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GST Compliance

Summary

GST COMPLIANCE

GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. Goods and Services Tax (GST) is a single and destination based tax levied on goods & services consumed in an economy. The GST Council has laid down rules for the way we have to maintain records, how we have to raise invoices and how we have to report our purchases and sales, and ultimately, the way we have to pay our taxes and file returns. In simple terms, adherence to these rules and regulations is what constitutes GST compliance. Not being compliant, can be a heavy cost for a business. It mandates each business to comply with the various GST guidelines and pay taxes without missing out. That is why each business must compulsorily adopt the GST compliance protocols that the government had set forth for them to follow.

These compliance rules can be clubbed into three categories:

Registration compliance
Tax Invoice compliance
Return filing compliance

GST Registration Compliance

The registration of GST is the first step forward in compliance. The registration can be done online on the website:-www.gst.gov.in. GST Registration must be done based on a business's annual turnover.

Applicable to businesses that deal with the supply of goods and with the turnover exceeding 40 Lakh in the previous FY. Applicable to businesses that deal with the supply of services and with the turnover exceeding 20 Lakhs in the previous FY.

Tax Invoice Compliance

Once your business has been registered, it is important to follow invoicing compliance too. This will help your business to pass the input tax credit. So, for this, certain compliance rules must be adhered to by following factors given below-

Invoice number and date
Customer name
Shipping and billing address
Client and taxpayers GSTIN
Place of supply
HSN code (Harmonized System of Nomenclature/ SAC Code (Services Accounting Code)
Item details i.e. description, quantity, unit, the total value
Taxable value and discounts
Rate and amount of taxes
Whether GST is payable on a reverse charge basis
Signature of the supplier

GST Return Compliance

All registered businesses are required to file returns on a monthly/quarterly/yearly basis. The frequency of the returns depends mainly on the type of business activity. The GST returns are required to be filed online on the Returns section of the GST website. Listed below are the forms required to file GST Returns:

GSTR-1 is a form of return wherein the information on sales is filed with the government. Once you have filed this return, you need not pay any form of tax.

GSTR-3B is a simple form of return wherein the GST liabilities are declared for certain tax duration. One needs to declare it on their own every month for diverse purposes, including claiming the input tax credit, the paid taxes, each outward supply that was made, and Ascertained tax liability.

GSTR-9 Return is an annual form of tax that every taxpayer must file under the GST system. This one is for businesses with an annual turnover of Rs. 2 Crores and includes diverse financial information.

GST return filling service by CS and CA in Gurgaon and Faridabad.

Contact us today at info@vgccs.in to learn more about our services and how we can help your business grow.

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