GST is the biggest tax reform in India, tremendously improving ease of doing business and increasing the taxpayer base in India by bringing in millions of small businesses in India. By abolishing and subsuming multiple taxes into a single system, tax complexities would be reduced while tax base is increased substantially. Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to register for GST. Entities without GST registration would not be allowed to collect GST from a customer or claim an input tax credit of GST paid and/or could be penalized. Further, registration under GST is mandatory once an entity crosses the minimum threshold turnover of starts a new business that is expected to cross the prescribed turnover.
GST has been implemented in India from 1st July, 2017. Under the new GST regime, nearly 1 crore business in India have obtained GST registration. All entities having GST registration are required to file GST returns, as per the GST return due date schedule mentioned below. GST return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file GST return.
GST registration holder are required to file GSTR-1 (details of outward supplies) on the 10th of each month, GSTR-2 (details of inward supplies) on the 15th of each month and GSTR-3 (monthly return) on the 25th of each month. Dealers registered under the GST composition scheme are required to file GSTR-4 every quarter, on 18th of the month next to the quarter. Finally, annual GST return must be filed by all GST registered entities on/before the 31st of December. The due dates for the GST return due in July, August and September are different from the normal schedule to help the taxpayers and GSTN network ensure a smooth GST rollout.
ProBiz Advisor is the leading business services platform in India, offering end to end GST services from registration to return filing. ProBiz Advisor can help you file GST returns in India. The average time taken to file a GST return is about 1 - 3 working days, subject to government processing time and client document submission.
Benefits of GST Registration
- Under this system, a single product is taxed at the same rate in every corner of the country, hence deciding the applicable GST rate becomes convenient.
- Only GST registered business can charge or collect GST.
- Tax can legally be collected from purchasers and the credit of the taxes paid on the goods or services supplied can be passed on to the purchasers or recipients.
- There is a common portal for various requirements such as registration, tax payments, refunds, and returns.
- The Composite Scheme and its tax benefits can be availed by the entrepreneurs whose turnover is within the prescribed limit.
- Businesses prefer to choose GST registered entrepreneurs over the unregistered to
avail the benefits of the input tax credit.
B. Consultancy Related Matters :
- Evaluate tax implications on existing or proposed business transactions
- Review contracts and agreements in order to identify the GST impact, from theperspective of Procurement, Manufacturing and Distribution
- Assistance in identifying optimal valuation model for related party transactions under GST, while aligning the same with the model adopted under transfer pricing provisions
- Evaluate the legal positions adopted and suggest changes, if any, under the GST regime
- Assistance to comply with the provisions of anti-profiteering rules under GST
- Advice on matters pertaining to import and export of goods into/from India under the Customs Act, 1962
- Assistance in Customs Valuation-related matters with regards to import from related parties
- Advice on various incentive schemes pertaining to duty-free import/export of goods or services under the Foreign Trade Policy
- GST Advisory Services (GST)