WHAT IS GST?
GST is a unified taxation system which would end multiple taxation across the states and create a level playing field for businesses throughout the country, much like the developed nations. It is a multi-stage destination-based tax which will be collected at every stage, starting from procuring the raw material to selling the final product. The credit of taxes paid at the previous stage(s) will be available for set-off at the next stage of supply. Being destination or a consumption based, the GST will also end multiple taxes levied by Centre and the State Governments like Central Excise, Service Tax, VAT, Central Sales Tax, Octroi, Entry Tax, Luxury Tax and Entertainment Tax etc.  This will lower the overall tax burden on the consumer and will benefit the industry through better cash flows and working capital management. Currently, 17 State and Central levies are being applied on goods as they move from one State to the other.

 

BENEFITS OF GST:

Different estimates peg the net advantage to the Gross Domestic Product, up to two percentage points.  The GST regime is also expected to result in better tax compliance, thereby increasing its revenue and narrowing the Budget deficit. All the imported goods will be charged Integrated Goods & Services Tax (IGST) which is equivalent to the Central GST + State GST. This will bring equality with taxation on local products.

 

Mainly, there will be three types of taxes under the GST regime: Central Goods and Services Tax (CGST), State (or Union Territory) Goods and Services Tax (SGST) and Integrated Goods and Services Tax (IGST). Tax levied by the Centre on intra-State supply of goods or services would be called the CGST and that to be levied by the States and Union Territories (UTs) would be called the SGST and UTGST  respectively. The IGST would be levied and collected by the Centre on inter-State supply of goods and services. Four supplementary legislations approving these taxes, namely the Central GST Bill, the Integrated GST Bill, the GST (Compensation to States) Bill, and the Union Territory GST Bill were passed by the Lok Sabha in May this year, making the realisation of 1st July, 2017 deadline a reality.

 

All the matters related to the GST are dealt upon by the GST Council headed by the Union Finance Minister while all the State Finance Ministers are its Members. The GST Council also has a provision to adjudicate disputes arising out of its recommendation or implementation thereof.

 

GST RATES:

The GST Council has fixed seven broad tax slabs under the new GST system – NIL per cent, 0.25 per cent, 3 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent. On top of the highest slab, there is a cess on luxury and demerit goods to compensate the States for revenue loss in the first five years of GST implementation. Most of the goods and services have been listed under the four slabs, but a few like gold and rough diamonds have exclusive tax rates. Also, some items have been exempted from taxation. The essential items have been kept in the lowest tax bracket, whereas luxury goods and tobacco products will invite higher tax.

 

GST REGISTRATION:

Now getting a business registered under GST is totally hassle-free. Anyone can get his/her business registered from the GSTN Portal. To get the registration done one has to follow the following steps.

  1. Fill the registration form GST REG-01 online at the GST portal. This form has two parts, Part A and Part B.

  2. Fill Part A of the form and SUBMIT. The GST portal will verify the applicant’s details using a One Time Password, (OTP).

  3. The GST portal then sends to the applicant through the form GST REG-02, a temporary Reference number (TRN) via SMS and e-mail to the applicant’s registered mobile no. and registered e-mail ID. The applicant need to acknowledge the receipt of the TRN.

  4. Next step is to fill-up the part B of the GST REG-01 form and mention the TRN. In this part the applicant need to attach necessary documents. After submitting the part B, the applicant will receive within a short period of time, the Application Reference Number (ARN) through SMS as well as e-mail. This ARN can later on be used to track the status of the Registration application.

If the applicant misses any information or any other extra information that may be required, GST Council will sent the GST REG-03, which need to be replied to through the GST REG-04 Form, along with all additional information sought for.

After the successful completion of all the above steps, the applicant will receive GST REG-06, which will contain the GST Registration Certificate issued for the principal place of business and other place of business.

An applicant having many different business verticals within a particular state, He/she has to file different and separate applications through GST REG-01 for every different business vertical.

If the authority thinks that the information provided are not satisfactory, the authority will reject the application and inform the same to the applicant through the form GST REG-05.

If the applicant is involved in a business where he/she is required to collect tax at source (TCS) or deduct tax at source (TDS) then their application should be filed through the form GST REG-07.

TO GET OUR ASSISTANCE FOR REGISTRATION 

 

GST Returns

 

GST AUDIT:

“AUDIT” means the examination of records, returns and other documents maintained or furnished by the registered person under this Act or the rules made thereunder or under any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess his compliance with the provisions of this Act or the rules made thereunder.

 
WHO NEED AUDIT REPORTS:

AUDIT BY CA: Every registered person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of the audited annual accounts, the reconciliation statement under sub-section (2) of section 44 and such other documents in such form and manner as may be prescribed.

 

Every registered person who is required to get his accounts audited in accordance with the provisions of sub-section (5) of section 35 shall furnish, electronically, the annual return under sub-section (1) along with a copy of the audited annual accounts and a reconciliation statement, reconciling the value of supplies declared in the return furnished

for the financial year with the audited annual financial statement, and such other particulars as may be prescribed.

 

AUDIT BY TAX AUTHORITIES: The Commissioner or any officer authorised by him, by way of a general or a specific order, may undertake audit of any registered person for such period, at such frequency and in such manner as may be prescribed.

 

SPECIAL AUDIT: If at any stage of scrutiny, inquiry, investigation or any other proceedings before him, any officer not below the rank of Assistant Commissioner, having regard to the nature and complexity of the case and the interest of revenue, is of the opinion that the value has not been correctly declared or the credit availed is not within the normal limits, he may, with the prior approval of the Commissioner, direct such registered person by a communication in writing to get his records including books of account examined and audited by a chartered accountant or a cost accountant as may be nominated by the Commissioner.

 

E-WAY BILLS:

Though the Government had initially attempted to keep away tax inspectors from tax payers, and for the smooth and fast progress in the progress of business as a whole. The Government had relied on the business community to honestly do business, collect tax from buyers on behalf of the Government and to self-assess their business with honesty and submit the return along with the tax collected. But due to a section of dishonest business persons, the tax collection had fallen down drastically, primarily because of tax evasion.

Government had no other option but to put some sort of check on the movement of goods and hence the introduction of the E-WAY BILL.

RULES PERTAINING TO E-WAY BILLS:

Information to be furnished prior to commencement of movement of goods and generation of e-way bill.-

Every registered person who causes movement of goods of consignment value exceeding fifty thousand rupees—

(i) in relation to a supply; or

 

(ii) for reasons other than supply; or

 

(iii) due to inward supply from an unregistered person,

 

shall, before commencement of such movement, furnish information relating to the said goods as specified in Part A of FORM GST EWB-01, electronically, on the common portal along with such other information as may be required on the common portal and a unique number will be generated on the said portal:

 

Provided that the transporter, on an authorization received from the registered person, may furnish information in Part A of FORM GST EWB-01, electronically, on the common portal along with such other information as may be required on the common portal and a unique number will be generated on the said portal:

 

Provided further that where the goods to be transported are supplied through an e-commerce operator or a courier agency, on an authorization received from the consignor, the information in Part A of FORM GST EWB-01 may be furnished by such e-commerce operator or courier agency and a unique number will be generated on the said portal:

 

Provided also that where goods are sent by a principal located in one State or Union territory to a job worker located in any other State or Union territory, the e-way bill shall be generated either by the principal or the job worker, if registered, irrespective of the value of the consignment:

Provided also that where handicraft goods are transported from one State or Union territory to another State or Union territory by a person who has been exempted from the requirement of obtaining registration under clauses (i) and (ii) of section 24, the e-way bill shall be generated by the said person irrespective of the value of the consignment.

To know more about e-way bills, ask us we would be more than happy to be able to do so.

Goods and Services Tax (GST) Registration:

If you have not yet got your Goods and Service tax registration done, or if you have started your new business or may be you have crossed the threshold, ask us, we would be more than happy to do it for you.We will file your application for registration, and receive your GST Identification number (GSTIN) within ONE day

Our charges for this service is ₹499/- + gst @ 18% (Rupees Seven hundred and fifty only)

Amendment of  (GST) Registration

If there is any mistake in your existing GSTIN or you have made some mistake while applying for a new Registration application, and don’t know what to do, don’t worry, ask us and we will do the necessary amendment for you.

Our charges for this service is ₹750/- + gst @ 18% (Rupees Nine hundred only)

Accounting & GST Return Filing:

This Pack is specially designed for businesses whose turnover is less than ₹1.5 crores. In this pack we would provide the following services for ONE GSTIN:

  • Online GST accounting

  • GSTR filing for ONE GSTIN

  • Uploading of B2B and B2C Invoices

Our charges for this pack are:

₹24000/- + gst @ 18% for Twelve months (Maximum of 1200 transactions)

₹19000/- + gst @ 18% for Nine months (Maximum of 900 transactions)

₹13500/- + gst @ 18% for Six months (Maximum of 600 transactions)

₹7000/- + gst @ 18% for Three months (Maximum of 300 transactions)

GST Filing - GSTR - 1 & 3B: (quarterly return of GSTR 1)

This Pack is also specially designed for businesses whose turnover is less than ₹1.5 crores. In this pack we would provide the following services for ONE GSTIN, but it does not include Book keeping and accounting.

Uploading of B2B and B2C invoices

Filing of GSTR 1 within Due date

Filing of GSTR 3B within Due date

 

Our charges for this pack are:

₹4000/- + gst @ 18% for Three months.

₹7500/- + gst @ 18% for Six months.

₹11000/- + gst @ 18% for Nine months.

₹14500/- + gst @ 18% for Twelve months

GST Filing - GSTR – 3B:

Our service charges are:

₹3000/- + gst @ 18% for Three months

₹5500/- + gst @ 18% for Six months

₹8000/- + gst @ 18% for Nine months

₹10500/- + gst @ 18% for Twelve months

GST Filing - GSTR-4 (Quarterly):

GST Returns (GSTR-4) for 1 quarter for ONE GSTIN

Filing for B2B and B2C invoices

Reconciliation for all transactions

 

Our Service Charges are:

₹1500/- + gst @ 18% per quarter for ONE GSTIN

Knowledge Sharing on e-Way Bill:

The plan is designed to resolve any query related to E-Way Bill. For any query or problem you may have, our experts will assess your case and guide you on the right course of action. Our expert will talk to you over the telephone for 30 minutes and guide or suggest you the best solution for your problem relating to e-way bill.

 

Our service charge for the same is ₹350/- + gst @ 18%

Knowledge sharing on any GST topic:

The plan is designed to resolve any query related to GST. For any query or problem you may have, our experts will assess your case and guide you on the right course of action. Our expert will talk to you over the telephone for 45 minutes and guide or suggest you the best solution for your problem relating to GST

 

Our service charge for the same is ₹550/- + gst @ 18%

GSTR 9 Filing – for businesses having limited transactions:

Every registered person whose annual turnover does not exceed rupees two crores shall furnish an annual return as specified under sub-section (1) of section 44 electronically in FORM GSTR-9 through the common portal either directly or through a Facilitation Centre notified by the Commissioner:

Note:- Any registered person who is an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person, will not file GSTR 9

 

Our charges: Filing of GSTR 9 for one GSTN with upto 1000 invoices. Our charges for this service is ₹5000/- +18% gst

GSTR 9 Filing – for businesses having bulk transactions:

 

Our service: Filing of GSTR 9 for one GSTN with upto 5000 invoices. Our charges for this service is ₹15000/- +18% gst

E-Waybill Registration:

On receipt of request from clients, an e-waybill expert is assigned for the job who would complete the job within the same day.

We would also generate one e-waybill FREE OF COST.

 

Our service charge for the registration is ₹499/- + 18% gst

GST E-way Bill Service (Light):

 Generation of upto 500 e-way bills annually.

 

Our service charge: ₹5000/- + 18% gst

GST E-way Bill Service (Moderate):

Generation of upto 1000 e-way bills annually.

 

Our service charge: ₹8000/- + 18% gst

GST E-way Bill Service (Medium):

Generation of upto 2500 e-way bills annually.

 

Our service charge: ₹15000/- + 18% gst

GST E-way Bill Service (Heavy):

Generation of upto 5000 e-way bills annually.

 

Our service charge: ₹20000/- + 18% gst

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Visit:

197, Rajdanga Main Road,

2nd Floor

Kasba, EC 101, Kolkata 700 107

Call

+91 033 40625360

+91 9038924605

+91 9163972444