines, no matter how much money you make.
Specific Activities
No matter how much money you make, you need to register for GST if you run an e-commerce business, are a casual taxable person, or collect TDS/TCS.
Voluntary Registration
: Companies can choose to sign up for an input tax credit (ITC) on their own, improve their business's reputation, or get ready for future growth.
TAXASTRO ADVISORS GST Advisory Services
We can help you get the best tax breaks and keep your business running smoothly with our GST consulting services.
- GST Impact Assessment: Look at things like input tax credits (ITC), prices, and supply chain processes to see how GST affects your business.
- Help with registering for GST: We handle the entire registration process, from collecting the paperwork to filing it, and we make sure it is done on time and correctly.
- Setting up a compliance system means finding good ways to keep track of things and file papers.
- Help with filing GST returns: To avoid mistakes and fines, make sure that GST returns are filed on time and correctly.
- Keeping Records: Help keep track of important documents like sales registers, invoices, credit notes, and tax payment challans.
- Optimizing ITC : Show you how to make the most of your ITC claims and pay less in GST.
- Liaison with the Tax Authority: When you need to clear up, evaluate, or settle a disagreement, speak for your interests in front of GST officials.
- Compliance Reviews and Audits: Do audits on a regular basis to make sure you are still following the rules and to look for any possible risks.
- Suggestions for changes that will help with GST compliance and make business processes run more smoothly are called "business process optimization."
GST Registration Support Services
We ensure a smooth GST registration process for your business.
- Assessment & Requirement Determination: Analyze your need for GST registration and the applicable tax rate for your goods and services.
- Document Preparation: Gather and verify necessary documents like identity proof, business address, and continuity of business.
- Registration Process: Apply for GST registration, resolve queries raised by authorities, and ensure timely approval.
- Amendment & Cancellation Services: Assist with updating registration details or restoring cancelled GSTIN.
GST Returns & Due Dates
GST returns must be filed by specified due dates. Our experts help you stay compliant and avoid penalties by managing your filing schedules.
| GST Return | Frequency | Applicability | Due Date |
|---|---|---|---|
| GSTR 1 | Monthly | Regular taxpayer (turnover > ₹1.5 crore) | 11th of the following month |
| GSTR 1 | Quarterly | Regular taxpayer (turnover ≤ ₹1.5 crore) | 13th of the following quarter |
| GSTR 3B | Monthly | The regular taxpayer (not opting for QRMP) | 20th of the following month |
| GSTR 3B | Quarterly | Regular taxpayer (opting for QRMP) | 22nd/24th of the month following the quarter |
| GSTR 4 | Annually | Composition taxpayer | 30th April of the following FY |
| GSTR 5 | Monthly | Non-resident taxpayer | 13th of the following month |
| GSTR 6 | Monthly | Input service distributor | 13th of the following month |
| GSTR 7 | Monthly | TDS deductors u/s 51 | 10th of the following month |
| GSTR 8 | Monthly | TCS collectors u/s 52 | 10th of the following month |
| GSTR-9 | Annually | Regular taxpayers (turnover > ₹2 crore) | 31st December of the following financial year |
| GSTR-9A | Annually | Composition taxpayers (turnover > ₹2 crore) | 31st December of the following financial year |
| GSTR-10 | Once | Final return (cancellation/surrender) | Within 3 months of cancellation |
GST Refund Services
A business might be able to get a GST refund if it paid too much tax. We make sure you get what is rightfully yours.
- Refunds for Inverted Duty Structure: If you pay more in input taxes than you owe in output taxes, you can get your money back.
- Refunds for Exports: Get back the GST you paid on goods and services that were sent to another country.
- ITC Refunds: If you have built up ITC by not paying taxes on your exports, you might be able to get some of it back.
- Other Refunds: Claim refunds in cases of excess cash deposit or erroneous tax payments.
GST Litigation Support
Litigation Support: We can help you settle GST-related disputes with the help of a lawyer.
- Interpretation of GST Laws: Navigate complex GST laws related to the classification of goods, tax eligibility, and ITC.
- Assessment and Levy: Address challenges related to GST assessments, penalties, and tax dues.
- Refund Claims: Resolve issues when refund claims are denied or disputed.
- Anti-Profiteering Measures: Expert assistance for handling anti-profiteering GST litigations.
At TAXASTRO ADVISORS, we are committed to providing comprehensive support for all aspects of GST, from registration to litigation, ensuring your business remains compliant and optimized for tax benefits.
