GOODS AND SERVICES TAX
Goods and Services Tax
Comprehensive GST Solutions by NGVR and Company
The Goods and Services Tax (GST) is an indirect tax on the supply of goods and services within India. Implemented on July 1, 2017, GST replaced various other taxes such as excise duty, VAT, and service tax, creating a unified tax structure. This reform simplified the tax system, minimized paperwork, and enhanced transparency.
GST is aimed at reducing tax complexity and minimizing the cascading effect of taxes, with tax rates ranging from 5% to 28% based on the type of goods or services. Businesses must file monthly, quarterly, and annual returns based on their turnover, depending on the chosen scheme.
GST Applicability
GST tax rates are determined by various slabs: 5%, 12%, 18%, and 28%. Understanding which slab applies to your business is crucial for compliance. Our GST experts provide tailored solutions for your business needs.
Registration Criteria
- Turnover-Based Registration
Goods: If your turnover exceeds ₹40 lakh (₹20 lakh in special category states), GST registration is required.
Services: Registration is required if your turnover exceeds ₹20 lakh (₹10 lakh in special category states). - Interstate Supply
If goods or services are supplied across state borders, GST registration is mandatory, regardless of turnover. - Specific Activities
Activities such as e-commerce operations, casual taxable persons, and TDS/TCS collectors require GST registration irrespective of turnover. - Voluntary Registration
Businesses may opt for voluntary registration to avail input tax credit (ITC), enhance business credibility, or prepare for future growth.
NGVR and Company GST Advisory Services
Our GST advisory services are designed to optimize your tax positions and ensure smooth operations.
- GST Impact Assessment: Evaluate how GST affects your business, including input tax credits (ITC), pricing, and supply chain processes.
- GST Registration Assistance: We handle the entire registration process, from documentation to filing, ensuring timely and accurate completion.
- Compliance System Setup: Implement efficient compliance systems, including record-keeping and filing mechanisms.
- GST Return Filing Support: Ensure timely and accurate submission of GST returns, minimizing errors and penalties.
- Record Maintenance: Assist with maintaining crucial records such as sales registers, invoices, credit notes, and tax payment challans.
- ITC Optimization: Guide you on how to maximize ITC claims and reduce GST liabilities.
- Liaison with Tax Authorities: Represent your interests before GST authorities for clarifications, assessments, and disputes.
- Compliance Audits and Reviews: Conduct periodic audits to ensure ongoing compliance and identify potential risks.
- Business Process Optimization: Suggest improvements to optimize GST compliance and operational efficiency.
GST Registration Support Services
We ensure a smooth GST registration process for your business.
- Assessment & Requirement Determination: Analyze your need for GST registration and the applicable tax rate for your goods and services.
- Document Preparation: Gather and verify necessary documents like identity proof, business address, and continuity of business.
- Registration Process: Apply for GST registration, resolve queries raised by authorities, and ensure timely approval.
- Amendment & Cancellation Services: Assist with updating registration details or restoring cancelled GSTIN.
GST Returns & Due Dates
GST returns must be filed by specified due dates. Our experts help you stay compliant and avoid penalties by managing your filing schedules.
GST Return | Frequency | Applicability | Due Date |
GSTR 1 | Monthly | Regular taxpayer (turnover > ₹1.5 crore) | 11th of the following month |
GSTR 1 | Quarterly | Regular taxpayer (turnover ≤ ₹1.5 crore) | 13th of the following quarter |
GSTR 3B | Monthly | The regular taxpayer (not opting for QRMP) | 20th of the following month |
GSTR 3B | Quarterly | Regular taxpayer (opting for QRMP) | 22nd/24th of the month following the quarter |
GSTR 4 | Annually | Composition taxpayer | 30th April of the following FY |
GSTR 5 | Monthly | Non-resident taxpayer | 13th of the following month |
GSTR 6 | Monthly | Input service distributor | 13th of the following month |
GSTR 7 | Monthly | TDS deductors u/s 51 | 10th of the following month |
GSTR 8 | Monthly | TCS collectors u/s 52 | 10th of the following month |
GSTR-9 | Annually | Regular taxpayers (turnover > ₹2 crore) | 31st December of the following financial year |
GSTR-9A | Annually | Composition taxpayers (turnover > ₹2 crore) | 31st December of the following financial year |
GSTR-10 | Once | Final return (cancellation/surrender) | Within 3 months of cancellation |
GST Refund Services
Businesses may be eligible for GST refunds if they have paid excess tax. Our services ensure you reclaim what is rightfully yours.
- Inverted Duty Structure Refunds: Claim refunds if input taxes exceed output tax liabilities.
- Export-Related Refunds: Recover GST paid on exported goods and services.
- ITC Refunds: If you have accumulated ITC without tax payment on exports, you may be eligible for a refund.
- Other Refunds: Claim refunds in cases of excess cash deposit or erroneous tax payments.
GST Litigation Support
We provide expert legal support for resolving GST-related disputes.
- Interpretation of GST Laws: Navigate complex GST laws related to the classification of goods, tax eligibility, and ITC.
- Assessment and Levy: Address challenges related to GST assessments, penalties, and tax dues.
- Refund Claims: Resolve issues when refund claims are denied or disputed.
- Anti-Profiteering Measures: Expert assistance for handling anti-profiteering GST litigations.
At NGVR and Company, we are committed to providing comprehensive support for all aspects of GST, from registration to litigation, ensuring your business remains compliant and optimized for tax benefits.