GST Compliance Services
In lndia the business is recognized after it’s legal name is through it's GST registration Number. To Start any business GST registration is mandatory by virtue of specified limit crossed or by Voluntary basis. To minimize Compliance burden small business is excluded by fixing threshold limit to obtain registration number under the GST In the GST System, there is two-party first is a supplier and Second is the recipient. Supplier may be for Goods and Services Tax or both. As same as supplier recipient is also for goods or services both.
In GST regime, tax (i.e CGST and SGST / UTGST) for Intra State supplies and IGST for Inter-State Supplier) is payable by every taxable person and in this regard, provisions have been prescribed in the law.
Every supplier of goods and Services is required to obtain registration in the State / UT from where he makes the taxable supply if his aggregate turnover exceeds the threshold limit during a financial year. Different threshold limit has been prescribed for various states and Union Territories depending upon the feet whether the supplier is engaged exclusively in the supply of goods, or exclusively in supply of services or in supply of both goods and Services.
Apart from providing relief of small-scale business, the law also contains provisions for granting exemption from payment of tax on essentials goods and services. SV Associates provides the GST Compliance Solutions in India for the reliance of quality Services and regular Compliance of provision of GST for complete the exceptional doubt and resolving the problem arises out of difficulty.
Who is required to furnish the details of outward Supplies?
• lnput service distributor (ISD)
• Non-resident tenable person (NRTP)
• Person paying for under Composition Scheme.
• Person deducting tax at source.
• Person collecting tax at source, i.e, e-commerce operator.
• Supplier of OIDAR services located in non-taxable territory Providing services to non-taxable online recipients.
what is the due date of submission of GSTR-1?
1) Class of registered Person
Time limit for furnishing the details of outward Supplies in farm GSTR-1 for each quarter / Tax period.
2) Registered persons opting for QRMP Scheme
13th day of the month period succeeding Such tax period
11th day of the month succeeding Such tax period
Furnishing details of Inward -Supplies
Form and manner of ascertaining details of Inward Supplies - GSTR-2 A and GSTR-2B
Form GSTR 2A - is a system generated read only statement of Inward supplies for a recipient. This Statement is updated on a real time basis. The details become available to the recipient for view /download and are updated Incrementally as and when supplier's upload or change details in their respective form of return / statement for the given tax period.
Form GSTR-2B - an auto drafted read only Statement Containing the details of Eligible ITC - is made available to the registered person for every month. It is a static Statement and is available only once a month.
Furnishing of Returns & GSTR-3B
A monthly return for every registered every registered person, in such manner and within such time, as may be prescribed.
The due date for filling return
1) Monthly GSTR-3B or as before 20th of the month succeeding the month for which the return is furnished.
2) GSTR-3B on or before 22nd at 24th of the month succeeding the quarter for which return is furnished in case of a taxpayer opting for QRMP scheme.
NIL GSTR -3B
Filing of GSTR -3B is mandatory for all normal and casual taxpayers, even if there is no business activity in any particular tax period. For such tax period a Nil GSTR-3B is required to be filed.
A Nil GSTR-3B does not have any entry in any of its tables.
A Nil GSTR-3B can be filed through an SMS using the registration mobile number of the taxpayers. GSTR-3B submitted through SMS is verified by registration mobile number based OTP facility.
A taxpayer may file Nil GSTR-3B anytime on or after the 1st day of the subsequent month for which the return is being filed for.
GSTR-4 Return for composition suppliers
A registered person under GST paying tax under the composition scheme for each financial year required to file an annual return in form GSTR-4.
The persons required to file GSTR-4 are also required to file a details of data in the form GST CMP-08 containing details of payments of self-assessment tax, for every quarter by 18th day of the month succeeding such quarter.
Due date for filing GSTR-4 and Statement for payment of self-assessed tax
GSTR-4 for a financial year should be furnished by 30th April of the succeeding financial Year.
GSTR-5 Return for Non-Resident Taxable Persons
Non- Resident Taxable Persons (NRTPs) are those suppliers who do not have a business establishment in India and have come for a short period to make or provide services in India. They are normally import their products into India and make local supplies.
NRTP is not required to file the outward supplies and return applicable to normal tax payers. In place of the same a simplified monthly tax return has been prescribed in form GSTR-5 for NRTP for every calendar month.
GSTR-5 should be furnished within 20 days after the end of the calendar month or within 7 days after the last day of validity period of the registration, whichever is earlier.
GSTR-6 Return of Input Service Distributor(ISD)
ISD is not required to file statement of outward supply with its return. It need to file only a monthly return in Form GSTR-6 electronically on common portal. The details in GSTR-6 should be furnished on or before 13th of the month succeeding the calendar month. GSTR-6 can only be filed after 10th of the month and before 13th of the month succeed the tax period.
GSTR-7 Return for tax deducted at source
When taxable goods or services or both are supplied to a central/State Government Department establishment or, local authority or Government agencies, recipient is required to deduct tax at source. Diductor shall furnished a monthly return in form GSTR-7 electronically through the common portal. The details in GSTR-7 should be furnished on or before 10th of the month succeeding the calendar month in which tax has been deducted at source.
Due date for payment of tax
Every person who is required to furnished a return other than person registered under QRMP scheme and composition scheme required to pay to the government tax due as per return but not later than last date on which he is required to furnish return.
For the person registered under QRMP scheme required to pay tax to the government the tax due while consider inward and outward supplies of Goods and Services Tax, input tax credit availed, tax payable and such other particulars during a month in such form and manner and within stipulated time.
Further that every registered person furnishing return under composition scheme shall pay to the government the tax due taking into account turnover in the state or union territory, inward supplies of goods and services, tax payable and such other particulars during the quarter in form within stipulated time and manner.
Every registered person required to furnish return shall, discharge their liability towards tax, interest, penalty, fees or any other amount payable under GST law by debiting the electronic cash Ledger or electronic credit ledger and include the details in the return.
Every registered person under QRMP scheme shall pay the tax due for the first 2 months of the quarter by depositing the said amount in form GST PMT-06 by the 25th day of the succeeding month.
We facilitate Services to comply with those mentioned above for the GST Compliance Services in Delhi NCR.
The answer of the question is vast, for this cell should know Who is required to register under GST Act.
⇒ On a Voluntary basis.
⇒ Supplier of Goods -Turnover Exceeds 40 lacks in financial year.
⇒ Supplier of Services - Turnover Exceeds 20 lacks in financial year.
The details of outward Supplies are required to be filed in Form GSTR-1 for the month or quarter.
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