What’s on offer when you opt for a comprehensive GST compliance service?
GST introduced in mid of the year 2017 is a new tax system and there are bound to be some transitional worries, concerns or difficulties. The Goods and Service Tax that is aimed to treat India as a consistent market irrespective of internal borders like state or localities have received mixed responses. Everyone wants to understand how beneficial it could be for their business or what reporting or book-keeping mechanism needs to be altered in order to be compliant with the GST regulations.
Things that need to be on the checklist
for GST compliance
·
Registration
GST registration is often considered as
mandatory and compliance. However, it is important to determine if your
business needs a GST registration or not. If it is needed what is the procedure
and how to go about the same. This is the first step towards GST compliance.
·
Day to day Invoicing and Billing
GST compliance impacts the day to day
methodology of billing or invoicing. While most of them are unaware of
generating bills or invoices as per GST rules and regulations; GST
compliances services can help in generating perfect bills for easier return
processing and input tax credit benefits.
·
Decoding Geography, time and money
Management of key elements such as
Time, location and the monetary value of supply. In order to ensure the correct
tax is being calculated, inter-state nexus or Intra localities nexus within a
state, and various other parameters need to be kept in check. This makes way
for accurate tax calculation and better planning.
·
Book-keeping and maintaining of accounts
The maintenance of accounts and
book-keeping with GST has moved from traditional notes to digital software.
There are several software solutions available in the market that ensure the simple
passing of transactions, making the right accounting entries and storing the
information in the most secure form. Many GST compliance services also provide for
software recommendation or host their own software for enabling digital
book-keeping.
·
E-Way bills
E-Way Bill rules are also important
for certain businesses that deal with the transportation of goods from one
jurisdiction to another. This bill has to be carried by the transport person
and needs to be presented when requested in order to be compliant. This e-Way
bill is generated from a common portal hosted by the government of India.
·
GST rate slabs and HSN codes
GST rates and HSN codes are used for
identifying the right product/service and taxing the same at the right tax
bracket. The HSN code can be explained as a universal code setup that is used
to identify a product or service category.
·
Composition Scheme
GST compliances Services is all about
identifying less troublesome and easy compliance solutions like the
‘Composition Scheme’. For what type of businesses can it be used and what are
benefits or drawbacks for opting this scheme can be assessed before opting the
same.
GST filing aspects
After discussing GST compliance, lets
checkout important aspects of GST filing services-
·
Input Tax Credit
Income Tax Credit is the key benefit
why GST can be referred to as Good and Simple Tax. But, how to claim the same?
Is your business even eligible for ITC? What about the ITC carried forward from
previous years before 2017? All these questions are addressed when you opt for GST
filing services.
·
Payments and Refund details
GST returns are filed every month.
Returns are not only about filing; they may require some payments as well to
remain compliant. Proper tax calculation and online payment are important to
ensure GST compliance.
·
GST procedure
With the procedure, one can learn the
timeline for audit, appeal, the procedure for making an appeal, different types
of offenses and potential penalties or punishments.
·
GST Return
Finally, identifying the type of
return your business needs to file is the most important aspect of GST filing services. There are several
returns like GSTR-1, GSTR-2, GSTR 1A, GSTR 3B, etc. A nil return may also need
to be filed. It also addresses any errors or rejects when uploading or filing
the GST return.
GST can be Good, Simple Tax if all
these aspects are kept in mind. Seeking professional GST compliance services
and filing services minimizes chances of penalties and ensure accurate tax
payment.
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