India Entry & Business Startup Consultings

Goods & Services Tax (GST)

Goods & Services Tax (GST)

Goods and Service Tax (GST)

GST was introduced in 2017, it is a comprehensive, multi-stage, and destination-based tax that is levied on every value addition made along the supply chain. GST is now the single largest indirect tax levied within India on the supply of goods and services. GST was introduced with various objectives such as to reduce the cascading effect, centralized filing portal and etc. ASC is here to provide various services in this respect to benefit from GST and to avoid any consequences. We have a proficient team of GST consultants to provide far-reaching services which include all the outright categories that come under GST Taxation

GST Compliance, Annual Return, and GST Audit

GST compliance service ensures that businesses remain 100% compliant as it aims to help the corporate become GST compliant by providing them end-to-end return filing solutions. Audit under GST is the procedure of inspection of records, returns, and other documents retained by a taxable person. The objective is to authenticate the accuracy of turnover declared, taxes paid, refund claimed and input tax credit availed and to evaluate the compliance with the provisions of GST. 

GST Advisory Services and GST health check-up

GST Tax advisory consulting services are significantly more about the client’s tax execution & accomplishment, for generating one step ahead opportunities to assess & refine the efficiency levels and procure a more strategic process to handle the tax provisions
Along with advisory services, the GST health check is also important as the GST Health Check contains great insights about the GSTIN. The major components in this GST Health Check analysis are the characteristic facts & figures about the delays in filing GST returns, set back in reporting external supplies, tax dissimilarities between GSTR-3B and GSTR-1, changes in ITC claimed when compared to GSTR-2A, Unclaimed ITC on taxes paid under Reverse Charge, Non-reporting of Nil-rated/Exempted and Non-GST Supplies in GSTR-3B, Incorrect categorizing zero-rated supplies and other matters. This report provides an investigation of the chances of receiving notices and the necessary action can be taken for the same. 

GST Refund

In the GST regime, there are circumstances where GST paid to the government can be claimed back by the registered taxpayers, like inverted GST refund, GST refund on ITC in case of export with/ without payment of taxes. There is a standardized form for making any claim for refunds. The asserting & approving process would be completely online & will be done in the specified time frame.

GST E-Invoice

The Government has recently introduced E-Invoicing or Electronic Invoicing for the B2B invoices issued by the registered taxpayer having specified GST turnover. It is an obligatory law with a system for organizations based on their annual turnover in which all the B2B invoices would be validated electronically by their GSTN. Under the E-Invoicing system, an identification number (IRN) will be issued against every invoice by the Invoice Registration Portal (IRP) to be managed by the GST Network (GSTN) on a real-time basis. All invoice information is transferred on the exact time to both the GST portal and e-way bill portal. Unique reference number for each invoice is generated on a real-time basis after online verification of these invoices on the invoice registration portals is done. The GSTN digitally signs and then sends the verified invoices back to the suppliers with a quick response code and IRN. 

GST E-Way Bill

E-Way Bill or Electronic Way Bill is generated on the E-Way Bill portal for the movement of goods. The registered taxpayer is required to generate an E-Way bill for the transport of goods via vehicle when goods value is exceeded by INR 50,000/-. A unique E-Way Bill Number (EBN) is allocated when E-Way Bill is generated and EBN is available to supplier, recipient, and transporter. 

How ASC helps?

ASC provides comprehensive consultancy & services on the GST law for all territories under GST Taxation. With expertise and experienced professionals, our group provides self-assessed strategies & way-out to the client’s circumstances and also facilitates one-to-one query answers. In addition to this, we provide problem-solving guidance & support systems to the client for various GST services. By resolving any queries and receiving thousands of positive feedback. ASC helps the clients through 

  • Serving the organizations in compliance, annual return services that will provide relief from the last date filing of returns. ASC will provide technical assistance and representative services during departmental audits.
  • Giving timely E-Way Bill to the organization and help the organization with various rules and regulations of E-Way Bill.
  • Providing an E-Invoice facility to the organization. ASC is already connected with various GSP’s which help in providing API integration services, preparation of E-Invoice via a template, etc.
  • ASC also provides a complete and end-to-end solution for GST refund.
  • Delivering GST health check-up services from which organization can take the required actions to avoid receiving GST notices.
  • Providing the advisory service to the organization to avoid any interest or penalty. ASC evaluates and also appraise the continuous changes and update brought in by the Government/Department and suggest changes, if any, to the clients. ASC assists in Assessing tax implications on existing or proposed business transactions.
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