GST Registration
GST Registration is relevant to all goods and services. Goods & Service Tax (GST) is a consolidated tax, which essentially means that State and Central Indirect taxes have been joined. The entire country now functions under a uniform tax system. It now restores service tax, excise, VAT, entertainment tax, luxury tax, CST, etc. Also, it would be compulsory to obtain GST registered hardly for traders, manufacturers, businesses, individuals, professionals, etc, whose turnover passes INR 40 Lakh or 20 Lakh. If your sales are fewer than INR 40 Lakh or 20 Lakh, you may also willingly opt for GST Registration in case you need to avail the advantages of Input Tax Credit. Further, all persons who make internal purchases or sales of services or goods have to apply for GST registration.
GST Return Filing
GST return filing is absolutely an online process in India. GST filing is a really simple and quick process. However, it is important that returns are filed rightly and error-free to assure that GST credit can be passed onto the next stage. Once your GST registration is done, filing a GST return is necessary. All registered individuals below GST are required to file various returns. Non-filing of the same causes heavy penalties. Every business entity has to file two returns every month or quarter as applicable.
GST Refund
Regularly when the GST paid is higher than the GST liability a state of claiming GST refund arises. Under GST the method of claiming a refund is patterned to avoid interference. The process is online and interval boundaries have also been fixed for the same. One can claim a refund of the GST amount under the following conditions: Export of products or Services On account of Input tax credit saved due to Inverted Duty Structure Excess tax is given over Casual Taxable Person(CTP) or Non-resident taxable person(NRTP) Excess credit in Electronic Cash Ledger Excess payment of tax On account of assessment/ appeal/ order etc Upon the account from tax-funded by Embassies or UN bodies In case your refund case doesn’t belong in any of the above situations, get in touch with our experts in M/S UNMESH NARVEKAR & CO to understand your status.
GST Annual Return
As per the rules, all the taxpayers will file an annual return form with GSTR 9 yet presently all the taxpayers owning a turnover above 5 crores in a particular fiscal year will file the form GSTR 9C which is an annual audit form. Accompanying with the GSTR 9C audit form, the taxpayer will also have to fill up the reconciliation report along with the certification of an audit. GSTR 9C is a declaration of reconciliation amidst the Annual returns registered in GSTR 9 for a financial year and the figures as per the audited annual Financial Statements of the taxpayer.
GST Audit & Advisory Services & Training
- A-202, Hiral Greens Co-Op. Hsg. Society Ltd., Siddhivinayak Nagar, Pandurangwadi Road, Near Lodha Complex, Mira Road East, Dist. Thane – 401107.
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