Indirect Taxation

Indirect Taxation

facilites

GST Registration

Under the present GST regime, every individual or company that supplies goods and services has to register under Goods and Service Tax (GST). So, if you run a business with an annual turnover that exceeds the prescribed threshold then you will have to register with GSTN (Goods and Service Tax Network). Once you have registered under this regime, you will receive a unique GSTIN (Goods and Service Tax Identification Number). The Central Government issues a state-wise, 15-digit number once you complete the registration.

Filing of GST Return

A GST Return is a document that mentions all details related to GST invoices, payments, and receipts for a specific period. A taxpayer is liable to declare all transactions related to the revenue of the business based on which the authorities will calculate the amount of tax to be paid by the business.
While filing GST returns, the registered dealer requires the following details for the concerned period.
• Total sales.
• Total purchases.
• Output GST (GST paid by customers.)
• ITC or Input Tax Credit (GST paid by the business for purchases.

One-Person-Company
LLP

Accounting for GST return filing

GST is mainly focused on self-assessment by the taxpayers themselves. Every taxpayer is required to self-assess the taxes payable and furnish a return for specified tax periods i.e. the period for which return is required to be filed. The compliance verification is done by the department through scrutiny of returns, audit and/or investigation. Thus, the compliance verification is to be done through documentary checks rather than physical controls. This requires certain obligations to be cast on the taxpayer for keeping and maintaining accounts and records.

GST Annual Returns

The implementation of the Goods and Service Tax has led to one of India’s greatest tax reforms of all time. GST is a comprehensive tax levied on the supply of goods and services that replaces all other indirect taxes such as central excise duty, state VAT, central sales tax, purchase tax, etc. So, whether you are a trader, manufacturer or a service provider, you need to register under GST to file returns.
A GST Return is a document that mentions all details related to GST invoices, payments, and receipts for a specific period. A taxpayer is liable to declare all transactions related to the revenue of the business based on which the authorities will calculate the amount of tax to be paid by the business.

One-Person-Company
facilites

GST Audit

Every registered person must get its accounts audited if the aggregate turnover during FY exceeds Rs. 2 Cr from sale of goods or services. Calculation of turnover shall be PAN based i.e. all sale of goods/ services shall be taken for computing the limit of Rs. 2 Cr.
GST audit limit is same for all registered taxpayers, i.e. no separate limit is specified for special category states or UTs. GST Audit is required for the following reasons-
• GST is the self-assessment tax regime so GST audit is required for ensuring that tax payer has correctly assessed hi liability.
• It involves examination and evaluation of records; GST returns and other related documents.

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Industries we have worked for

Nagpal-&-Nagpal-Chartered-accountant
Nagpal & Nagpal
Nagpal & Nagpal
Nagpal & Nagpal

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