gst compliance services

What is Goods and Services Tax (GST)?

The Goods and Services Tax is a value-added tax on goods and services sold domestically for consumption. The GST is paid by both consumers as well as the businesses selling goods and services to the government. It is a common tax used by most countries globally. It integrates different tax lines like Central Excise, Service Tax, Sales Tax, Luxury Tax, Special Additional Duty of Customs, etc. into one consolidated tax. It deters multiple tax layers imposed on goods and services.

With GST, the tax assesses pay a single, uniform tax on goods and services across the country. There is an elimination of the cascading effect of taxes. The implementation of GST, leads to a uniform tax, resulting in the creation of a common national market. It helps in reducing litigation and regulating the unorganized sector, providing a smooth assessment of tax.

Different Types of GST Returns

Take a look at the list of all the returns to be filed under the GST Law.

  • GSTR-1 – Tax returns for outward supplies of taxable goods and/or services.
  • GSTR-2 – Return for inward supplies of goods and services. The return can be edited.
  • GSTR-2A - Return for inward supplies of goods and services. The return is read-only and no action can be taken.
  • GSTR-3 – Monthly return of outward supplies and inward supplies along with the payment of tax.
  • GSTR-3B – The consolidated summary return of inward and outward supplies along with Input Tax Credit and payment of tax.
  • GSTR-4 – Return filed by the taxpayers under the Composition Scheme.
  • GSTR 5 – Return filed by a non-resident foreign taxpayer who is registered under GST.
  • GSTR-6 – Return filed by an Input Service Distributor.
  • GSTR-7 – Return filed by authorities deducting tax at source.
  • GSTR-8 – Return filed by the e-commerce operators who are required to deduct Tax Collected at Source (TCS).
  • GSTR-9 – Annual return filed by taxpayers registered under GST.
  • GSTR-10 – Final return filed by taxpayers whose GST registration is cancelled or surrendered.
  • GSTR-11 – Filed by every registered person who has been issued a Unique Identity Number (UIN) to get tax credits or refunds under GST.

If you are searching for professional GST registration services in Bangalore, India? Then you are at the right destination. SetMyCompany offers GST registration and compliance services being a professional service provider of all legal and tax compliance services including private company limited registration, setting up of business, Investment advisory services, etc.

GST Compliance Checklist

1You are liable to file your GST if your turnover is exceeding Rs. 40 lakhs (Rs. 10 lakhs for N.E and hill states).
2Get GST registered
3Identify your HSN (Harmonized System of Nomenclature) codes for goods and SAC (Services Accounting Code) codes for services and tax rates
4Track your GSTIN (Good and Services Tax Identification Number)
5File your GST returns

GST Registration Process

If you are registering for GST, you can also collect GST from your consumers. If you fail to register for GST, you can incur heavy penalties as it will be an offence under GST. Any business whose aggregate turnover exceeds Rs. 40 lakhs (Rs.10 lakhs for NE and hill states) are required to obtain GST registration. SetMyCompany, one of the leading GST compliance service providers in India, not only helps you with the company registration in India but also with the GST registration.

Composition Scheme

What is a composition scheme?

The composition scheme is a simple scheme under GST for taxpayers. This scheme is ideal for small taxpayers as they can pay GST at a fixed rate of turnover. If your turnover is Rs.1 crore, you can opt for a composition scheme. In the case of North-Eastern states, the limit is Rs. 75 lakhs.

Advantages of composition scheme

Businesses under composition schemes have a much lesser tax liability and higher liquidity as the taxes are set at a lower rate. Taxpayers opting for this scheme are eligible for less compliance. So, there is no requirement to maintain detailed records. In composition levy, a dealer doesn’t have to worry about his supplier filing return and will pay the tax at a nominal rate.

Who should register for GST?

Recording transactions:

  • Input service provider
  • E-commerce operator
  • Non-resident taxable person
  • Those who pay tax under reverse charge
  • Casual taxable person
  • Individuals registered under the Pre-GST law
  • Any business with a turnover above the threshold limit of Rs.40 lakhs (Rs.10 lakhs for North-Eastern states)

List of Documents Required for GST Registration

PAN card
Aadhar card
Proof of company registration
Identity and address proof of director or promoters with photos
Address proof of the place of business
Bank account statement
Digital signature
Letter of authorization for authorized signatory

Every business under GST registration is assigned a unique Good and Services Tax Identification Number or GSTIN.

GST Compliance rating

GST compliance rating, a performance rating devised on a scale of 1 to 10 is given to all registered taxpayers to know how compliant they are concerning the GST provisions.

Our Full Range of GST Compliance Services

It is critical to maintain and handle all GST compliances for any company. We at SetMyCompany with a wide and experienced team of GST consultants in Bangalore can handle GST compliance efficiently, our professional team is ready to manage your tax compliances accurately.

GST Registration Process

If your business turnover exceeds Rs. 40 lakhs (Rs. 10 lakhs for North East and hill stations), you are required to do GST registration. There are certain documents required while registering. After verification of all information, a certificate of registration will be issued to you by our GST consultants in India.

GST Returns

GST return compliance is a document containing all the details of your sales, purchase, tax collected on sales and tax paid on purchases. All business owners who have registered under the GST system must file GST returns.

Invoicing under GST

Tax Invoice and Bill of Supply

Matching Input Tax Credit under GST

We match based on the following data:

  1. Possession of a tax invoice or debit note
  2. Receipts of goods/services
  3. Tax payment to the government
  4. Filing of return by supplier and buyer

GST Payments & Refund

There are three different tax payments that need to be made under GST. They are IGST (Integrated Goods and Service Tax), CGST (Central Goods and Service Tax) and SGST (State Goods and Service Tax). Claiming a GST refund is simple.

Why SetMyCompany for GST Compliance Services?

SetMyCompany, one of the reputed GST Compliance Services Providers in India has a professional team that can help you with GST audit and filing of GST annual reports. Our team has a comprehensive understanding of the earlier system and has been vigorously working on GST, to ensure that you reap maximum benefits out of it.

We keep you abreast of frequent changes in law and corresponding changes in the system. Our extensive documentation and data validation ensure legal and factual precision. We also provide other compliance services such as investment compliance services, accounts and bookkeeping and due diligence services. Contact us today for GST compliance services!

FAQs

It is vital to adhere to the rules and regulations on how you raise invoices, report your purchases or sales, how you pay taxes and file returns. This is what constitutes GST compliance.

If your business turnover exceeds Rs. 40 lakhs (Rs. 10 lakhs for North East and hill stations), you are required to do GST registration.

  • Aadhaar card
  • PAN card
  • Digital signature
  • Proof of registration certificate
  • Proof of appointment of authorized signatory
  • Address proof of the place of business
  • Bank statement – the opening page

There are five slabs in GST and they are 0%, 5%, 12%, 18% and 28%.

GST compliance rating is introduced by the government to monitor how compliant the businesses are with the tax department. The score is given by the government and is calculated based on few parameters such as timely filing of monthly and annual returns, furnishing details of input credits used, taxes paid, etc. A good score reveals that the company is punctual in filing its returns.

GST is good for small businesses as it gives an option to reduce taxes by using the Composition scheme.

GST is mandatory for any business whose turnover exceeds Rs. 40 lakhs in a financial year.

GST is mandatory for any business whose turnover exceeds Rs. 40 lakhs in a financial year.

Any business whose turnover exceeding Rs. 40 lakhs in goods and Rs. 20 lakhs in services in the previous financial year needs to register in GST and then follow other compliances as a registered supplier.

The GST regime in India offers a single, nationwide tax rate, thus unifying India’s tax system. The dual GST model has been adopted because of India’s federal structure, which means the central government and the states administer GST.

Any business whose annual aggregate turnover is more than Rs. 5 crores need to file two monthly returns and one annual return, and that amount to 26 returns in a year.

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