At CA Sands and Company, we offer a comprehensive blend of tax advisory, tax litigation, regulatory compliance, and support services to help you navigate complex business matters. Our team has extensive knowledge of GST-related issues and is well-equipped to ensure effective execution of GST compliance.
Goods and Services Tax (GST) is the most significant indirect tax reform in India, fundamentally changing how business is conducted across the country. It has replaced nearly all existing indirect taxes and levies, including Excise Duty, Service Tax, VAT, and Entry Tax. The impact of GST varies across different types of businesses.
As GST consultants, we prepare assessors for the seamless implementation of the GST framework within their organizations. Our consultancy services ensure that assessors remain compliant with GST regulations.
GST, or Goods and Services Tax, is an indirect tax that has consolidated various indirect taxes previously levied in India. The Goods and Services Tax Act was approved by Parliament on March 29, 2017, and became effective on July 1, 2017. This comprehensive, multi-stage, destination-based tax is applied to every value addition in the supply of goods and services. In essence, GST is an indirect tax applied uniformly across the nation, replacing multiple earlier indirect tax laws.
GST registration is mandatory for business entities based on turnover and activities. Businesses dealing in goods and those providing services must apply for GST registration if their aggregate turnover exceeds ₹40 lakhs and ₹20 lakhs, respectively, in a financial year. For businesses operating in the North Eastern States, the thresholds are ₹20 lakhs for goods and ₹10 lakhs for services. Additionally, many dealers opt for voluntary registration under GST to take advantage of its benefits.
Under the GST system, three types of taxes are applicable: CGST, SGST, and IGST.
The GST Act requires every registered entity to submit details of its sales and purchases, including the taxes paid and collected, by filing GST returns. Taxpayers must provide accurate information to the department, as the system is designed to ensure that all transactions are synchronized, leaving no transaction unnoticed between buyers and sellers. The GST team at CompanyWale Consultancy allows you to focus on your business by handling your tax return filings in compliance with the GST regime.
| Return Form | Details | Due Date | Frequency |
|---|---|---|---|
| GSTR- 1 (For turnover up to 1.5 crore) | Details of outwards supplies of taxable goods and services | 31st of the month subsequent to quarter | Quarterly |
| GSTR- 1(For turnover above 1.5 crore) | Details of outwards supplies of taxable goods and services | 10th of the subsequent month | Monthly |
| GSTR- 3B | Summary return to be filed by every taxpayer | 20th of the subsequent month | Monthly |
| GSTR- 4 | Details of inward and outward supplies by composition taxpayers | 18th of the month subsequent to quarter | Quarterly |
| GSTR- 5 | Periodic return to be filed by non-resident foreign taxpayer | 20th of the subsequent month / within 7 days of expiry of registration | Monthly |
| GSTR- 6 | To be filed by input service provider for distribution of credit (ITC) amongst its units | 13th of the subsequent month | Monthly |
| GSTR- 7 | To be filed by all taxpayers required to deduct tax at source (GST TDS) | 10th of the subsequent month | Monthly |
| GSTR- 8 | To be filed by taxpayers required to collect tax at source. E-commerce operators are required to collect tax at source | 10th of the subsequent month | Monthly |
| GSTR- 9 | Annual return that must be filed by all regular taxpayers | 31st of December of subsequent F.Y. | Annual |
| GSTR- 10 | Final return after surrender or cancellation of GST registration | Within 3 months of date of surrender or registration | Once |
| GSTR- 11 | To be filed by persons having Unique Identity Number. GST Unique Identity Number is allotted to Consulates, Embassies, and UN bodies for claiming a refund on inward supplies | Due by 28th of subsequent month | Monthly |
According to the GST Act, every taxable person who meets the necessary criteria for a GST audit must have their audit conducted by a Chartered Accountant. At CompanyWale Consultancy, we have assembled a strong team specializing in GST audits and effectively managing critical issues that may arise during the audit process.
| Types | Performed By | When Initiated |
|---|---|---|
| Turnover based Audit | Chartered Accountant or Cost Accountant appointed by the taxpayer | If the Turnover exceeds 2 crores the taxpayer has to get his accounts & records audited |
| Normal audit/General Audit | Commissioner of CGST/SGST or any Officer authorized by him | On order of Commissioner by giving 15 days prior notice |
| Special audit | A Chartered Accountant or Cost Accountant, nominated by Commissioner | On order of Deputy/Assistant Commissioner with prior approval of Commissioner |
If the annual turnover of a registered taxpayer is more than Rs. 2 crores in a financial year, he is required to get his accounts audited by a Chartered Accountant or Cost Accountant every year.
| Type of taxpayer | Form to be filed |
|---|---|
| Whether or not applicable to GST Audit | |
| A Regular taxpayer filing GSTR 1 and GSTR 3B | GSTR-9 |
| A Taxpayer under Composition Scheme | GSTR-9A |
| E-commerce operator | GSTR-9B |
| Applicable for GST Audit | |
| Taxpayers whose turnover exceeds Rs. 2 crores in FY | GSTR-9C |
We are well versed with techniques to deal with GST Assessment with GST Department, Representation Support in front of GST Officials and Litigation services as and when required
We are well versed with techniques to deal with GST Assessment with GST Department, Representation Support in front of GST Officials and Litigation services as and when required
As per GST Act, every taxable person if satisfy the criteria required for GST audit have to get its Audit done by Chartered Accountant, and we at CompanyWale Consultancy, developed the strong team for GST audits and handling critical issues in GST Audit.
| Types | Performed By | When Initiated |
|---|---|---|
| Turnover based Audit | Chartered Accountant or Cost Accountant appointed by the taxpayer | If the Turnover exceeds 2 crores the taxpayer has to get his accounts & records audited |
| Normal audit/General Audit | Commissioner of CGST/SGST or any Officer authorized by him | On order of Commissioner by giving 15 days prior notice |
| Special audit | A Chartered Accountant or Cost Accountant, nominated by Commissioner | On order of Deputy/Assistant Commissioner with prior approval of Commissioner |
If the annual turnover of a registered taxpayer is more than Rs. 2 crores in a financial year, he is required to get his accounts audited by a Chartered Accountant or Cost Accountant every year.
Whether or not applicable to GST AuditApplicable for GST Audit
| Type of Taxpayer | Applicable Return |
|---|---|
| A Regular taxpayer filing GSTR 1 and GSTR 3B | GSTR-9 |
| A Taxpayer under Composition Scheme | GSTR-9A |
| E-commerce operator | GSTR-9B |
| Taxpayers whose turnover exceeds Rs. 2 crores in FY | GSTR-9C |
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