An Overview
On 1st July 2017, Government of India has introduced the concept of Goods and Services Tax (GST). It is implemented on all business activities performed in India. GST is the largest indirect tax reform in India since independence. GST has not only changed the tax pattern in India but is expected to impact hugely on each phase of business operations conducted in the country such as supply chain optimization, pricing of products and services, IT, accounting and tax compliance systems. GST will have its effect on tax structure, tax incidence, tax computation, tax payment, compliance, credit utilization, and reporting, moving towards a complete overhaul of the current indirect tax system.
Goods and Services Tax (GST) compliance services are designed to assist businesses in meeting their GST-related regulatory obligations. The introduction of GST has streamlined the tax structure in India by replacing various indirect taxes with a single tax. However, it has also added to the compliance burden of businesses, especially small and medium-sized enterprises (SMEs). This is where GST compliance services come in handy.
Services offered by Vijay B Kumar & Co.
GST compliance services typically cover a range of services, including registration, return filing, invoicing, reconciliation, and audit support. Let's take a closer look at each of these services:
- Registration under GST: GST compliance services help businesses obtain GST registration, which is mandatory for businesses with a turnover of more than Rs. 20 lakhs (Rs. 10 lakhs for businesses in the North-Eastern states). We will assist in filling out the application, submitting the required documents, and obtaining the GSTIN (Goods and Services Tax Identification Number).
- GST Return filing: We help businesses file their GST returns accurately and on time. GST returns must be filed monthly or quarterly, depending on the turnover of the business. The service provider will ensure that all the required details are filled in, and the returns are filed within the due date.
- Invoicing: We help businesses generate GST-compliant invoices. GST laws have specific requirements for invoices, such as the format, mandatory fields, and sequence of the invoice numbers. We will ensure that the invoices generated by the business comply with these requirements.
- Reconciliation: We help businesses reconcile their books of accounts with the GST returns filed. This is important to ensure that there are no discrepancies between the two, which can lead to penalties and fines. We will help identify any mismatches and rectify them.
- Audit support: We can also provide audit support to businesses. GST audits are conducted by the tax authorities to verify the accuracy of the returns filed by the business. We will assist the business in preparing for the audit, providing the necessary documents, and representing the business during the audit.