GST Compliance
GST Compliance
The goods and service tax (GST) came into force in india from july 1, 2017.
It replaced multiple indirect taxes and put everything under one umbrella. Beetaone Fintax LLP has a team of expert GST consultants who can provide you GST compliance services. We can help you navigate through the complex maze of GST and achieve compliance with all the requirements. Since with the introduction of GST, it has become necessary for businesses to be correct and true granularly in tax reporting, our GST Consultants’ keen attention to detail will make it possible for you. Moreover, since companies have an added responsibility of ensuring that the other third parties involved in the supply chain are also GST compliant, we, at Beetaone Fintax LLP bring that coordination and communication between the businesses to ensure GST compliance by all. We also keep ourselves updated with all the new amendments in the laws, procedures, and guidelines related to GST compliance so that our clients are not left behind in meeting the requirements of GST regulations.
Beetaone Fintax LLPis your one-stop solution for anything on GST – advisory services on transactions, GST registration, obtaining GSTIN, GST returns preparation, and GST returns filing. We also provide assistance when an audit is required under GST laws; we respond to notices from legal authorities and provide you with all types of GST compliance services.
At Beetaone Fintax LLP, we are always here to provide you with exceptional accounting, auditing, and financial
advisory services tailored to your unique business needs. Whether you’re looking for expert guidance in GST
compliance, transfer pricing, RBI/FEMA regulations, or accounting outsourcing, our team of dedicated professionals
is just a call or email away.
GST Compliance Services
Our GST compliance services include:
GST Registration
We help clients to identify their status as liable for obtaining GST registration or not by checking their aggregate turnover with the GST registration threshold limits and help them avoid penalties for non-registration under GST.
We assist clients in obtaining GST registration by preparing all the documents required for GST Registration and following the GST Registration Process, applying for changes in the details in the GST registration certificate that are incorrect, applying for temporary user ID for those unregistered under GST laws.
We support clients to file for registration at each place of operations of the business in different states. We help clients check their GST ARN status from the GSTN System portal.
We aid clients in obtaining GSTIN and related login credentials. We help to find out the eligibility of the client under the GST composition scheme. We assist the clients in registering as a normal taxpayer, composition scheme taxpayer, casual taxable person, non-resident taxable person, input service distributor, tax deductor at source, tax collector at source or any other under the GST laws.
GST Classification
As a part of our GST Compliance Services, our consultants provide the necessary support to the clients in the classification of their items related to goods and services under the precise HSN or SAC code depending on whether the transaction is related to goods or services respectively.
We apply the relevant provisions related to CGST, SGST, or IGST based on the classification of client’s transactions under inter-state or intra-state supply. We use our experience and knowledge in GST consulting to classify the client’s business transactions based on the place of supply (destination) to determine the correct types of GST applicable to the transaction such as CGST, SGST, or IGST.
Review of Accounting Data
We study the accounting data of clients to check for any necessary GST compliance as per the GST laws. We assist clients in maintaining books of accounts as per the requirements of the GST Act. We commit ourselves to understand the operations and business of the clients to get better insights on the applicability of GST laws and fulfill the requirements of the law.
GST Advisory
Our GST compliance services include expert advice to clients on the applicability of GST on its various transactions and assess the potential impact in different business sectors to find out the GST liability amount. We understand the business of the clients, regulatory requirements and provide them a customized GST Compliance Checklist that they have to follow every month to remain compliant with the requirements of the GST Act.
We provide on-call advisory services regarding any queries and issues under the GST laws. We also address the queries of our clients’ customers and suppliers. Our team assists the clients on an ongoing inquiry or investigation initiated in regards to GST compliance from the government or relevant departments.
We also assist the clients in selecting the right GST Compliance Software.
GST Liability Calculation
Our GST advisors determine the actual period of supply to find out the exact tax period in which GST would be applicable and when the dues are required to be paid. We sit along with the internal accounting team to identify the invoices available for an input tax credit with respect to the relevant provisions. We intimate the clients about payment of taxes as per their liability.
GST Return Filing Services
Beetaone also verify the data and calculate the GST liability of the client to prepare and file monthly GST returns, or quarterly GST returns if opted for in GSTR-1 or GSTR-3B, quarterly in CMP-08 for taxpayers registered under composition scheme under section 10 of the CGST Act, and annual GST returns in GSTR-4. We also file:
Monthly returns for the non-resident foreign taxable person in GSTR-5
Returns for an input service distributor to distribute the eligible tax credit to its branches in GSTR-6
Monthly return for government authorities deducting TDS in GSTR-7
Monthly return in GSTR-8 for supplies effected through e-commerce operators and the amount of tax collected at source by them.
GSTR-9 annual return for normal taxpayers
GSTR-9A annual tax return for a taxpayer registered under composition levy anytime during the year.
GSTR-9C annual certified reconciliation statement
GSTR-10 for those taxpayers who have canceled their GST Registration
GSTR-11 for taxpayers having UIN and claiming a refund
GST Invoice and other Documents to be maintained under GST
Our GST consultants are also involved in designing the format of tax invoices, credit notes, debit notes, bill of supply, export documentation, etc. containing all the relevant details as per the provisions of GST laws. We also engage ourselves in the thorough review of all invoices and GST documents prepared by the client to ensure that the client issues a GST Compliant Invoice and avoids the possibility of errors and penalties under GST Laws.
Monthly Reconciliations
We also handle the monthly reconciliations where our team determines input tax credit based on taxes paid for the inputs, input services, and capital goods as per the invoices raised and purchases made.
Reverse Charge Mechanism
We help clients in determining the applicability of reverse charge mechanism and the reversals of the input tax credit as availed under the GST laws.
GST Refunds
We assist the clients in preparation and filing of online application along with the relevant documents against which refund is to be claimed. We also engage in following up with the department for the finalization of refund claims. We ensure the refund of Input Tax Credit (ITC) on Export of Goods or Services, the refund of ITC on Inverted Duty Structure, and refund of ITC on Deemed Exports.
Anti-profiteering
Our GST professionals also conduct an anti-profiteering study. We assess the clients’ books of accounts as per the anti-profiteering rules and relevant orders of the National Anti-Profiteering Authority and relevant notifications issued under GST laws to check the applicability of the provisions of anti-profiteering on the client.
E-way bill consultancy
We help clients in preparing and filing E-Way Bills on the GST portal or any other permit document or certificate for the movement of goods.
GST Update
We provide regular updates to clients regarding any notifications or circulars issued by the GST Council under GST laws for GST compliance. We assist clients in applying for resetting the email address and mobile number when the authorized signatory is changed.
key Features
Are you looking for help in GST registration? Do you want to categorize your transactions as falling under GST or not? Do you want to have the correct calculations of your GST liability? Are you looking for assistance in GST return filing? Do you intend to manage all your compliances under the GST laws swiftly and efficiently?
We have a team of approachable, well-trained, and proficient GST consultants who ensure that our GST compliance services are available to you anywhere and anytime so that we answer every query of yours efficiently and with the best solution possible.
We ensure that all the timelines related to GST compliance, return filing, GST registration, and submission of all the documents and applications under the GST laws are complied with so that clients do not have to deal with any delay penalties or legal repercussion.
We have an extremely knowledgeable and robust team of indirect tax professionals across India with the requisite skill set to handle all kinds of GST transactions. We also provide GST training to your internal tax team to handle the tasks related to GST calculations, classification, and documentation for better efficiency and effectiveness.
Our GST consultants and advisors enable the clients to manage timely GST payments, timely credits, the fulfilment of reporting requirements, and compliance with all the related GST requirements, thereby achieving efficiency in the cost of compliance.
Frequently Asked Questions(FAQ,s)
What is GST?
The Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in India. It is a destination-based tax imposed on the value addition at each stage, and the tax paid on the purchase of goods and services is available for set-off against the tax to be paid on the supply of goods and services. This tax replaced many other indirect taxes such as VAT, excise duty, services tax, etc.
What are the benefits of GST?
- It has eliminated the requirement for taxpayers to pay taxes on taxes
- It has increased the GST threshold limits benefiting the small businesses and service providers
- It has reduced the compliance burden on small businesses
- It has harmonized the tax rates, procedures, and laws, thereby simplifying compliance
How are the goods and services classified under the GST regime?
HSN (Harmonized System of Nomenclature) code is used for the classification of goods under the GST regime. Taxpayers whose turnover is below INR 1.5 crores are not required to mention HSN Code in their invoices, taxpayers whose turnover is above INR 1.5 crores, but below INR 5.0 crores shall use 2-digit code and the taxpayers whose turnover is INR 5.0 crores and above shall use 4-digit code. Services are classified as per the Services Accounting Code (SAC).
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