GST RELATED SERVICES
We offer GST registration services, GST filing, GST payments, GST returns, GST appeals, GST Consultancy, GST Audit and tax planning services.
All the service providers should obtain GST registration, if the entity’s aggregated annual turnover exceeds Rs.20 lakh per annum in most states and Rs.10 lakh in the Special Category States.
For all the other types of businesses, the entities must obtain GST registration, irrespective of annual aggregate turnover, if the businesses involved in supplying goods from one state to another.
Mandatory GST Registration
Those registered under the pre-GST law (Excise, Service Tax, VAT, etc.)
Businesses having turnover above the specified threshold limit (Rs. 40 lakh for small businesses and Rs. 20 lakh for hilly and northeastern states, as per regulations)
Non-resident Indian (NRI) taxable persons
Those who pay tax under reverse charge mechanism
Entities involving in e-commerce or supply of goods and services via e-commerce operators
All e-commerce aggregators
Individuals eligible for TDS (tax deducted at source)
Entities involved in provision of online information or retrieval services or database access, from overseas location to a person within India, other than a registered taxable person.
Documents required for GST Registration
The documents required for GST Registration includes PAN Card of the entity, the address proof of the place of business,Aadhar card, Bank account statement or a cancelled cheque, details of registration of business or Certificate of incorporation, digital signature,Identity and address proof of promoters and directors and authorisation letter or board resolution for authorised signatory.
Filing of GST Returns
Priya B & Co., Chartered Accountants offer robust solutions for filing of GST Returns which can be monthly as well as annual returns.A GST Return is a document mentioning details of income a taxpayer is required to file with the concerned tax authority on the basis of which the tax liability will be determined. A registered entity needs to file GST returns entailing Purchases, Sales, Output GST (on sales) and Input tax credit (GST paid on purchases). The various kinds of GST returns filed by taxpayers are GSTR - 1, GSTR - 2, GSTR - 2A, etc.
GST Audit
With the verification of turnover declared, taxes paid, refund claimed, input tax credit availed, and assuring adherence to compliance with the provisions of GST Act,2017 or the rules there under government has mandated the furnishing of an audited statement of accounts and reconciliation statement for registered persons having turnover exceeding 5 crores on or before 31st December following the end of such financial year without relaxation to voluntarily registered persons. The types of GST audit are: Annual Audit, Audit by tax authorities, Special Audit GST Audit will apply every year for those GST registered businesses (GSTIN) having turnover more than Rs 5 crores, by the sale of goods or services in the financial year.
The taxable person is required to electronically file:
- An annual return using the Form GSTR 9 by 31st December of the next Financial Year.
- The audited copy of the annual accounts,
- A certified reconciliation statement in the form GSTR-9C, reconciling the value of supplies declared in the return with the audited annual financial statement,
- And other particulars as prescribed.
Rectifications to Returns After GST Audit
If any taxable person, after furnishing a return discovers any omission/incorrect details (from results of audit), he can rectify subject to payment of interest. However, no rectification will be allowed after the due date for filing of return for the month of September or second quarter, (as the case may be), following the end of the financial year, or the actual date of filing o the relevant annual return, whichever is earlier.
Items included while calculating turnover:
- All taxable (inter-state and intra-state) supplies other than supplies on which reverse charge is applicable
- Supplies between separate business verticals.
- Goods supplied to/received from job worker on principal to principal basis.
- Value of all export/zero-rated supplies.
- Supplies of agents/ job workers on behalf of the principal.
- All exempt supplies. E.g. Agricultural produce supplied along with branded ready-to-eat food.
- All taxes other than those covered under GST Eg: Entertainment Tax paid on the sale of movie tickets.
Items excluded while calculating turnover:
- Inward supplies on which tax is paid under reverse charge.
- All taxes and cess charged under Goods and Service Tax like CGST, SGST or IGST, Compensation Cess.
- Goods supplied to or received back from a Job Worker.
- Activities which are neither supply of goods nor service under schedule III of CGST Act.
The Commissioner of CGST/SGST (or any officer authorized by him) may conduct an audit of a taxpayer. The frequency and manner of an audit will be prescribed later.
A notice will be sent to the auditee at least 15 days before.
The audit will be completed within 3 months from the date of commencement of the audit.
The Commissioner can extend the audit period for a further six months with reasons recorded in writing.
The aggregate turnover is calculated as follows:
Aggregate turnover = Value of all taxable inter state and intrastate supplies + exempt supplies + export supplies of all goods and services. The total turnover calculation is PAN based.
Requirements by Auditee
The taxable person will be required to provide the necessary facility to verify the books of account/other documents as required. The auditee has to give information and assistance for timely completion of the audit.
Findings of Audit
On conclusion of an audit, the officer will inform the taxable person within 30 days their findings,the reasons and the taxable person’s rights and obligations
If the audit results in detection of unpaid/short paid tax or wrong refund or wrong input tax credit availed, then demand and recovery actions will be initiated.
Special Audit
The Assistant Commissioner may initiate the special audit, considering the nature and complexity of the case and interest of revenue. If he is of the opinion during any stage of scrutiny/ inquiry/investigation that the value has not been correctly declared or the wrong credit has been availed then special audit can be initiated.
A special audit can be conducted even if the taxpayer's books have already been audited before.
Order and conduct of special audit
The Assistant Commissioner (with the prior approval of the Commissioner) can order for special audit (in writing). The special audit will be carried out by a chartered accountant nominated by the Commissioner.
The time frame for special audit
The auditor will have to submit the report within 90 days. This may be further extended by the tax officer for 90 days on an application made by the taxable person or the auditor.
Expenses for audit
The expenses for examination and audit including the auditor’s remuneration will be determined and paid by the Commissioner.
Findings of special audit and opportunity for being heard.
The taxable person will be given an opportunity of being heard in findings of the special audit.
If the audit results in detection of unpaid/short paid tax or wrong refund or input tax credit wrongly availed then demand and recovery actions will be initiated as per law.
The expenses for examination and audit including the auditor’s remuneration will be determined and paid by the Commissioner.
Priya B & Co., Chartered Accountants is a comprehensive solution for all your requirements or advisory on all issues pertaining to the GST Act and rules thereunder.