Essentials of GST Advisory Services

The essentials of GST advisory services include:

• Broad impact assessment: This involves understanding the overall impact of GST on the business, including the impact on prices, costs, and compliance requirements. 
• Short-list realistic analysis: This involves identifying the key areas where GST can have a significant impact on the business and developing realistic plans to mitigate these impacts. 
• Execution assistance: This involves providing assistance to the business in implementing the plans developed in the previous step. This may include providing training on GST compliance, helping to develop new processes and systems, and providing support with audits and investigations. 
• Evolution management: This involves helping the business to continuously evolve its GST compliance practices as the law and regulations change.

GST advisory services can be provided by a variety of professionals, including chartered accountants, lawyers, and tax consultants. The specific services that are provided will vary depending on the needs of the business.

Why GST Compliance is Critical

• • Regulatory Adherence: Maintain compliance with evolving GST laws and avoid legal issues or penalties.
  • Financial Accuracy: Ensure accurate reporting of transactions and taxes, reducing the risk of discrepancies.
  • Tax Optimization: Maximize input tax credits and optimize your tax liabilities.
  • Business Efficiency: Streamline GST processes to enhance overall operational efficiency.

• What Are the Benefits of GST?

• • GST, an extensive value-added indirect tax on both goods and services, has aided in the consolidation of the Indian market. Some of GST’s salient characteristics include:

• Dual Tax Structure:

• • A centre tax and a state tax, referred to as the Centre GST (CGST) and State GST (SGST), respectively, are levied on every sale of goods and services

• Integrated GST (IGST) On Interstate Purchases:

• • Integrated GST (IGST) on interstate purchases where the revenue is split between the consumption state and the centre

• Taxable supply made between two locations of the same legal entity:

• • Between the agent and the principal, there is a taxable supply of goods. Employer ‘gifts’ to employees that exceed ₹50,000 are taxed
  • All imports are regarded as statewide supplies and are therefore liable to the IGST. There is no tax at all exports

• Tax Administration:

• • Although there is an online tax system, there are GST Facilitation Centres, GSPs, and ASPs that help taxpayers with registration, filing returns, and other tax-related tasks.

• Compositional Plan:

• Under the composition structure of the GST regime, businesses have lower tax obligations. These businesses should have a supply volume of less than ₹50 lakh and are not permitted to obtain input credit. However, this programme will not be applicable to enterprises engaged in interstate commerce or the service sector.

What is the GST Login Process in India?

The Goods and Services Tax (GST) was introduced in India on July 1, 2017. It is a comprehensive, indirect tax levied on the supply of goods and services. The GST is levied on all taxable supplies of goods and services made in India. The GST Login is making information available easily for the commercial establishments. The GST online verification is strongly welcomed by commercial establishments for such reasons.

The GST login process is very simple. To make Successfull Goods and Services login you need GST number and mobile number. Just follow these steps:

1. Go to the GST Portal to initiate the first step of GST Login
2. Click on the ‘Login’ tab at the top right corner of the page to proceed with the second step of GST login
3. Enter your GST number and mobile number in the respective fields to proceed with the third step of GST login
4. Click on the ‘Send OTP’ button and patiently wait to proceed with the Gst Login portal.
5. Enter the OTP received on your mobile number and click on the ‘Login’ button. This Gst login portal verification ensures that only you are accessing the sensitive information. Ensure that for GST online verification you have the registered number handy.
6. In the final step of GST verification login you will be taken to your GST dashboard. You Can View Your GST Returns, Invoices With the Help of GST Login Portal.

Our GST Compliance Services

1. GST Registration: Assistance with obtaining and managing GST registration for your business, ensuring all necessary registrations are completed.
2. Return Filing: Accurate preparation and timely submission of GST returns, including GSTR-1, GSTR-3B, and annual returns.
3. Input Tax Credit Management: Efficient management and reconciliation of input tax credits to ensure you claim all eligible credits.
4. Audit and Assessment Support: Support during GST audits and assessments, including preparation and response to queries from tax authorities.
5. GST Advisory: Expert advice on GST implications for your business operations, including supply chain management, cross-border transactions, and compliance strategies

Our GST Advisory Process

1. Initial Assessment: Conduct a thorough assessment of your current GST compliance status and identify areas for improvement.
2. Strategic Planning: Develop tailored strategies to address your GST compliance needs and optimize your tax position.
3. Implementation: Implement solutions and processes to ensure effective GST compliance and tax management.
4. Ongoing Support: Provide continuous support and updates on regulatory changes, ensuring your business remains compliant.

Latest Updates on GST

• Threshold limit for e-invoices reduced to Rs. 5 crore. From August 1, 2023, it will be mandatory for all businesses with a turnover of Rs. 5 crore or more to generate and upload e-invoices for all their B2B transactions. This is a reduction from the current threshold of Rs. 10 crore. 
• GST rate on gaming and gambling activities increased to 28%. The GST Council has increased the GST rate on gaming and gambling activities from 18% to 28%. This decision was taken in view of the increasing popularity of these activities and the need to raise more revenue from them. 
• Exemption of GST on essential imports of pharmaceutical products. The GST Council has exempted GST on essential imports of pharmaceutical products. This exemption will be applicable for a period of six months, starting from July 1, 2023. The exemption is being given to ensure that there is no shortage of essential medicines in the country. 
• Extension of deadline for filing annual return for FY 2022-23. The deadline for filing the annual return for the financial year 2022-23 has been extended to December 31, 2023. This extension has been given to give businesses more time to file their returns. 
• Introduction of new penalty provisions for e-commerce operators. The GST Council has introduced new penalty provisions for e-commerce operators who allow composite dealers to sell their goods outside their state of registration. The penalty will be Rs. 50,000 for each such violation. 
• The GST rate on unpacked rab (red gram) has been reduced to nil, while the rate on pre-packed and labelled rab has been set at 5%. This change came into effect on February 25, 2023. 
• The GST Council has decided to extend the composition scheme for regular taxpayers by one year, i.e., till March 31, 2024. This scheme allows small businesses to pay a fixed percentage of their turnover as tax. 
• The due date for filing GSTR-3B for the month of February 2023 has been extended to March 15, 2023. GSTR-3B is a monthly return that all GST taxpayers are required to file. 
• The GST Council has also decided to waive the late fee for filing GSTR-3B for the months of October, November, and December 2022. This waiver is applicable to all taxpayers, including those who are not registered under the composition scheme