GST

•     GST Registration
•     GST Return Filing
    GST Accounting

About GST: Goods and Services Tax (GST) is an indirect tax (or consumption tax) levied in India on the supply of goods and services.

GST Registrations

Documents Required for GST Registration in India

Benefits of Registration under GST
GST Registration will give the following advantages to a taxpayer.

• He is authorized to collect taxes from his customers and pass on the credit of the taxes paid to them.
• He can claim Input Tax Credit of taxes paid to his suppliers and can utilize the same for payment of taxes due
• Seamless flow of Input Tax Credit from suppliers to recipients at the national level.




GST Return Filing

What is GST Return?

Every person registered under the GST Act has to periodically furnish the details of sales and purchases along with tax collected and paid thereon, respectively, by filing online returns. Before filing the GSTR-3B, payment of tax due is compulsory otherwise such return will be invalid.

 

Steps for filing GST return:

GST return can be filed in different forms depending upon the nature of transaction and registration.Return Forms that are applicable for Normal Tax payers and their due dates are as under:

• Monthly Details of outward supplies in FORM GSTR-1 by the 10th of next month.
• Monthly Details of inward supplies in FORM GSTR-2 by the 15th of next month.
• Monthly Filing of Return along with payment of tax due in FORM GSTR-3 by the 20th of next month.
• Annual Filing of Return in FORM GSTR-9 by 31st December of next financial year.

Types of returns under GST

There are multiple returns under the GST regime. The most common used return will be GSTR 1, 2, 3, 4 & 9. GSTR 1, GSTR 2 & GSTR 3 will be submitted by all businesses on a monthly basis along with GSTR 9 on an annual basis. GSTR 4 is submitted by composition taxpayers on a quarterly basis.

Return/Form	Details	Filer	Frequency	Due Date
GSTR – 1	Outward sales by Business	Registered Normal Taxpayer	Monthly	10th of next month
GSTR – 2	Purchases made by Business	Registered Normal Taxpayer	Monthly	15th of next month
GSTR – 3	GST Monthly return along with the payment of tax	Registered Normal Taxpayer	Monthly	20th of next month
GSTR – 4	GST Quarterly return for Composition Taxpayers	Composition Taxpayer	Quarterly	18th of month next quarter
GSTR – 5	Periodic GST return for Non-Resident Foreign Taxpayer	Non-Resident Foreign Taxpayer	Monthly	20th of next month
GSTR – 6	Return for Input Service Distributor (ISD)	Input Service Distributor	Monthly	13th of next month
GSTR – 7	GST Return for TDS	Tax Deductor	Monthly	10th of next month
GSTR – 8	GST Return for E-commerce Operator	E-commerce Operator (Tax Collector)	Monthly	10th of next month
GSTR – 9	GST Annual Return	Registered Normal Taxpayer	Annually	31st Dec of next financial year




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GST Accounting




Accounting Services

Accounting services are necessary for all businesses to ensure accurate operational / financial information. Such information is required by Management, Regulators, and Investors. Also, it is a legal requirement for any business to maintain an appropriate book of accounts to ensure that all relevant taxes are paid and tax filings are made on time.
Accounting Servicesis the process of recording financial transactions of a business in an accounting system and the creation of reports. However, many small businesses do not have complete accounting departments and require external AccountingOutsourcing services. We can provide your business with accounting services through a network of Business Experts and Chartered Accountants across India.
Accountants may handle more advanced tasks like tax preparation, budget analysis, and investment development. Both Accountants frequently use advanced financial software to record and track their information.

Advantages of Accounting

• Cost-Effective
• Time Efficiency
• Higher Profits
• Tax Planning
• Peace of Mind

Why should you Maintain Books of Accounts?

• It is a Statutory Requirement for all businesses.
• Helps you review your performance and take steps to improve.
• Maintaining books of accounts helps you when you need funding from investors.