GST Audit Services

Goods and Services Tax (GST) is a tax system introduced in India in July 2017, which replaced various indirect taxes. Goods and Services Tax is a comprehensive tax levied on the value added at each stage of the supply chain. GST has helped in making the taxation system simpler, transparent and more efficient.

One of the essential aspects of GST compliance is GST return filing. GST return is a document that contains details of income earned and tax paid by a registered dealer during a specified period. It is a record of all sales, purchases, and taxes paid or collected by a business during a specific period.

The GST return filing process is a mandatory requirement for all registered dealers under GST. GST return filing process involves uploading invoices and other transaction details to the GST portal. In this article, we will discuss the GST return filing process, and all you need to know about GST registration and GST return filing, and GST compliance.

GST Return Filing Process

GST return filing process involves the following steps:

Step 1: Registering for GST
The first step in the GST return filing process is to register for GST. The registration process is online, and it requires a few documents such as PAN, Aadhaar card, bank details, and business registration documents.

Step 2: Maintaining Books of Accounts
Registered dealers are required to maintain proper books of accounts, including sales and purchase invoices, receipts, payments, and other financial documents. The books of accounts must be maintained in electronic form, and they must be updated regularly.

Step 3: Filing GST Returns
Registered dealers are required to file GST returns on a monthly, quarterly or annual basis, depending on their turnover. The GST return filing process involves uploading invoices and other transaction details to the GST portal. The GST portal then calculates the tax liability and credits available and generates a summary of the return.

Step 4: Paying Taxes
After filing the GST return, registered dealers are required to pay the tax liability within the due date. GST payment can be made online through the GST portal.

Services Offered by SV Associates for GST Registration and GST Return Filing

GST return filing and compliance can be a complex and time-consuming process. That is where we step-in.

GST Registration: We can assist businesses in registering for GST. We also help in the preparation of documents, filing the application, and obtaining a GST registration certificate.

GST Return Filing: We can prepare and file GST returns on behalf of businesses. Moreover, we can upload invoices and other transaction details, calculate tax liability and credits, and generate a summary of the return.

GST Compliance Audit: The experts at SV Associates can conduct a GST compliance audit to ensure that the business is complying with all the GST regulations. We can identify any gaps in compliance and provide recommendations to rectify them.

GST Advisory: SV Associates provide GST advisory services to businesses. We also provide guidance on GST compliance, GST registration, GST return filing, and GST payment.

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Types oF GST Return

The importance of GST audit cannot be overstated, as it is an essential process for ensuring compliance with GST laws and regulations. Some of the key reasons why GST audit is important are:

GSTR-1: GSTR-1 is a monthly or quarterly return that businesses must file to report details of their outward supplies of goods or services. This return includes information such as the business's name, GSTIN, invoice details, and total value of supplies made.

GSTR-2A: GSTR-2A is an auto-populated return that is generated for the recipient of goods or services. It contains details of all the supplies made to the recipient by their suppliers and is used for claiming input tax credit.

GSTR-3B: GSTR-3B is a monthly return that businesses must file to report their summary of outward and inward supplies and the amount of tax payable. This return is filed even if there are no transactions in a particular month.

GSTR-4: GSTR-4 is a quarterly return that small taxpayers under the Composition Scheme must file. This return includes details of their outward supplies and tax paid.

GSTR-5: GSTR-5 is a monthly return that non-resident taxpayers must file to report their taxable supplies and tax paid in India.

GSTR-6: GSTR-6 is a monthly return that Input Service Distributors (ISD) must file to report the details of the invoices on which credit has been received and distributed.

GSTR-7: GSTR-7 is a monthly return that businesses must file to report the details of tax deducted at source (TDS) and the tax deposited.

GSTR-8: GSTR-8 is a monthly return that e-commerce operators must file to report the details of supplies made through their platform and the tax collected.

GSTR-9: GSTR-9 is an annual return that businesses must file to reconcile their input tax credit and output tax liability for the financial year.

GSTR-10: GSTR-10 is a return that businesses must file when their GST registration is cancelled or surrendered.

Importance OF GST Return Filing

Compliance with the Law
GST return filing is a legal requirement under the GST Act, and non-compliance can result in penalties and fines. Filing GST returns on time and accurately is essential to comply with the law.

Input Tax Credit
Registered dealers can claim input tax credit for taxes paid on purchases. Input tax credit can be claimed only if the supplier has filed the GST return and paid the tax. Hence, GST return filing is essential to claim input tax credit.

Transparent Taxation System
GST has helped in making the taxation system more transparent by eliminating the cascading effect of taxes. GST return filing ensures that all transactions are recorded and reported, making the taxation system more transparent.

GST Return Filing Rating
The GST compliance rating is a score given to registered dealers based on their compliance with the GST regulations. A high compliance rating can help businesses in getting loans and contracts. Filing GST returns on time and accurately can help in improving the compliance rating.

Avoiding Penalties
Non-filing or late filing of GST returns can result in penalties and fines. Filing GST returns on time can help in avoiding penalties and fines.

Business Continuity
GST return filing is essential for the continuity of the business. Non-filing or late filing of GST returns can result in the cancellation of the GST registration, which can affect the business operations.

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Why Choose SV Associates

Expertise: SV Associates have the expertise and experience in GST return filing. We can provide guidance and support on all aspects of GST compliance, including registration, return filing, payment, and audits.

Time-Saving: Outsourcing GST return filing can save businesses a significant amount of time. Businesses can focus on their core operations and leave the GST compliance to us.

Cost-Effective: Outsourcing GST return filing can be cost-effective for businesses. Hiring an in-house team for GST compliance can be expensive, and outsourcing can help businesses save costs.

Accuracy:: GST return filing requires accuracy and attention to detail. We ensure that the compliance is accurate and error-free.

Compliance with Regulations: GST regulations can be complex, we ensure that businesses are compliant with all the regulations.

FAQs:

Who is required to file GST returns?

All businesses registered under GST are required to file GST returns. However, small taxpayers with an annual turnover of less than Rs. 1.5 crore can opt for the Composition Scheme, where they have to file a quarterly return instead of a monthly return.

What happens if I fail to file GST returns?

Failing to file GST returns can result in penalties and fines. For every day of delay in filing the return, a penalty of Rs. 50 per day is charged for GSTR-3B and Rs. 20 per day for GSTR-1 and GSTR-5. The maximum penalty for late filing is Rs. 10,000. Non-filing of GST returns can also result in the cancellation of the GST registration.

What is Input Tax Credit?

Input Tax Credit (ITC) is a credit that a registered dealer can claim for taxes paid on purchases. ITC can be claimed only if the supplier has filed the GST return and paid the tax.

What is the penalty for incorrect or mismatched filing of GST returns?

Incorrect or mismatched filing of GST returns can result in penalties and fines. For GSTR-3B, the penalty is 10% of the tax due or a minimum of Rs. 10,000, whichever is higher. For GSTR-1 and GSTR-5, the penalty is Rs. 200 per day of delay for each return.

Can I revise my GST returns?

Yes, GST returns can be revised. However, revisions can be made only once, and it must be done within the due date of the next month's return or September of the following financial year, whichever is earlier.

Can I file GST returns without having to register under GST?

No, GST returns can be filed only by registered dealers under GST. To file GST returns, businesses must register for GST and obtain a GSTIN (GST Identification Number).