Goods and Services Tax (GST)

GST (Goods and Services Tax) compliance services are assistance provided by professionals or firms to businesses in fulfilling their obligations under the GST regime. GST is an indirect tax levied on the supply of goods and services in India. Here are some key aspects of GST compliance services:

  1. GST Registration: We help businesses determine whether they are required to register under GST based on thresholds and criteria defined by the authorities. We assist in the GST registration process, including documentation, application filing, and obtaining the GST registration number (GSTIN).

  2. GST Returns Filing: Businesses registered under GST are required to file periodic GST returns, which include details of their taxable supplies, input tax credits, and tax liabilities. We assist in accurate and timely preparation and filing of GST returns, such as GSTR-1 (outward supplies), GSTR-3B (summary return), and GSTR-9 (annual return).

  3. Input Tax Credit (ITC) Reconciliation: Services involve reconciling the input tax credits claimed by businesses with the details provided by their suppliers in their GST returns. We help identify and rectify any discrepancies, ensuring proper utilization of ITC and minimizing potential tax liabilities.

  4. Compliance with GST Rates and Classification: We assist businesses in determining the correct GST rates applicable to their goods or services. We ensure proper classification and compliance with GST rules, notifications, and amendments related to tax rates, exemptions, and special provisions.

  5. Compliance with GST Invoice and Record-Keeping: We help businesses in issuing GST-compliant invoices, maintaining proper records, and preserving relevant documents as required under GST laws. We ensure that invoices contain the necessary details, such as GSTIN, tax rates, HSN/SAC codes, and other mandatory information.

  6. Compliance with E-Way Bill Requirements: E-Way Bill is a document required for the movement of goods beyond a certain value under GST. We assist businesses in generating and managing e-way bills, ensuring compliance with e-way bill rules and regulations.

  7. GST Advisory and Updates: We stay updated with the latest developments, notifications, and amendments related to GST. We provide businesses with advisory services on GST implications for specific transactions, industry-specific issues, and changes in GST regulations.

  8. GST Compliance Health Checks: We conduct periodic reviews or health checks of businesses' GST compliance processes and systems. We identify areas of improvement, recommend best practices, and help businesses ensure ongoing compliance with GST laws.

It's important to note that the scope of GST compliance services may vary depending on the size, nature, and complexity of the business. GST compliance requirements are subject to periodic changes and updates, and businesses are advised to consult with professionals or refer to the official GST portal for the most accurate and up-to-date information regarding GST compliances in India.