The Government of India since the launch of GST has been a predominant area in the business world. It has become vital for every business organization to comply with the law right from billing to filing the returns.
This GST era is beneficial to curb the tax evasion, yet it has increased the complexities, demand for large data, and compliances. Thus it is always a wise decision to outsource GST work
GST outsourcing implies services by experts at VJM & Associates with regard to all the intricacies of GST. You focus on the core business and leave all the statutory compliances on us and trust about timely compliances.
GST registration is an online procedure to register the business houses for taxation and returns.
GST refund is claimed under circumstances like excess GST paid than expected, a refund of ITC of duty tax, goods, services are exported, and others.
GST can have a positive or negative impact on the business depending upon the industry people are in. Therefore, it is important to check the GST impact, analysis, and treatment before establishing a business.
GST audit, refers to the thorough examination of the GST records, refunds, ITC claimed, and reviewing other entries done by the taxpayers and the companies.
A complete study of the company’s GST taxation and returns, along with the study of the government’s policy to strategize the best GST filing options and returns filing is called GST Advisory.
Before commencing any new venture, assessing GST is critical. GST assessment and representation refers to computing and estimating the tax one will owe each month.
In the GST regime, every business whose taxable turnover exceeds the threshold limit as prescribed by the Government of India time to time has to register as a normal taxable entity. This process is termed as GST registration.
For some business organizations even if the taxable turnover does not exceed the GST registration is compulsory. If the GST registration is not done then it is taken as an offense under GST laws and also heavy penalties are levied for not doing so.
So to avoid the levy of penalties and comply with the GST law VJM & associates provide the following services for GST registration:
GST registration normally takes two to six days for the total process. And all this process can be done online. We also provide you with the list of documents to be kept ready beforehand to avoid last-minute hassle.
Every registered entity if crosses the taxable limit as prescribed by the Government of India from time to time, then they have to get their GST Audit done by a Chartered Accountant or Cost Accountant as per section 35 (5) of the GST Act
This includes filing of annual return and reconciliation statement in Form 9 and 9B as required by section 44 (2) within the due date as prescribed. The due date is normally 31st December after the closing of the said Financial year.
An excess amount of GST paid is more than the GST liability, you can claim the refund on the GST portal by filing an application. A standardized process for claiming the GST refund is set by CBIC. The various reasons on account of which GST refund arises as specified by the law are as follows:
There is a standard process set by the CBIC for claiming a refund. But you need not worry about it. We at VJM & associates assist you for claiming the refund:
GST Advisory assists the organization to make the complex and huge GST law simple and easy to handle. The overall performance of the business with regards to Tax is enhanced and complied within time. A strategy is created for classification, valuation, export benefits, refunds, input tax credit, stock transfers, etc and the organization is assisted to implement it.
We understand that your prime focus should be on business management and increasing wealth. So we provide the following services:
The transition to GST from various other tax laws such as excise, service tax, customs, etc is been a complicated process. Also even now the GST laws are in the process of updating and amendments and transition. The changing behavior of GST laws does have a great impact on the business and its treatment sometimes becomes very rigid and tedious.
We provide perfect planning for implementing the changes.
Differences in interpretations lead to litigations. GST is a no different law. It is bound to have misinterpretations and disagreement. And appeals and notices are bound to arise to serve.
So VJM & Associates provide you with all the following services ethically to keep you relaxed:
Three types of GST bifurcated to differentiate between inter and intra-state supplies are:
All the business supplying goods and services above the threshold limit are required to register as a taxable person under the GST laws
GST can be calculated by following the simple steps:
GST is leviable on interest and processing fees of EMI. A rate of 18% is also levied on all the fees and charges by the bank
GST works on the Destination principle. It is applied where the goods and services are consumed at the final stage. In the supply chain, GST is collected on the value addition basis at every stage of purchase and sale.
Client is the key driver of our service offerings. Our approach to service offerings is based on a client centric and customized approach. Our specialized teams are a mix of technical and industry experience in order to serve clientele for their specific needs.
We always endeavour for a quick turnaround time to serve our clientele. We are supported by an experienced and client focussed support teams to offer timely services to our clientele. In case of any business exigencies and time sensitive service requirements, you can always count on us.
We have built high performing teams supported by strong work ethic. Our team is a mix of experts, professionals and support staff from technical and varied academic, cultural, social and ethnic backgrounds. We believe that this diversification plays a vital role in motivating the team into High Performing Teams.
We believe that open communication is the core principle in order to demonstrate trust, build long lasting and valuable relationships with clientele. We are committed to ensuring transparency in communication, service offerings and delivery.
Our service offerings are driven by quality and reviews at every level. We strive to provide a qualitative and value-added delivery to our clientele. At all times, we endeavour to provide exceptional client service by meeting client expectations and driving client satisfaction.
CBIC issued Standard Operating procedure (SOP) for scrutiny of returns u/s 61 of CGST Act read with Rule 99 of CGST Rules, 2017 for FY 2017-18 and FY 2018-19 through Instruction No. 02/2022-GST dated March 22, 2022.
The department has initiated scrutiny of GST returns and most of the taxpayers are in receipt of various notices and orders from GST authorities in form GST ASMT-10, GST DRC-01, Notice from Anti-evasion etc.
The GST Department and CBIC keeps on issuing various notifications, circulars and instructions on small and big matters for ease of industries. Similarly, various updates are also made on GST portal to make the GST portal more automated and integrated with other portals.
Central Board of Indirect Taxes and Customs (CBIC) has launched a special all-India drive to combat the rising menace of fake Goods and Services Tax (GST) registrations and the fraudulent passing of input tax credit (ITC).
Department of Trade & Taxes, NCT of Delhi has issued circular No. F.3(479)/GST/Policy/2023/346 dated 1st March 2023 specifying standard operating procedure (SOP) for cancellation of Registration and for a repository of Non-genuine taxpayers.
M/s Bharat Exim (“The Petitioner”) filed refund applications in Form GST RFD-01 seeking refund of unutilized Input Tax Credit, consisting of IGST and Cess, on account of export of goods.
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