GST Made Easy for your business structure:
We made compliance easy by providing all tax payer services like GST registration, returns, payment etc. online through use of Information Technology. More transparency in “Doing Business” and creating competitiveness in Industry. Less chances to avoid taxes and more control over tax evaders will help in better administration.
We can efficient your business by GST registration and also GST filing time to time. GST will not be a cost to registered retailers therefore there will be no hidden taxes and the cost of doing business will be lower. GST will also help to build a transparent and corruption-free tax administration.
When GST Registration is compulsory?
Any business whose turnover in a financial year exceeds Rs 40 lakhs for Manufacturing Companies and Rs 20 lakhs for Services Companies (Rs 10 lakhs for North Eastern and hill states).
When a business which is registered has been transferred to someone/demerged, the transferee shall take registration with effect from the date of transfer.
Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person.
Advantage of GST Registration:
1. Your business is Legally recognized as supplier of goods or services.
2. Dechcept team can proper accounting of taxes paid on the input goods or services which can be utilized for payment of GST due on supply of goods or services or both by the business.
3. Your business is legally authorized to collect tax from his purchasers and pass on the credit of the taxes paid on the goods or services supplied to purchasers or recipients.
4. Dechcept team getting eligible to avail various other benefits and privileges under the GST laws.
GST Return Filing:
As per the GST law, every individual/Company/LLP registered under the GST Act has to furnish the details of sales, purchases and the tax paid by filing for GST returns with the administrative authorities.
The GST return mainly includes purchases, output GST on the sales, input tax credits as per GST paid while making the purchases, and also includes the total sales. In order to file the GST return, the purchase invoices and GST compliant sales are needed.
Types of GST Filing Return:
GSTR-3B - GST registration holders are required to file GSTR-3B return every month providing details of sales and purchases made in a month to the Government.
GSTR-1 - GSTR-1 return must be filed every month by businesses having annual revenue of over Rs.1.5 crores. In case a business has a yearly revenue of less than Rs.1.5 crores, GST return should be filed every quarter.
Due Date for GST Return:
For GSTR-1 – 10th Date of Each Month
For GSTR-3B – 20th Date of Each Month
For Composition Scheme and E-commerce service provider
GSTR – 4 – Filed Every year (Contact us for more information)
GST registration holder who obtained the registration any time before 1st April 2018 are required to file GST annual return for the financial year 2018-19 on or before 30th September 2020. Before filing GST annual return the taxpayer must have filed all GSTR-1 or GSTR-3B return for the period of July to March 2019. In case there are overdue GST returns for the above-mentioned period, the GST registration holder will not be allowed to file GST annual return.
Types of GST Annual Return:
GSTR-9: All entities having GST registration are required to file GST annual return in form GSTR-9.
GSTR-9A: GST registered taxpayers who have opted for the GST Composition Scheme under Goods and Services Tax (GST) are required to file GSTR-9A.
GSTR-9C: Form GSTR 9C is meant for filing the reconciliation statement of taxpayers pertaining to a particular financial year.
GST Annual Return Due Date – For F.Y. 2018-19 is 30th September 2020
More of GST Audit;
1. GST Audit will apply every year for those GST registered business (GSTIN) having turnover more than Rs 2 crores, by the sale of goods or services in the financial year.
2. If the Turnover exceeds 2 crores or more the taxpayer has to get his accounts & records audited performed by Chartered accountant or Cost Accountant. Dechcept’s Professional CA is performed for you.
Requirement of GST Audit-
GST Audit is required for the following reasons-
1. GST is the self-assessment tax regime so GST audit is required for ensuring that tax payer has correctly assessed hi liability.
2. It involves examination and evaluation of records, GST returns and other related documents.
3. To obtain reasonable assurance and ensure that financial statements are free from any material misstatements.