GST & Compliance Overview
Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. Introduced on July 1, 2017, GST has replaced multiple indirect taxes and created a unified tax system across the country.
Key Benefits of GST
- Elimination of cascading effect of taxes
- Simplified tax structure with uniform rates
- Improved compliance through technology
- Boost to 'Make in India' initiative
Components of GST
- CGST (Central GST): Collected by the Central Government on intra-state supplies
- SGST (State GST): Collected by the State Government on intra-state supplies
- IGST (Integrated GST): Collected by the Central Government on inter-state supplies
- UTGST (Union Territory GST): Applicable in Union Territories
GST Registration Requirements
Registration under GST is mandatory if:
- Annual turnover exceeds ₹20 lakh (₹10 lakh for special category states)
- Engaged in inter-state supply of goods or services
- Registered under previous tax laws (VAT, Service Tax, etc.)
- E-commerce operators and suppliers
- Casual taxable persons or non-resident taxable persons
Our GST Services
GST Registration
New registration, amendment, cancellation, and revocation services
Return Filing
Monthly, quarterly, and annual GST return filing
Compliance Management
Ongoing compliance monitoring and advisory
Refund Processing
GST refund claims and processing assistance
GST Registration Services
Types of GST Registration
- Regular Registration: For businesses with turnover above threshold
- Composition Scheme: For small businesses with turnover up to ₹1.5 crore
- Casual Taxable Person: For temporary business operations
- Non-Resident Taxable Person: For foreign entities supplying in India
- Input Service Distributor (ISD): For distributing input tax credit
Documents Required for GST Registration
- PAN Card of the business/individual
- Aadhaar Card of authorized signatory
- Proof of business registration (Certificate of Incorporation, Partnership Deed, etc.)
- Address proof of place of business
- Bank account details (Cancelled cheque or bank statement)
- Digital signature (for companies and LLPs)
- Photographs of promoters/partners
- Authorization letter (if applicable)
Registration Process
- Application submission on GST Portal (www.gst.gov.in)
- Document verification and processing
- GSTIN (GST Identification Number) issuance
- Registration certificate download
- Post-registration compliance setup
Important: GST registration must be completed within 30 days of becoming liable for registration.
Late registration may attract penalties.
GST Returns Filing
Types of GST Returns
| Return Form | Purpose | Due Date |
|---|---|---|
| GSTR-1 | Outward supplies (sales) | 11th of next month |
| GSTR-3B | Summary return with tax payment | 20th of next month |
| GSTR-4 | Composition scheme return | 18th of month following quarter |
| GSTR-9 | Annual return | 31st December |
| GSTR-9C | Reconciliation statement (for turnover > ₹5 crore) | 31st December |
Penalties for Late Filing
- Late fee of ₹50 per day (₹20 for nil returns) for GSTR-1
- Late fee of ₹50 per day for GSTR-3B
- Interest @18% per annum on late payment of tax
- Maximum late fee capped at ₹5,000 per return
Our Return Filing Services
- Monthly/Quarterly return preparation and filing
- Reconciliation of books with GST returns
- Input tax credit verification and optimization
- Annual return filing (GSTR-9 and GSTR-9C)
- Rectification of errors in filed returns
GST Compliance Management
Key Compliance Areas
- Invoice Compliance: Proper invoice generation with all mandatory fields
- E-way Bill: Generation and management of e-way bills for goods movement
- Input Tax Credit: Proper availing and reconciliation of ITC
- HSN/SAC Codes: Correct classification of goods and services
- Tax Rate Applicability: Application of correct GST rates
- Place of Supply: Determination for inter-state and intra-state supplies
Ongoing Compliance Services
Monthly Compliance
- GSTR-1 and GSTR-3B filing
- E-way bill management
- Payment of tax liability
Quarterly Compliance
- Quarterly reconciliation
- Composition scheme returns
- Compliance review
Annual Compliance
- Annual return filing
- Audit and reconciliation
- Compliance certificate
Advisory Services
- GST planning and optimization
- Notice handling and responses
- Rate determination assistance
Non-Compliance Consequences:
Non-compliance with GST regulations can lead to penalties, interest, cancellation of registration,
and in severe cases, prosecution. It is essential to maintain timely and accurate compliance.