Companywale - Business solution

We at CompanyWale Consultancy, offer a comprehensive blend of tax advisory, tax litigation, regulatory and compliance services, helping you navigate through complex business matters. CompanyWale Consultancy have in Dept. knowledge for GST related matters and strong team for execution of GST Compliances

Goods and Service Tax Act

"Good and Service Tax is the largest Indirect tax reform in India which have impacted the way business is carried out at pan India level. It has replace almost all the existing Indirect tax or levies like Excise Duty, Service Tax , VAT, Entry Tax etc. It’s impact vary's across the different kind of businesses.

We, as a GST CONSULTANTS prepare assesses for smooth working of GST Structure in an organization, . Our GST consultancy makes an assesses GST compliant."

What is Goods And Service Tax

GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017; Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. In simple words, Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services. This law has replaced many indirect tax laws that previously existed in India. GST is one indirect tax for the entire country.

When GST Registration is Compulsory

The registration under GST is mandatory for the business entities based on the criteria of turnover or activities. The business dealing in goods and those providing service have to mandatorily apply for GST Registration if their aggregate turnover for a financial year exceeds Rs.40 Lakhs and Rs.20 Lakhs respectively. However, for business making supplies and providing services in the North Eastern States, the same is Rs. 20 lakhs and Rs. 10 lakhs respectively. Owing to its benefits, many dealers also obtain voluntary registration under GST.

What are the components of GST?

There are 3 taxes applicable under this system: CGST, SGST & IGST.

CGST: Collected by the Central Government on an intra-state sale (Eg: transaction happening within the State)
SGST: Collected by the State Government on an intra-state sale (Eg: transaction happening within the state)
IGST: Collected by the Central Government for inter-state sale (Eg: Transaction within Different States)"

We are determined and focused to provide the following services and make people GST complaint

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 CompanyWale Consultancy let you focus on your business, by filing your tax returns in compliance with GST regime.

Among various GST Returns some of the Returns as Below

Return Form	Details	Due Date	Frequency
GSTR- 1 (For turnover up to 1.5 crore)	Details of outwards supplies of taxable goods and services	31st of the month subsequent to quarter	Quarterly
GSTR- 1(For turnover above 1.5 crore)	Details of outwards supplies of taxable goods and services	10th of the subsequent month	Monthly
GSTR- 3B	Summary return to be filed by every tax payer	20th of the subsequent month	Monthly
GSTR- 4	Details of inward and outward supplies by composition taxpayers	18th of the month subsequent to quarter	Quarterly
GSTR- 5	Periodic return to be filed by non-resident foreign taxpayer	20th of the subsequent month / within 7 days of expiry of registration	Monthly
GSTR- 6	To be filed by input service provider for distribution of credit (ITC) amongst its units	13th of the subsequent month	Monthly
GSTR- 7	To be filed by all taxpayers required to deduct tax at source (GST TDS)	10th of the subsequent month	Monthly
GSTR- 8	To be filed by taxpayers required to collect tax at source. E-commerce operators are required to collect tax at source	10th of the subsequent month	Monthly
GSTR- 9	Annual return that must be filed by all regular taxpayers	31st of December of subsequent F.Y.	Annual
GSTR- 10	Final return after surrender or cancellation of GST registration	Within 3 months of date of surrender or registration	Once
GSTR- 11	To be filed by persons having Unique Identity Number. GST Unique Identity Number is allotted to Consulate, Embassies and UN bodies for claiming refund on inward supplies	Due by 28th of subsequent month	Monthly

As per GST Act, every taxable person if satisfy the criteria required for GST audit have to get its Audit done by Chartered Accountant, and we at CompanyWale Consultancy, developed the strong team for GST audits and handling critical issues in GST Audit

Types of GST Audit

Types	Performed By	When Initiated
Turnover based Audit	Chartered Accountant or Cost Accountant appointed by the taxpayer	If the Turnover exceeds 2 crores the taxpayer has to get his accounts & records audited
Normal audit/General Audit	Commissioner of CGST/SGST or any Officer authorized by him	On order of Commissioner by giving 15 days prior notice
Special audit	A Chartered Accountant or Cost Accountant, nominated by Commissioner	On order of Deputy/Assistant Commissioner with prior approval of Commissioner

Turnover-based Audit under Section 35(5) of CGST Act

If the annual turnover of a registered taxpayer is more than Rs. 2 crores in a financial year , he is required to get his accounts audited by a Chartered Accountant or Cost Accountant every year.

Aggregate turnover is calculated as follows:
Aggregate turnover = Value of all taxable (inter-state and intra-state) supplies + exempt supplies + export supplies of all goods and services

Forms for Annual return and GST Audit

Type of taxpayer	Form to be filed
Whether or not applicable to GST Audit
A Regular taxpayer filing GSTR 1 and GSTR 3B	GSTR-9
A Taxpayer under Composition Scheme	GSTR-9A
E-commerce operator	GSTR-9B
Applicable for GST Audit
Taxpayers whose turnover exceeds Rs. 2 crores in FY	GSTR-9C

3) GST Assessment and Representation and Litigation Support

We are well versed with techniques to deal with GST Assessment with GST Department, Representation Support in front of GST Officials and Litigation services as and when required

We Deal in Followings

GST Assessment
GST Appeals
GST Refund Application and Getting the refund
Preparation of responses to letters of enquiry or routine notices
Representing before the appellate authorities
Representation before relevant Tax authorities on tax and trade policy issues
Filing and pleading appeals before appellate authorities and Courts

3) GST Assessment and Representation and Litigation Support

We are well versed with techniques to deal with GST Assessment with GST Department, Representation Support in front of GST Officials and Litigation services as and when required

We Deal in Followings

GST Assessment
GST Appeals
GST Refund Application and Getting the refund
Preparation of responses to letters of enquiry or routine notices
Representing before the appellate authorities
Representation before relevant Tax authorities on tax and trade policy issues
Filing and pleading appeals. before appellate authorities and Courts

GST Audits

Types of GST Audit

Types	Performed By	When Initiated
Turnover based Audit	Chartered Accountant or Cost Accountant appointed by the taxpayer	If the Turnover exceeds 2 crores the taxpayer has to get his accounts & records audited
Normal audit/General Audit	Commissioner of CGST/SGST or any Officer authorized by him	On order of Commissioner by giving 15 days prior notice
Special audit	A Chartered Accountant or Cost Accountant, nominated by Commissioner	On order of Deputy/Assistant Commissioner with prior approval of Commissioner

Turnover-based Audit under Section 35(5) of CGST Act

If the annual turnover of a registered taxpayer is more than Rs. 2 crores in a financial year , he is required to get his accounts audited by a Chartered Accountant or Cost Accountant every year.

Aggregate turnover is calculated as follows:

Aggregate turnover = Value of all taxable (inter-state and intra-state) supplies + exempt supplies + export supplies of all goods and services

GST Forms

Forms for Annual return and GST Audit:

Whether or not applicable to GST AuditApplicable for GST Audit

A Regular taxpayer filing GSTR 1 and GSTR 3B	GSTR-9
A Taxpayer under Composition Scheme	GSTR-9A
E-commerce operator	GSTR-9B
Taxpayers whose turnover exceeds Rs. 2 crores in FY	GSTR-9C

F.A.Q

Who should file GST Return?

Under GST, every person or entity registered under GST would be required to file a GST return for the prescribed period. Even those entities having a GST registration but no activity would be required to file a GST Nil Return to stay compliant with GST regulations.
Can GST Return be revised?

There would be no procedure or revision of a GST Return. All unreported invoices of the previous tax period must be included in the return for the current month and interest, if any would be applicable.
What is Periodicity of Return?

Under GST Regime Returns need to be filed every month . However in case of Composition dealers it has to be filed every quarter.
"What is the late fee/penalty for failing to file the return on time?

In case the taxpayer fails to file the GST returns within the specified date provided by the GST department, then taxpayer has to pay late fee along with interest @18%. The late fee will be Rs.20 per day if it is NIL return or else Rs 50 will be levied if you fail to furnish the return within specified date. Thus, it will come around Rs.25 under the CGST and again Rs.25 under the SGST. The total amount to be paid will be Rs.50 per day. The maximum late fee can be Rs.5000. The IGST do not charge any late fees.
Do we also Provide GST Audit and Assessment Services?

Yes, We also Provide GST Audit and Assessment Services as and when required

Contact

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