GST: With the aim of “One Nation One Tax”, Goods and Services Tax was introduced in India on 1st July 2017 to unify different indirect taxes. The commencement of GST regime in India brought with itself the concept of GST return- a document in which the taxpayer under the Goods and Services Tax need to file the details of his/her income to the tax authorities. All the business entities need to get themselves separately registered under GST Regime and file their GST return in an online or offline mode.

As per the 37th GST Council Meeting, new GST return mechanism has taken its presence in GST regime from April 2020 (in acceptance of the proposal from October 2019).

Eligibility for GST Return Filing

All business dealers and entrepreneurs who are registered under the GST mechanism have to mandatorily file the GST returns in the relevant GST form either in online mode or offline. The types and number of GST return to be filed depends on the taxpayer’s type like a regular taxpayer, TDS deductor, composition dealer, Distributor(ISD), e-commerce operator, non-resident taxpayer, Input Service provider and so on. In general, the two monthly returns viz. GSTR-1, GSTR-3B has to be filed by a regular taxpayer along with an annual return (GSTR-9/9C) for each GST registration individually, thereby summing up a total of 25 GSTR to be filed in a year

Non-filing of GST Return

Non-Filing of GST returns within the prescribed time may lead to the attraction of penalties and cancellation of GST registration. The cancellations of G ST Registration occur when the registered person under GST does not submit the GST Return for a continuous period of six months. Once the GST Return is cancelled he/she would not be able to obtain another GST registration unless the entire late filing penalty is paid.

Compliance

Tirumalesh & Co has a wide experience in providing compliance services in Indirect taxes in a systematic manner which includes

• GST Registration
• Filling of Monthly and Annual Returns
• Complete guidance and assistance to get rid of all G ST related worries
• Filling of refund application
• Advisory on Accounting issues relating to GST
• Advising on Maintenance of statutory records and registers
• Analysis of Business structure from GS T perspective
• Providing timely updates on changes notified by the Government or local authorities

Audit

The GST law requires audit of the monthly compliances by way of an audit attached to the Annual Return.  It is critical to for the taxpayers to start focusing on the audit of compliances under G ST law and input and output reconciliations form a critical part of the GST audit certification. The audit of Annual return (also known as GST audit) lays the foundation for the first external verification/ assessment under the GST law.

We, at Tirumalesh & Co. believe in offering qualitative value added services encompassing a comprehensive review of all GST records along with our recommendations on strengthening internal controls for appropriate data entry, data recording, data analysis and data requirements for compliance.

Refund Consultants

We, at Tirumalesh & Co. believe in offering qualitative value-added services to our clientele.  Our G ST refund application process has its foundation built on comprehensive process checklists, document verification and categorisation, reconciliation with G ST records and periodical follow ups and pursuing the refund application with the GS T authorities.

With such comprehensive process in place, all you need is to provide us the required data, sit back and await receipt of the refund orders.  Engage us for your GST refund claims and see the difference.

Advisory

The scope and requirements of GST law are complex, voluminous and come with a lot of grey areas. We, at VJM & Associates LLP aim to make GST ‘simple and easy to implement’. We are able to break down complex things into simple language. No matter how complex the problem is, our experienced GST advisory and planning team is always ready to take your questions.

Our GST advisory team comes with a vast experience of handling several indirect taxes in India.  We have on the ground experience of the hassles faced by taxpayers. We also undertake a 360 degree review of your organisation’s business and help you structure the transactions for tax optimisation as well as GST compliance.

GST Impact analysis and treatment

It is critical for the businesses to evaluate the impact of GST and undertake implementation programs for a smooth transition and rollover without having any hindrances in the smooth conduct of business. Impact analysis, planning and treatment are the foundation for aiming at a smooth GST transition.

We, at Tirumalesh & Co. are adapt at analysing the complex interplay of several laws, notifications, rules and guidance on the subject in order to provide tailor-made solutions for businesses. GST analysis is not successful under a ‘a one key fits all’ approach. A business specific solution aimed at transaction optimisation demonstrates the value addition delivered to our clientele through our approach.

GST Representation Services

GST law is bound to have uncertainties and possibility of multiple interpretations and is not expected to be free from litigation, akin to other laws. These differences may ultimately give rise to legal proceedings and eventually into appeals. Handling such differences requires proficiency in domain and experience in dealing with authorities at various levels.

Our team of experienced legal and tax professionals with in-depth experience in analysing notices, drafting submissions, strategizing the way forward and representation before the GS T authorities/ appellate authorities. Our experience in G ST coupled with our analysis of the potentially litigious areas could mitigate the risk of litigation for the taxpayers.

Contact us for more details