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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