The Goods and Services Tax (GST) is a consolidated tax system that replaces a myriad of different indirect taxes levied by the Centre and state governments into a universal tax. GST was implemented from 1st July 2017, with the objective of “One Nation One Tax”. Businesses to file monthly, quarterly, and annual returns under the GST regime. The registered persons with a yearly turnover of more than ten crores are also required to file an audit report.
Our GST Services
We at Ahuja & Ahuja Chartered Accountants understand the importance of GST for businesses and the Indian economy as a whole. Our team of experienced Chartered Accountants provides comprehensive GST services to our clients in Delhi / NCR, including New Delhi, Noida, Gurugram (Gurgaon), and Greater Noida.
We provide GST registration services to new businesses and enterprises that are required to register under GST. Our team assists in completing the registration process, including obtaining the necessary documents, verifying eligibility, and submitting the application on the GST portal.
GST Returns Filing Services
Our team provides GST returns filing services to businesses to ensure compliance with GST regulations. We assist in the timely filing of GST returns, including GSTR-1, GSTR-2, and GSTR-3. We also help businesses in reconciling the returns and making any necessary adjustments.
GST Assessment Services
Our team provides GST assessment services to help businesses comply with GST regulations and avoid penalties. We assist businesses in preparing and submitting required documents to the tax authorities, representing them during the assessment process, and ensuring a smooth and hassle-free process.
GST Advisory and Tax Compliances
Our team of experienced Chartered Accountants provides expert advisory services to businesses on GST regulations and tax compliances. We assist businesses in understanding the impact of GST on their operations and help them implement processes to ensure compliance with GST regulations.
Due Diligence and Litigation Services
Our team provides due diligence and litigation services related to GST for businesses. We assist businesses in conducting due diligence for mergers, acquisitions, and other business transactions, and represent them before tax authorities in case of litigation.
Benefits of GST
The GST system has numerous benefits, including:
- Subsumed indirect taxes – GST has subsumed a bunch of indirect taxes such as VAT, CST, Service tax, CAD, SAD, and Excise, making tax compliance more straightforward.
- Simplified tax policy – GST has reduced the complexity of tax policies compared to the previous tax regime, resulting in fewer tax compliances.
- Elimination of cascading effect – GST has removed the tax on tax, reducing manufacturing costs, and leading to a fall in prices of consumer goods.
- Lowering tax burden – GST has lowered the tax burden on the common man, making it easier for them to obtain the same products that were expensive earlier.
- Increased demand and consumption of goods – GST has led to an increase in demand and consumption of goods, ultimately resulting in an increase in the production of goods.
Impact of GST on the Indian Economy
The GST system has a significant impact on the Indian economy, including:
- Decreases tax burden – GST has decreased the tax burden on producers and fostered growth through increased production.
- Removal of tax restrictions – GST has removed tax restrictions like toll plazas and check posts, eliminating the wastage of unpreserved things being transported.
- More transparent system – GST has made the system more transparent, allowing customers to know precisely the taxes to be paid and on what base.
- Increase in government revenues – GST has contributed to and made additions to the government revenues by extending the tax base.
- Removal of custom duties – GST has removed the custom duties applicable to exports, making India’s competitiveness in overseas markets increase on account of lesser costs of the transaction.
At Ahuja & Ahuja Chartered Accountants, we are committed to providing our clients with the highest quality GST services. Our team of experienced Chartered Accountants has the knowledge and expertise required to navigate the complexities of GST regulations and ensure compliance with the law. Contact us today to learn more about our GST services and how we can help your business thrive in the new GST regime.
What is GST and how does it work?
GST stands for Goods and Services Tax, which is a consumption tax imposed on the supply of goods and services in India. GST works on the principle of value-added taxation, where tax is levied on the value added at each stage of the supply chain, from the manufacturer to the consumer.
Who is required to register for GST?
Any business with an annual turnover of Rs. 20 lakh or more is required to register for GST. However, certain businesses, such as those engaged in inter-state trade or e-commerce, are required to register for GST even if their turnover is below the threshold.
What are the different types of GST returns and how often do they need to be filed?
There are various types of GST returns, including GSTR-1, GSTR-2A, GSTR-3B, and GSTR-4, depending on the type of taxpayer and the nature of their business. The frequency of filing returns varies from monthly to quarterly.
What are the penalties for non-compliance with GST regulations?
Penalties for non-compliance with GST regulations can range from a monetary fine to imprisonment, depending on the severity of the offense. For instance, failure to register for GST can result in a penalty of up to 10% of the tax due, while willful tax evasion can result in imprisonment.
How can GST impact my business, and what steps should I take to ensure compliance?
GST can impact your business in various ways, including changes to pricing, invoicing, and accounting practices. To ensure compliance, you should register for GST, maintain accurate records, and file returns on time. You may also need to update your software and systems to comply with GST requirements.
How can I claim input tax credits, and what are the conditions for doing so?
Input tax credit (ITC) can be claimed on GST paid on inputs used for the production or supply of goods and services. To claim ITC, you must be a registered taxpayer, and the inputs must have been used for business purposes. You must also have the necessary documentation to support the claim.
Can I get a refund for excess GST paid on purchases, and how does this process work?
Yes, you can claim a refund for excess GST paid on purchases if you are eligible. The process involves filing a refund application with the relevant authority and providing supporting documentation.
Are there any exemptions or concessions available for small businesses under GST?
Yes, small businesses with an annual turnover of up to Rs. 1.5 crore can opt for the Composition Scheme, which offers certain exemptions and reduced tax rates. Additionally, certain goods and services, such as healthcare and education, are exempt from GST.
How can I ensure that my business is fully prepared for GST audits and assessments?
To ensure that your business is prepared for GST audits and assessments, you should maintain accurate records, file returns on time, and keep all necessary documentation. You should also keep track of any changes to GST regulations and ensure that your systems and software are up-to-date.
What are the latest updates and changes to GST regulations, and how do they affect my business?
The latest updates and changes to GST regulations can have a significant impact on your business, depending on the nature of your operations. It is important to stay up-to-date with changes and seek professional advice if necessary. Some recent changes include the introduction of the e-invoicing system and the requirement for e-commerce operators to collect tax at source.