GST Services

Goods and Services Tax Act, 2017 overhauled the entire indirect taxation regime by repealing and subsuming most of the erstwhile indirect tax laws. Being an indirect tax law with different tax rates going as high as 28%, it is important for businesses to plan their business and stay compliant with the GST law. This shows the growing prominence of the best GST services.

What GST Advisory Services Encompass?

Here’s how our GST services can assist you with your business endeavours:

• Determining the Applicability: It helps you determine the applicability of the GST provisions on your business considering your turnover, nature of business, scale of business etc. If GST law becomes applicable, then you need to adhere to the provisions and regulations under GST.
   
• GST Registration: This involves determining whether your business is required to apply for registration under the GST law. Further, there are different kinds of GST registrations in India permitted by the law. This includes regular registration, composition registration, Non-Resident Taxable Person, Casual Taxable Person, E-Commerce Operators, Input Service Distributor etc. Whether you need to apply for GST registration or not depends on the type of business you are doing as well as your aggregate turnover.
   
• GST Periodical Returns Filing: GST law requires you to file GST returns periodically as may be applicable. A regular taxpayer is required to file GSTR-1 and GSTR-3B each month (or quarter as the case may be). Composition taxable person is required to deposit tax quarterly and file the GST return after the end of the financial year. Filing of GST returns within the due date is important to avoid levy of GST late fees and penal interest.
   
• GST Annual Returns Filings: You need to file a GST annual return after the end of the financial year if your annual turnover during the concerned financial year exceeds Rs. 2 crores. Filing of GST annual returns involves reconciling all the periodical returns with the details reflecting on the GST portal as well as your books of accounts and reporting & correcting the differences.
   
• GST Refunds: GST law has laid down certain situations under which the taxpayer can claim a refund under the GST law. Some of these situations include refunds of excess balance lying in the electronic cash ledger, refunds in case of exports, refunds in case of inverted duty structure etc. To claim GST refund, you need to file an application for a refund along with supporting documents.
   
• GST Assessment Procedures: Taxpayers might receive show cause notices from the GST department if there is any anomaly or misreporting of details in the GST returns. GST department can conduct provisional assessment, best judgement assessment, assessment of non-filers of returns etc. based on the nature of the offence and dispute. It is important to handle such cases with caution and furnish proper explanations for the differences and anomalies to avoid any penal consequences.
   
• GST Search and Seizure Operations: The GST officers can conduct search and seizure operations if they have sufficient information about the violation of the GST law. They can search any place of business including offices, vessels, aircraft and vehicles. Further, they have the power to confiscate any goods or documents and retain the same if they find it necessary. GST advisory services become important in such sensitive matters to navigate through the complexities.
   
• GST Demands & Recovery: The GST department can issue notices for demand and recovery of the outstanding taxes, interest and other penalties. If you find the demand unreasonable, then you need to furnish your reply with adequate information, documents and calculations to substantiate your claims. Non-payment of demands within the stipulated period can lead to initiation of the recovery proceedings by the GST department.
   
• GST Appeals: If you are not satisfied with any action or order of the GST department, you may prefer an appeal to the higher authorities. Here’s how the appeal flows:
   

GST Appellate Authority > GST Appellate Tribunal > High Court > Supreme Court

There are various nuances to consider before filing the GST appeal including the subject matter, pre-deposit etc. It is advisable to avail of expert opinion through our GST services before going for the appeal.

Here’s how Exim Advisory helps businesses through its comprehensive and robust GST services:

• Finding the applicability of GST registration requirements and identifying the type of GST registration you should apply for.
• Gathering all the required documents, filing an application for GST registration and liaising with the GST department for resolution of any queries.
• Ensuring timely and accurate GST return filing compliances
• Filing of GST annual returns and reconciliation statement
• Preparing and filing of applications for refund and liaising with the department for approval and release of funds
• Assisting with the assessment procedures conducted by the GST department
• Assisting in other departmental procedures like search & seizure, demands and recovery etc.
• Preparation and filing of appeals under the GST law in case you are unsatisfied with the departmental action or order.
• Updating you with the latest changes in the GST laws and rules and how it affects your business
• Advising on appropriate safeguards and representation before regulatory authorities regarding anti-profiteering.