GST Registration

GST refers to Goods and Services Tax which subsumes all taxes such as Sales tax, Service tax, Excise duty etc. into GST. GST registration is required primarily if your annual sales are more than Rs. 20 Lakh. Even if your sales are less than Rs. 20 Lakh, we suggest that you voluntarily opt for GST registration because:

• You will not get any tax refunds on purchases (e.g. if you buy goods worth Rs 1 lakh in a year, and tax rate is 28% – you will lose tax refund of Rs. 28,000).

• You cannot sell outside your state

The registration in GST is PAN based and State specific. Supplier has to register in each such State or Union territory from where he effects supply if he fulfills any of the following conditions:

• Having an annual aggregate turnover from all-India operations which is above the threshold limit of Rs. 20 Lakhs (Rs. 10 Lakhs for North-Eastern States).

• Currently registered under any of the earlier indirect tax regimes (VAT, Excise Laws, Service Tax Laws) irrespective of the threshold limit.

• Having branches in multiple states or multiple business verticals in one state.

• Making any supply to other states.

• Required to pay tax under Reverse Charge (In case your supplier is not registered under GST).

• Required to deduct tax at source or an Input Service Distributor.

• Agents of a supplier.

• Supplying goods or services through E-commerce Operator.

• E-commerce Operator / Aggregator who supplies goods or services under his brand name (e.g. Flipkart, Amazon, Ola).

• Supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person.

A GST Return is a document that is required to be filed as per the law with the tax authorities. Under the GST law, a taxpayer has to submit three returns on a monthly basis and one such return annually. All returns have to be filed online. Please note that there is no provision for revising the returns. All invoices of the previous tax period that went unreported must be included in the current month

• GSTR-1 - Contains details of the outward supplies; has to be filed by 10th of every month.


• GSTR-2 - Contains details of inward supplies; due by the 15th of each month;


• GSTR-3 - This is the monthly return and is due by the 20th of every month. 


• In addition to the monthly and quarterly returns, there is an annual return that needs to be filed by December 31. A requisite GST reconciliation statement has to be duly filed by the appointed chartered accountant

RETURNS PREPARATION 

We will collect all the necessary information and documents to prepare your returns. Once done the first time, our affiliate will then ensure that you are always reminded of the filing date so you don't end up paying penalties.

RETURNS FILING

We will give you the opportunity to review the filing. One you approve it, we will file the returns online. Upon successful completion of the process, we will mail the acknowledgment form to your registered email address