Goods and Service Tax (GST)

Q: What is the time limit within which a person shall obtain GST registration after becoming liable to do so?

Once a person becomes liable to obtain GST registration, he shall make an application for registration within 30 days of becoming liable by filing Form GST-REG 01.

Q: Why should I hire a GST consultant for my business?

A GST consultant ensures timely and accurate compliance of GST law. A GST consultant will provide you with the following GST services in India, First Liaison with the GST department for GST registration, refunds and other matters, Second Timely and accurate GST return filing , Third Avoidance of late fees and penal interest under GST, Fourth Helps in drafting representations and litigation matters in case of GST demands and show cause notices, Fifth Adherence to the GST law and regular updates on any amendments and changes thereof, Sixth Consultancy in relation to implications of GST on your routine business transactions.

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 reducing the cascading effect, centralized filing portal and etc. ASC is here to provide various GST registration services in this respect to benefit from and avoid any consequences. We have a proficient team of GST consultants to provide far-reaching GST services which include all the outright categories that come under Goods & Service Tax.

GST Compliance, Annual GST Return Filing, and GST Audit

GST registration compliance service ensures that businesses remain 100% compliant as it aims to help the corporate become GST compliant by providing them with end-to-end GST return filing solutions. Audit under goods & service tax 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 registration.

GST Advisory Services and GST health check-up

GST Consultants provides consulting services that are significantly more about the client’s tax execution & accomplishment, generating one-step-ahead opportunities to assess & refine the efficiency levels and procure a more strategic process to handle the tax provisions.

Along with GST Consulting services in India, the GST health check is also important as it contains great insights about GSTIN. The major components in this goods & service tax Health Check analysis are the characteristic facts & figures about the delays in GST return filing, 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 services 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 GST 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 goods & service tax 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 GST 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 the value of the goods 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 the supplier, recipient, and transporter.

How does ASC's GST Consultant assist in GST-related Services?

GST Consultant in ASC Group provides comprehensive consultancy on the GST registration & GST return filing for all territories under Goods & Service Tax. With expert GST consultants and experienced professionals, our group provides self-assessed strategies & way out of 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 registration services. By resolving any queries and receiving thousands of positive feedback. ASC GST consultant helps the clients through

Serving the organizations in compliance, annual return services will provide relief from the last date of GST return filing. ASC will provide technical assistance and representative GST services during departmental audits.
Giving timely E-Way Bill to the organization and helping 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 GST consultant also provides a complete and end-to-end solution for GST refunds.
Delivering goods & service tax health check-up services from which organizations 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 appraises the continuous changes and updates brought in by the Government/Department and suggests changes, if any, to the clients. ASC assists in Assessing tax implications on existing or proposed business transactions.

Frequently Asked Questions

When I am liable to obtain GST registration?

In the following cases, you are mandatorily required to obtain Goods and Services Tax registration:

Your turnover crosses the threshold limit of Rs. 10 lakhs / 20 lakhs / 40 lakhs as the case may be.
If you are involved in the inter-state supply of goods and services
If you are liable to register under the reverse charge mechanism
If you are a non-resident taxable person or casual taxable person
If you are an agent of a supplier
If you are an input service distributor
If you are an e-commerce aggregator or a business supplying through an e-commerce aggregator
If you are providing Online Information Database Access and Retrievable Service
If you satisfy any other criteria the government may notify

What is the time limit within which a person shall obtain GST registration after becoming liable to do so?

Once a person becomes liable to obtain GST registration, he shall make an application for registration within 30 days of becoming liable by filing Form GST-REG 01.

Why should I hire a GST consultant for my business?

A GST consultant ensures timely and accurate compliance with GST law. A GST consultant will provide you with the following GST services in India:

Liaison with the GST department for GST registration, refunds, and other matters
Timely and accurate GST return filing
Avoidance of late fees and penal interest under GST
Helps in drafting representations and litigation matters in case of GST demands and show cause notices
Adherence to the GST law and regular updates on any amendments and changes thereof
Consultancy in relation to implications of GST on your routine business transactions

What are the GST compliances that a regular taxpayer needs to undertake?

A regular taxpayer needs to undertake the following compliances under the Goods and Services Tax Act:

Monthly or Quarterly GST Return Filing: For a regular taxpayer, you need to file the GSTR-1 and GSTR-3B each month. However, if you opt for Quarterly Return and Monthly Payment (QRMP) scheme, then you need to file your GST returns quarterly.
Annual Return: You need to file an annual return if your annual turnover exceeds Rs. 2 crores during a financial year.
GST Refunds: If you fulfill the conditions specified under the GST law, then you can apply for refunds under the GST law.
E-invoicing: With effect from 1st October 2022, businesses with turnover above Rs. 10 crores in a financial year shall be liable to issue e-invoices.
E-way Bills: If the taxpayer undertakes the movement of goods above Rs. 50,000, then it shall generate an e-way bill for the same.