About GST & the compliance landscape
GST is a destination-based tax on consumption of goods and services, applicable from July 01, 2017, in which a number of indirect taxes were subsumed into one tax. The Centre levies and administers CGST through the “CGST Act 2017” & IGST through the “IGST Act 2017” and their respective rules framed thereunder, while respective States / UTs levy and administer SGST / UTGST through respective SGST, UTGST or State Acts and their respective rules framed thereunder. GST laws require strong controls on compliances to avoid additional cost.
What GST law prescribes
The GST Law prescribes various compliances such as:
- Maintaining records and books of accounts.
- Invoicing and E-Way Bill requirements.
- Reporting of all outward supplies, i.e. Sales Invoices, Credit Notes / Debit Notes.
- Classification of goods and services, GST rates, HSN / SAC code.
- Valuation of goods and services.
- Compliance towards Reverse Charge Mechanism.
- Input Tax Credit (ITC) availment and reconciliation using GSTR-2B / IMS (Invoice Management System) — the static, auto-drafted ITC statement mandatory for ITC claims from January 1, 2022 onward, as per Section 16(2)(aa) of the CGST Act and amended Rule 36(4) of CGST Rules.
- GST TDS / TCS norms.
- Timely filing of GST returns. The requirement of filing GST returns may be monthly, quarterly or annually, depending on the nature of the dealer and type of return that is required to be filed.
- Compliance towards regular updates in GST in the form of amendments, notifications, circulars, judicial pronouncements, etc.
- GST audit.
Consequences of non-compliance
The compliances under GST laws are very important, and non-compliances will affect business entities badly — not only by additional business cost through interest, late fees and penalties, but also by way of blockage of E-Way Bill, suo-moto cancellation of GST registration number, and so on.
Further, compliance under GST has become more important due to Section 149 of the CGST / SGST Act, according to which every registered person shall be assigned a compliance rating based on the record of compliance in respect of specified parameters. Such ratings shall also be placed in the public domain. A prospective client will be able to see the compliance ratings of suppliers and take a decision as to whether to deal with a particular supplier or not. This will create healthy competition amongst taxable persons.
Therefore, business entities require a sound and careful GST Management System to avoid penalties and fines.
How we help with GST compliance & consultancy
Our firm, with a young and dynamic team of experienced professionals and GST practitioners, is well equipped in GST compliance and consultancy services. Our team provides the following services:
- Registration and filing for amendments in GST registration.
- Compliance, consultancy and representational services.
- Periodic review of GST compliances through specific audits.
- Filing of GST returns and related compliances.
- Filing of GST refunds with the Goods and related representation before GST Department.
- Assistance in GST audits conducted by GST Department.
- Conducting of GST audits.
- Advice related to Input Credit, E-Way Bill, TDS / TCS, etc.
- Representation before various Tax Authorities in assessments, appeals and against show-cause notices, etc.
- Applying for revocation of cancellation of GST registration.
- Voluntary surrendering of GST registration and related compliances.
- Applying for Letter of Undertaking (LUT).
- GSTR-2B / IMS (Invoice Management System) Reconciliation Services.
Talk to a partner.
A 30-minute call with a partner — no deck, no follow-up email blasts. Just a read on whether we’re the right team to handle your GST compliance.