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Get to know about GST services

Information about GST services in India and filing of GST in easy steps for the financial year 2017-18.

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Get to know about GST services

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  1. INFORMATION ABOUT GST (Goods & Service Tax) Biggest Tax Reform After Independence India

  2. What is GST GST stands for Goods and Service Tax. A unified tax structure that aims to remove barriers and complications in taxes among states, GST is an indirect tax levied on goods and services that are paid by consumers but businesses providing goods and services remit the tax to the government.

  3. Benefits of GST • With the GST council finalizing the four tax rate slabs of 5%, 12%, 18% and, 28%, this has been one of the most remarkable tax reforms in Independent India. • Some of the important benefits of GST are enumerated herein:- • Doing a business got easier with the unified tax structure • Reduction in logistics cost and time taken across states • A lesser number of compliances • Easy regulation of Unorganized sector under GST • Simple and easy online procedure • Eliminates the cascading effects of taxes

  4. Role of GST consultant • A GST consultant plays a pivotal role in helping business owners understand the tax laws, plan for the same and ensure compliance with the rules. • He or she is supposed to carry out following functions:- • Let business owners understand tax laws and make strategies • Conducting research on tax laws • Preparing tax returns for clients • Guiding clients to make the most of the taxation laws • Estate planning • Ensuring regular compliance of clients with their tax obligations

  5. Information About GST Audit AUDIT UNDER GST Audit by Tax Authorities Audit by Taxable Person (if business is > 2 Crore) Special Audit by a CA Nominated Commissioner General Audit File Audited Returns + Audited Accounts + Reconciliation statements Source: cleartax.in

  6. GST Audit for Financial Year 17-18 • Following information should be verified as per the draft GST audit report for the F.Y.17-18 • Proper maintenance of relevant books of accounts and related records as are required under GST law. • Inclusion of all supplies including those covered under different schedules appended to the CGST Act, 2017, into the books of accounts and relevant returns filed with Government authorities. • Reporting on composite supplies and mixed supplies and tax treatment thereof.

  7. GST Audit for Financial Year 17-18 • Reporting of all non-taxable supplies in the returns filed with Government authorities. • Transactions on which reverse charge mechanism under Section 9(3) and 9(4) of the CGST Act, 2017 read with Section 5(3) and 5(4) of IGST Act, 2017 is applicable. • Applicability of any exemption notification or special order applicable . • Information relating to transfer of business assets and tax implications thereon.

  8. GST Audit for Financial Year 17-18 • Information relating to transaction with related parties and related compliances. • Reporting on adherence to the time of supply provisions including those applicable on transactions covered under reverse charge mechanism and determination of tax liability in accordance with such provisions. • Adherence to place of supply provisions as contained under IGST Act, 2017 to ensure that correct type of tax has been charged on the transactions and remitted to the Government. • Adherence to valuation provisions as contained under Section 15 of the CGST Act, 2017 read with relevant rules.

  9. GST Audit for Financial Year 17-18 • Adherence to input tax credit provisions. • Reporting on correctness of transitional credit claimed, if any • Adherence to Section 17 (4) of the CGST Act, 2017, in case of Banking/Financial/NBFC. • Reporting on periodic compliances provided under the GST laws regarding filing of monthly/ quarterly returns, intimations, statements as the case may be and payment of taxes as per the relevant provisions

  10. Features to look for in a renowned CA firm • Hiring a renowned and experienced CA firm is essential to get value-added financial services that would suit your requirements as well as the budget. • The credentials of the company • Team of certified and experienced professionals • Explore the specialty of the firm • Ask for references • Go through Clients’ testimonials • Discuss your tax planning, audit or other financial requirements • Check the quotation for services • Ensure that you get the best services

  11. Why get maximum benefits from GST Consultant Hiring an experienced GST consultant for all your GST needs would not only help you save money and pay GST on time but will also ensure that your business does not get into any legal complication due to the tax default case.

  12. Thanks!

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