GST Compliance
Streamline your tax compliance and optimize your business operations with Vizttax’s comprehensive Goods & Service Tax (GST) service.
gst compliance
GST Compliance Service aims to help corporates become GST compliant by providing end-to-end return filing solutions, to ensure the businesses remain 100% compliant. Since GST is altogether 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, a person or entity whose aggregate turnover exceeds Rs.40 Lakhs in the case of supplies of Goods and Rs. 20 Lakhs in the case of supplies of Services is required to register as normal taxable person.
- In the States of Arunachal Pradesh, Assam, Jammu & Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand, the limit of aggregate turnover is Rs. 20 lakhs in the case of supplies of Goods and Rs. 10 Lakhs in the case of supplies of Services.
- Any person or entity who supply the goods inter states has mandatory to get register under GST law.
- For certain businesses, registration is mandatory under GST law like for a casual taxable person, an E-commerce aggregator, non-Resident taxable person, a person paying tax under a Reverse charge mechanism, an agent of a supplier, an input service distributor.
- Any person or entity can obtain the GST Registration voluntary irrespective of Turnover.
- Penalty for non-registration is 100% of tax amount subject to minimum of Rs.10,000.
2. GST Return
- Filing of returns under GST compliance 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 the 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 bills 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 the case of goods, the invoice must be allotted on/before the date of removal/delivery whereas for services invoices need to be raised within 30 days of the 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 the case where a 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.
Note: Compliance with GST regulations is crucial, and non-compliance may result in penalties, fines, or legal actions as per the provisions of the Government of India.
required documentation and information:
To register for GST in India, the following documents and information are typically required:
- PAN card of the business entity or the proprietor/partners/directors
- Aadhaar card or any other proof of identity of the proprietor/partners/directors
- Address proof of the business premises, such as rent agreement or utility bill
- Bank account details of the business entity
- Business registration documents, such as Partnership Deed, Memorandum of Association (MOA), Articles of Association (AOA), or Certificate of Incorporation
- Details of goods or services to be supplied and their corresponding Harmonized System of Nomenclature (HSN) or Service Accounting Code (SAC) classification
- Digital Signature Certificate (DSC) of authorized signatories
- Letter of Authorization or Board Resolution for authorized signatories
- Photographs of the proprietor/partners/directors
Note: It is important to note that specific requirements may vary depending on the nature of the business and the state where the registration is being done. It is advisable to consult with a qualified GST professional or service provider like Vizttax for accurate and up-to-date information regarding the required documentation and information for GST registration.
Frequently Asked Questions:
Any business or individual involved in the supply of goods or services with an annual turnover exceeding the prescribed threshold limit (currently Rs. 20 lakhs for most states) is required to register for GST.
Registering for GST offers several benefits, including input tax credit on purchases, increased credibility for your business, compliance with tax laws, and the ability to collect GST from customers.
Vizttax offers comprehensive GST services, including GST registration, filing of GST returns, GST compliance, and advisory services. Our experienced professionals guide you through the process, ensuring timely and accurate compliance with GST regulations.
The documents required for GST registration may include PAN card, Aadhaar card, proof of business registration, address proof, bank account details, and additional documents depending on the type of business entity.
GST returns need to be filed regularly based on the applicable filing frequency. For most businesses, monthly GST returns (GSTR-3B and GSTR-1) are filed, while businesses with lower turnover can opt for quarterly returns (GSTR-4).
Yes, Vizttax provides support and representation during GST audits, assessments, and other compliance-related matters. Our team ensures that your business is well-prepared and compliant with the requirements of GST authorities.
Yes, certain businesses may be exempted from GST registration based on turnover criteria or the nature of the goods or services provided. However, it is advisable to consult with Vizttax for a better understanding of specific exemptions and thresholds.
Non-compliance with GST regulations may lead to penalties, fines, interest charges, and even legal proceedings. It is crucial to maintain proper GST records, file returns on time, and adhere to the GST provisions to avoid any adverse consequences.
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