GST Compliances

With the implementation of the Goods and Service Tax (GST) Act in India, taxpayers have experienced a significant reduction in the burden of various taxes, thanks to the consolidation of multiple indirect tax laws into one. However, the GST law brings its own set of compliances, encompassing returns, tax payments, e-way bill generation, etc. It is crucial for every business to ensure the appropriate fulfillment of these compliances to avoid additional expenditures in the form of interest and penalties. Non-compliance may, at times, result in the seizure and cancellation of GST registration.

At K K Baranwal & Associates, we provide a comprehensive suite of services related to GST compliances. Our team, comprising domain experts, Chartered Accountants, and other professionals, is dedicated to serving across all facets of taxation. We are committed to helping you navigate through the complexities of the GST law. Our GST compliance services generally include the following:

GST Registration

Every business owner achieving a turnover above a specific threshold is obligated to register under the GST law. However, in certain circumstances, compulsory registration is required even if the turnover threshold is not met. Additionally, registration is mandatory in every state where the taxpayer operates. While the GST registration process is relatively straightforward and conducted entirely online, expert assistance is crucial to ensure document completeness and reduce the risk of application rejection.

At K K Baranwal & Associates, we provide efficient and competitive GST registration services. We meticulously review all documents before submitting the application, ensuring that you obtain your GSTIN promptly.

GST Invoicing

Under GST, it is imperative that all invoices issued for the sale of goods and services comply with GST regulations. This entails including all the particulars as prescribed by the law. Any omission of even a single detail in the invoice can lead to complications and render the invoice invalid. Typically, a GST invoice should contain details of the supplier, buyer, description of goods and services, type of applicable tax, etc.

At K K Baranwal & Associates, we assist you in creating proper GST invoices for all your clients, ensuring compliance with GST regulations. Recognizing the practical challenges faced by business owners, we provide guidance on creating GST-compliant invoices.

GST Returns

Filing GST returns is a critical and intricate compliance requirement for every GST-registered individual. A typical taxpayer is obligated to file more than 25 GST returns annually. Different types of returns are applicable to individuals registered under the Composition Scheme, Input Service Distributor, and those liable to collect TDS/TCS. Given the constant amendments and changes in GST forms, complying with this requirement becomes even more challenging. At K K Baranwal & Associates, we assist you in overcoming every GST challenge. Leveraging our team’s extensive experience in this domain, we ensure the accurate filing of your GST returns, as it directly influences the amount of refund and credit you receive.

Input Tax Credit Matching

For any GST-registered business, claiming credit for GST paid on input supplies is crucial. This process is essential to prevent double taxation and significantly reduce output GST liability. However, claiming tax credit is subject to conditions and restrictions, and certain types of input goods and services do not qualify for credit. Special rules also apply to claiming Input Tax Credit (ITC) on capital goods. Due to a lack of knowledge and oversight, businesses may miss out on important credits.

Therefore, consulting a GST consultant is crucial for accurate determination of GST liability. At K K Baranwal & Associates, we provide detailed monthly reconciliation of your output liability with tax credit, ensuring that you receive the maximum possible refund or pay the least possible output liability.

Documentation

Proper documentation is essential for every business, and each business location must maintain the required documentation. Under GST, documents such as output invoices, input invoices, and other records need to be preserved for six additional years from the date of the transaction. Comprehensive documentation is crucial for managing future notices and potential litigations. At K K Baranwal & Associates, we understand the importance of proper documentation for GST compliance. Our experienced team ensures that your business meets all documentation requirements accurately, contributing to the successful filing of GST returns and determining the quantum of refund and credit you may receive.

If you choose K K Baranwal & Associates, we take care of all your documentation needs, ensuring that you don’t have to worry about preserving all the necessary papers!