India Entry & Business Startup Consultings

GST Compliance

GST compliance service aims to help corporates become GST compliant by providing end-to-end return filing solutions, to ensure the businesses remains 100% compliant. Since GST is all together new, it becomes difficult on the part of firms or companies to handle the compliances themselves as the organizations don’t have the in-house expertise to deal with GST law.

GST compliance consists of:

1. GST Registration 

  • Under GST Act, businesses whose turnover exceeds Rs.40 Lakh (Rs 10 Lakh for North Eastern and hill states) is required to register as a normal taxable person.
  • For certain businesses, registration is mandatory under GST like for those registered under the pre GST Law, a casual taxable person, E-commerce aggregator, Non- Resident taxable person, person paying tax under Reverse charge mechanism, agent of a supplier and input service distributor.
  • Penalty for non-compliance, in case of genuine errors like non-payment of tax or making short payments the penalty is of 10%of the tax amount subject to minimum of Rs.10, 000. However, penalty will be 100% of tax amount in case of deliberate evasion.

2. GST Return

  • Filing of return under GST regime is very significant as non-compliance and postponement will cause in penalties and affect timely refunds.
  • Every registered dealer is required to file GSTR-1 and GSTR-3B by 11th and 20th of the next month respectively. 
  • A dealer registered under the composition scheme is required to file GSTR-4 on a quarterly basis.
  • An Input Service Distributor is required to file a monthly return GSTR-6. 
  • Registered taxpayers are required to file a yearly return as well in form GSTR-9 and every composition taxpayer shall file an annual return GSTR-9A.
  • Since non-filing of returns will attract penalties therefore it’s necessary and important for every taxpayer to file it timely within the specified dates.

3. GST Invoicing 

  • Under GST Act, it is mandatory to issue invoices or bill of supply for every supply of goods & services. It is a list of goods sent or services provided along with the amount due for payment.
  • In case of goods invoice must be allotted on/before the date of removal/delivery whereas for services invoices need to be raised within 30 days of supply of services.
  • The type of invoice to be allotted depends upon the classification of the registered person making the supply. Every listed person buying goods or services from an unregistered person requires to raise a payment voucher as well as a tax invoice.
  • In case where tax invoice has been issued for the supply and subsequently it is found that the value or tax charged in that invoice is more/less than what is actually payable or chargeable or where the recipient has returned the goods the supplier can issue credit/debit note respectively.

4. E-Way Bill

  • It is an Electronic waybill issued on the e-way bill portal for the movement of goods worth Rs. 50,000 or more in a vehicle.
  • An E-way bill is required to be generated by a registered person, unregistered persons as well a transporter subject to certain conditions.
  • There are certain types of supply for which generation of E-way bill is mandatory like the inter-state movement of goods from principal to the job worker or inter-state transport of handicraft goods by dealers exempt from GST registration etc.

How ASC helps?

  • The major compliance support that we offer under various parts of GST law is related to returns, which majorly includes the monthly work of preparation and filing of GSTR-1 & 1A, GSTR-2 & 2A, GSTR-3 & 3B & GSTR-6 as well as annual returns i.e. GSTR-9&9A
  • Handling all queries on GST law for the parties, regularly updating the company about the continuous changes brought in by the government/department. 
  • Real-time and constant reconciliation with retailer’s books of accounts using SmartRec System
  • Provide support for any kind of GST Compliance requirement for ex Registration Regularization, amendment related services, etc., and respond to departmental query elevated on time to time basis.
  • Analysing whether the generation of e-way bill is required or not, which type of e-way bill is required by the client, and assisting the client in obtaining the e-way bill on the portal. 
  • Our Approach is to gather data from the client do a comprehensive review of the data then the concerned GST team does your work by taking your approval and provide the after-filing support as well.
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