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Goods & Services Tax (GST)

Goods & Services Tax (GST)

GST was implemented in India effective from 1st July, 2017 and witness far reaching impact on all the business process for very business entity. The concept of manufacturer, trader & service provider is replaced with Supplier & Recipient and sale, purchase, provision of services replaced with Supply. GST replaced atleast 17 taxes imposed by Central Government and various State Governments and under GST regime both CG and SG shall be charging tax on the same transactions at a GST rate on value determined under this Act. Some of the important departures in GST regime are as under:

  • Uniform Indirect Tax System across Country;

  • Uniform rate of GST on all value of Goods & Services across India.

  • Uniform compliance procedure across Country;

  • No Tax on Tax;

  • No Tax cascading for Indirect Tax;

  • Destination principle adopted by introducing IGST concept on all inter-state supplies of all Goods & Services;

  • Last but not the least, credit interlocking i.e. Input tax credit can be claimed only if the supplier pay the tax and file his valid GST returns.

All the business entities has to be more accurate and prompt for all GST compliances otherwise they end up loosing cash in term of tax credits.

We at DSRV with a dedicated and expert team, advise our clients in handling all challenges in relation to all compliances, expert advice on any aspect of GST. Some of the activities which can be handled by our expert team may be:

  • Reconciliation of uploaded data with Financial system on fixed frequency

  • Uniform rate of GST on all value of Goods & Services across India.

  • Verification of GST Regn No from GST site;

  • Followup with Vendors and ensure closure of unmatched transactions;

  • Matching difference of vendor invoice (input ) value with predefined threshold limits;

  • Closure on unmatched transaction raised by service receipient in follow up with Vendor;

  • Verification of eligible input credit and ensure reversal of ineligible credits;

  • Ensure reversal of input credit for non business & credit for exempted supply from common input credit;

  • Determination of state wise GST liability for input and output;

  • Preparation of challan at state level for CGST, SGST / UTGST & IGST, along accounting entry reverse feed to ERP;

  • Ensure payment of GST before due date;

  • Input credit transfer from one state to another (through ISD mechanism);

  • Self supply invoices for transit of goods/services from once state / UT to another;

  • Invoices for sale of assets and other recoveries;

  • Preparation on invoices on other recoveries from agents;

  • Preparation of invoices of RCM, including coordination with business partners for Invoices/returns;

  • Preparation of all applicable returns including but not limited to:

    • GSTR 1 – Output services – State wise/UT

    • Input credit return

    • ISD return

    • ) In case of amendment in GSTR1 than GSTR 1A

    • Annual Return

    • Return of RCM

  • Queries handling from respective GST authorities across India;

  • Ensure required records in place as per GST;

  • Queries resolution from internal customers like field, operations, Agents etc. using inhouse application;

  • Preparation of required information for Intarnal / Statutory auditors;

  • Filing of challans and other documents, backup of records as per statutory guidelines;

  • Matter relating classification of goods and services for rate;

  • Ensure timely application for refund under GST