What Is GST?

At Sharma And Associates, we offer expert guidance and comprehensive solutions for Goods and Services Tax (GST) compliance. Our team ensures that your business meets all the necessary GST requirements, including GST registration, returns filing, tax planning, and audit services. We simplify the complex GST processes, helping you maximize tax savings and avoid penalties, while ensuring full compliance with the ever-evolving tax laws. Persons who are registered under GST Law has to do GST Return Filing periodically of monthly and quarterly. GST Return Filing details contain details of outward supply that is Sales and Details of inward supply that is Purchases. GST Return and payment has be done online with in due date.

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GST Services

GST Registration

We assist businesses in obtaining GST registration to comply with tax obligations. Whether you're a small business or a large enterprise, we guide you through the entire registration process, ensuring that you meet the legal requirements and deadlines.

GST Return Filing

Filing GST returns is a critical task for every GST-registered business. We handle monthly, quarterly, and annual returns, ensuring timely and accurate filing of GSTR-1, GSTR-3B, GSTR-9, and other related forms, minimizing the risk of penalties or interest for late submissions.

GST Tax Planning and Advisory

Our expert team provides proactive GST tax planning services to help you optimize your tax structure. We analyze your business transactions, suggest cost-effective tax strategies, and help you take advantage of available exemptions, credits, and rebates, improving your overall tax efficiency.

GST Audits and Assessments

We offer GST audit services to ensure that your business is complying with all GST provisions. Our team conducts thorough audits of your records and returns to identify any discrepancies or potential issues. We also represent you in case of GST assessments or audits by tax authorities.

GST Refunds

If you're eligible for GST refunds, we assist you in applying for and obtaining refunds, ensuring that you meet all the necessary documentation and procedural requirements. Whether it's an input tax credit refund or a refund due to export transactions, we handle the entire process to ensure smooth refunds.

GST Dispute Resolution

In the event of a GST dispute with the authorities, we provide representation and legal support to resolve the matter efficiently. Our experts assist you in addressing tax notices, clarifying issues, and negotiating with tax authorities to settle disputes favorably.

Types Of GST Return

In the GST system, there are several types of returns that businesses must file depending on the nature of their transactions and the type of taxpayer they are. Here’s a detailed breakdown of the types of GST returns that need to be filed:

GSTR-1

Details of all outward supplies of taxable goods and services to be filed by registered taxable supplier. The due date to file this form is 10th of the next month

GSTR-2

Details of all inward supplies of taxable goods andservices to be filed by registered taxable recipient of the goods and services. The due date of filing this form is 15th of next month.

GSTR-3B

Details of taxable supply of the goods and services in the month. Also contains information of GST Credit availed on inputs , services , capital goods. Each month filing

GSTR-4

This form contain the details of outward supplies, tax payable and payment of tax. The due date of filing this form is 18th of the month succeeding quarter.

GSTR-5

This form contain the details of outward supplies, imports, input tax, tax paid and reaming stock. The form has to be filed by 20th of the next month.

GSTR-6

This form contains the details of return for input service distributorand it is filed by input service distributor by 13th of the next month.

GSTR-7

This form contains the details of the tax deduction. Due date to file this form is 10th of the next month.

GSTR-8

This form contain the details of all supplies made through e-commerce and tax collected. The GSTR-8 form will be filed by e-commerce operator or tax collector by 10th of every month.

GSTR-9

Annual return filed by registered taxable person by 31st December of next financial year.

GSTR-9C

It is a reconciliation statement and an audit report that helps reconcile the taxpayer’s financial statements with their GST returns (particularly GSTR-9, the annual return).

GSTR-10

Final return filed by taxable person whose registration has been surrendered or cancelled within three months of the date of cancellation or surrender whichever is later.

GSTR-11

Details of inward supplies to be furnished by a person who have Unique Identification Number (UIN) by 28th of the month following the month for which statement is filed.

Benefits of GST

The Goods and Services Tax (GST) is a comprehensive indirect tax system that was implemented in India on July 1, 2017. It replaced several existing taxes and has brought numerous benefits to businesses, the economy, and consumers. Here are the key benefits of GST:

1. Simplification of Tax Structure

Single Tax System: GST has replaced multiple indirect taxes such as VAT, Service Tax, Excise Duty, and others, simplifying the tax structure. Now, there is only one tax that applies at every stage of the supply chain, which reduces the complexity of compliance.
Unified Tax Rate: The GST system uses a unified set of rates across the country, making it easier for businesses to calculate and manage taxes without having to deal with varying state and central taxes.

2. Reduction in Cascading Tax Effect

Elimination of Tax on Tax: Before GST, the tax paid on goods and services was passed on to the next stage in the value chain, creating a cascading tax effect. With GST, businesses can claim Input Tax Credit (ITC) on taxes paid for inputs, which reduces the overall tax burden and the cascading effect.
Cost Reduction: By removing this cascading effect, the overall cost of goods and services has decreased, benefiting both producers and consumers.

3. Boost to the Economy

Improved Tax Revenue Collection: GST has expanded the tax base by making compliance easier and encouraging more businesses to register and pay taxes. This leads to an increase in overall tax revenue, which can be used for infrastructure and development projects.
Formalization of the Economy: GST has helped bring more businesses into the formal economy, as it incentivizes unregistered businesses to join the tax system in order to avail of benefits like ITC.

4. Ease of Doing Business

Streamlined Compliance: GST has simplified the compliance process through a single tax return (GSTR-3B) and a centralized GST portal for all related functions such as registration, filing returns, and paying taxes. This reduces paperwork and the administrative burden on businesses.
Online System: The entire GST system is online, which makes it more accessible and easier to track and manage for both businesses and tax authorities.

5. Better Supply Chain Efficiency

Improved Logistics and Reduced Delays: With the introduction of GST, inter-state tax barriers have been removed, enabling smoother and faster movement of goods across state borders. This leads to improved supply chain efficiency and reduced lead times.
Reduction in Warehouse Costs: Businesses no longer need to maintain multiple warehouses in different states to avoid state-level taxes, as the tax rates are now uniform. This results in cost savings and reduced inventory holding costs.

6. Input Tax Credit (ITC)

Credit for Taxes Paid on Inputs: GST allows businesses to claim ITC on taxes paid for purchasing goods and services that are used in the production or supply of their own goods and services. This reduces the overall cost for businesses and encourages them to pass the benefits to consumers in the form of lower prices.
Faster Refunds: GST also facilitates faster refunds for input tax credit, which improves liquidity for businesses, especially exporters.

7. Transparency and Reduced Tax Evasion

Digital Record Keeping: GST requires businesses to maintain electronic records, making the tax system more transparent and less prone to fraud. It encourages real-time reporting of transactions, which helps tax authorities monitor tax compliance more effectively.
Trackable Supply Chain: Since GST involves online invoicing and real-time reporting, it reduces the scope for tax evasion and brings in greater compliance from businesses.

8. Boost to Exports

- Zero-rated Tax on Exports: Under GST, exports are considered zero-rated supplies, meaning that exporters are not required to pay any GST on their exported goods and services. They can also claim a refund of the GST paid on inputs.
- Enhanced Competitiveness: This boosts the competitiveness of Indian goods and services in global markets as export prices are not inflated by tax, making them more attractive internationally.

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