Overview
The Goods and Services Tax (GST) has consolidated a plethora of indirect taxes levied by the Centre and states into a common tax. It eradicated multiplicity of taxes thereby reducing the complexity and removing the cascading effect of taxes. Present taxes levied on the sale of goods or services by either Central or State Government are embraced under the GST regime. Goods and Services Tax came into effect on July 1, 2017. Businesses are required to file monthly, quarterly and annual returns and those with turnover exceeding INR 2 crore will also have to file audit reports. Our portfolio of services, that makes it easy for you to comply with this tax regime, comprises of: GST Registration: GST registration process under the new GST rules is done through an online portal that is maintained by the Central Government of India. Our experts can get your GST registration done in a short span of time. GST Returns: 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 AJSH let you focus on your business, by filing your tax returns in compliance with GST regime. GST Amendments: Once you are registered as goods and services taxpayer and want to make any alteration in your details of core or non-core fields like change in address, addition of place of business etc., you may reach our GST experts for any assistance. GST Audits: Our team of professionals with rich knowledge on GST, perform audits and prepares required audit reports for its clients. GST Assessment: We can help you with your self-assessment of GST. Our team will assist you in whole process of assessment carried out by tax authorities. GST Compliances: We will keep you updated with any new compliances announced by GST Council.
Frequently Asked Questions
1) Our business partners are demanding GST number even though our business is below exemption threshold.
Exemption upto 20 lakhs depends on a number of conditions which may not be fulfilled by your business. Most common are 1. Sales on e-commerce platform and 2. Inter-state supplies Please schedule a consultation for detailed analysis of your requirements.
2) What is GST Compliance Rating?
According to the model GST law, refund claims under the GST regime will also be processed on merit basis, i.e on the GST compliance rating of the registered taxpayer. It is expected that certain slabs rates will be maintained for various taxpayers falling under various bandwidths of compliance rating and the refunds will be made in terms of percentage amount based on the individual rating of the taxpayer. Lets take an example to understand this further. Let’s assume that GST rating will be done on a scale of 1-10, wherein someone rated at 1 is least compliant and a rating of 10 depicts excellent compliance. Now it has been proposed that refunds to a taxpayer will be made in percentage on the basis of these ratings. For example, someone maintaining a rating of 10 will receive 100% of the refund immediately. But another entity having a rating of 8 might get only 80% of his refund claim.
3) Is GST applicable to my business?
GST is applicable if your annual turnover is Rs. 20 lakh or above. In case of North Eastern states (Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura) and hilly regions i.e. Himachal Pradesh, Uttarakhand,Jammu & Kashmir and Sikkim,the threshold limit is Rs. 10 lakh., The registration is mandatory on crossing the limit of Rs.19,00,000( for special category states it is Rs. 9,00,000). If your turnover includes supply of only those goods/services which are exempt under GST, then registration is not required. While calculating the turnover both taxable and non-taxable goods and services are to be included
4) How can GST help us?
We can manage all your GST compliance needs such as registrations, returns, book-keeping and advisory on GST. Our services offer convenience at an affordable price .
5) Do I need PAN to Apply for GST?
PAN is mandatory to apply for GST registration (except for non-resident who can get GST registration on the basis of other documents)