GST Advisory Services
GST Advisory Services
Range of Services under GST includes:
- Expert advisory on legal and procedural matters, with regular GST updates for company officials.
- Comprehensive onsite and offsite reviews of GST returns.
- GST Audit, assessment, and legal opinion services.
- Representation in policy matters and regulatory consultations.
- Seamless GST return filing, both onsite and offsite.
- Advisory, consultancy, accounting, and reporting services tailored to GST compliance.
- Diagnostic checks and process reviews to ensure efficiency and accuracy.
- Timely updates on regulatory changes impacting GST compliance.
- End-to-end management of all GST-related matters for companies across India.
GST Return Filing
Under the GST regime, dealers are required to file specific returns. The entire GST compliance process is online, and all returns must be filed timely. Below are the details of the purpose and frequency of GST returns.
GSTR-3B – Summary Return (Filed Monthly)
GSTR-1 – Outward Supplies Details (Filed Monthly/Quarterly)
GSTR-2 – Inward Supplies of Goods and Services
GSTR-2A/2B – Auto Drafted Details of Supplies
GSTR-4 – Quarterly Return for Registered Persons Opting for the Composite Scheme
GSTR-4A – Auto Drafted Details for Registered Persons Opting for the Composite Scheme
GSTR-5 – Return for Non-Resident Taxable Persons
GSTR-9 – Annual Return
GSTR-9C – Reconciliation Statement and Certificate (GST Audit)
GST return filing compliance is crucial and must be done on time to avoid hefty penalties. For example, if GSTR-3B is not filed by the due date (20th of the following month), day wise penalty day will be charged including for NIL returns.
In GSTR-1, details of every sales invoice issued must be submitted, including invoice date, number, buyer’s GST number, amount, and applicable GST rate. GSTR-1 must be filed monthly if the business turnover exceeds prescribed threshold limit. For turnovers within prescribed threshold limit, taxpayers can opt for quarterly filing.
GSTR-2A/2B is auto-populated with details of purchases made from vendors. This return reflects the data only if vendors properly file GSTR-1. It’s important to note that input tax credit is allowed only when the corresponding amount appears in GSTR-2B. If GST input credits are claimed in GSTR-3B but are later found missing from GSTR-2A/2B, the taxpayer must pay the deficiency and will not be eligible for the credit.
At the end of the year, GSTR-9 (Annual Return) must be filed if the business turnover exceeds prescribed threshold limit, reconciling all sales and purchases to match the previously filed GSTR-3B, GSTR-1, and GSTR-2A/2B. If the business turnover exceeds prescribed threshold limit, a GST reconciliation statement to be filed in form GSTR-9C.
