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Panacea to all your GST issues.
The Goods and Services Tax (GST) has consolidated a plethora of indirect taxes levied by the Centre and states into a common tax. It eradicated multiplicity of taxes thereby reducing the complexity and removing the cascading effect of taxes. Present taxes levied on the sale of goods or services by either Central or State Government are embraced under the GST regime.
Goods and Services Tax came into effect on July 1, 2017. Businesses are required to file monthly, quarterly and annual returns and those with turnover exceeding INR 2 crore will also have to file audit reports.
Our portfolio of services, that makes it easy for you to comply with this tax regime, comprises of:
- GST Registration: GST registration process under the new GST rules is done through an online portal that is maintained by the Central Government of India. Our experts can get your GST registration done in a short span of time.
- GST Returns: GST Act mandates every registered entity to furnish details of its sales and purchases including tax paid and collected thereon by filing GST returns Taxpayers must provide correct information to department as the system is designed so that all transactions are in synchronized with each other and no transaction is left unnoticed between buyers and sellers. GST team of MAS let you focus on your business, by filing your tax returns in compliance with GST regime.
- GST Amendments: Once you are registered as goods and services taxpayer and want to make any alteration in your details of core or non-core fields like change in address, addition of place of business etc., you may reach our GST experts for any assistance.
- GST Audits: Our team of professionals with rich knowledge on GST, perform audits and prepares required audit reports for its clients.
- GST Assessment: We can help you with your self-assessment of GST. Our team will assist you in whole process of assessment carried out by tax authorities.
- GST Compliances: We will keep you updated with any new compliances announced by GST Council..
GST Registration
GST Return
GST Audit
FAQs
It is a single, comprehensive, indirect tax imposed on all the goods and services as per the tax slabs laid by the GST council. One of the most important advantage of GST is that it mostly eliminated the cascading or tax-on-tax effect of the previous tax regime.
Registration under the goods and service tax (GST) regime will confer the following benefits to the business.
- Constitutionally recognized as supplier of goods or services.
- Proper accounting of taxes paid on the import of goods or services which can be used for remittance of GST due on supply of goods or services or both by the business.
- Legally allowed to accumulate tax from his buyers and pass on the credit of the taxes paid on the merchandise or services supplied to purchases or recipients.
- Acquiring entitlement to avail various other advantages and privileges rendered under the GST laws.
No, an individual without GST registration can neither collect GST from his consumers nor assert any input tax credit of GST remunerated by him.
Every registered taxable individual is needed to file returns under the GST law. If you have not carried out any business activities during the period covered by a return, you must file a nil return. Some entities will be required to listed for GST but aren’t needed to file returns regularly, such as UN bodies (and foreign ministry) must list for a distinctive GST ID. Still, they are required to file returns only for months during which they make purchases. In addition, some entities do not need to register or file returns. For example, government entities and public sector undertakings (PSUs) entities dealing with non-GST supplies and those who deal with exempted/ nil rated/non-GST goods and services will neither be required to register under the GST nor file returns.
Different types of GST returns are:
- GSTR-1: Monthly return for outward supplies
- GSTR-2: Monthly return for inward supplies
- GSTR-3: Monthly return containing items from other monthly returns filed by the taxpayer (GSTR-1, GSTR-2, GSTR-6, GSTR-7)
- GSTR-4: Quarterly return
- GSTR-5: Variable return to be filed by non-resident taxpayers
- GSTR-6: Monthly return to be filed by input service distributors
- GSTR-7: Monthly return to be filed for tax removed at source (TDS) transactions
- GSTR-8: Monthly return to be filed by e-commerce operations
- GSTR-9: Annual return
- GSTR-10: Final return to be filed when discontinuing business activities indelibly
- GSTR-11: To be filed by taxpayers with a unique identity number (UIN)
GSTR 9C is an annual audit form for all taxpayers having a turnover above two crores in a specific calendar year. Along with the GSTR 9C audit form, the taxpayer will also have to fill up the reconciliation statement along with the document of an audit.
The following documents are required to be encompassed along with Form GSTR-9C. A copy of the audited financial statements as per section 35(5), copy of the audit report where another person carries out the entity’s audit under a statute other than the GST Act.
At MAS, we assist you with the following services that make it easy for you to comply with the tax regime:
- GST registration
- GST returns
- GST amendments
- GST audits
- GST assessments
- GST compliances
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