GST Filing Consultants New Delhi
Goods and Service Tax (GST), similar to the Value Added Tax (VAT) in many countries, is a consumption tax on most domestic goods and services.
GST is a huge reform for indirect taxation in India, the likes of which the country has not seen post Independence. GST has been introduced to simplify indirect taxation, reduce complexities, and remove the cascading effect. Experts believe that it will have a huge impact on businesses both big and small, and change the way the Economy functions.
GST return must be filed by all people having GST registration. GST Filing Firm in New Delhi offers comprehensive personal, corporate, quarterly GST filing and annual tax return services.
GST has been implemented in India from 1st July, 2017. Under the new GST regime, nearly 1 crore businesses in India have obtained GST registration. Business entities having GST registration are required to file GST returns, as per the GST return due date. GST return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period.
GST registration holder are required to file GSTR-1 (details of outward supplies) on the 10th of each month, GSTR-2 (details of inward supplies) on the 15th of each month and GSTR-3 (monthly return) on the 25th of each month. Dealers registered under the GST composition scheme are required to file GSTR-4 every quarter, on 18th of the month next to the quarter.
Annual GST return must be filed by all GST registered business entities on/before the 31st of December. The due dates for the GST return in the months of July, August and September are different from the normal schedule to help the taxpayers and GSTN network ensure a smooth GST rollout.
The average time taken to file a GST return is about 1 - 3 working days, subject to government processing time and client document submission. Get a free consultation on GST return filing by scheduling an appointment with a GST Filing Consultants in Delhi.
How it Works:GST Filing Consultants in Delhi will help you with the process of filing and complying with statutory requirements.
We, As GST Service Consultants in New Delhi Can Help You With The Following:GST Registration: GST Filing Firm in New Delhi will register for GST on your behalf and follow up with all queries regarding the registration.
GST Filing: GST Filing Consultants in Delhi conducts an assessment that determines the impact of GST registration on your company and customers and will advise you on the optimum GST filing cycle for your company. GST Filing Consultants in Delhi offers monthly, quarterly and biannual GST filing.
Filing of GST Returns: GST returns should be submitted to the tax authorities based on the accounting cycle. This return filing process is done on a quarterly basis. The documents for filing returns need to contain information such as the total value of the local sales, exports, and purchases from GST registered entities, the GST collected and GST claimed for that accounting period.
Advantages of GST Return Filing:Unified Platform: The indirect taxes has been streamlined and standardized with the implementation of GST in India. Under GST regime, businesses would no longer have to obtain multiple VAT registration in different States or obtain a separate VAT and Service Tax registration. A GST registration would be valid across India for selling or purchasing goods or providing services.
Subsuming of Taxes: It's overall total of various other taxes like Central Sales Tax, Additional Customs Duty, Purchase Tax, Luxury Tax, etc., Hence, under GST, many of the taxes in existence today would be subsumed and made into one tax. This would make tax collection and compliance easy for businesses across the country.
Ease of Doing Business: Presently, many businesses like restaurants, computer sales and services businesses have to comply with both VAT and Service Tax regulations. With so many Taxes there will be a compliance burden on the business, as they have to calculate taxes for the transaction based on different rates for different items. Under GST, the distinction between goods and services will be gone - making doing business easy.
Lower Taxes: Under the VAT regime in few states in India, businesses are required to comply with VAT regulations once they cross an annual turnover of Rs.5 lakhs. Under GST regime, GST liability accrues only if an entity crosses an annual turnover of Rs.10 lakhs in northeast or hill states, whereas for rest of India, the threshold is set at Rs.20 lakhs.
Larger Tax Base: The tax base in India is expected to increase significantly with the introduction of GST. Hence, the overall tax liability for businesses is expected to reduce overtime, as more and more businesses become compliant. In the coming days, GST will use the latest in technology, including data from Aadhar database, PAN database, etc., to make GST registration and GST return filing process, as seamless as possible.