- Firms or companies not wanting the increased burden of filing GST themselves throughout the year
- Organizations not having the in-house expertise to track GST laws, formats and processes
- Comprehensive review of your accounting data to ensure your records are 100% GST compliant
- Dedicated account manager to handle your GST return filing with post filing support
- Real time and continuous reconciliation with vendor’s books of accounts using SmartRec System
- You want the benefit of input tax credit
- Your clients deal only with GST registered suppliers
- Step by step guidance during the entire GST registration process. We fill out the application.
- Assistance with all GST registration related queries
- No physical visit required, completely online process.
- If you do not have a GST compliant invoicing application
- If you are still issuing paper invoices or office tools for generating invoices
- GST compliant software to create, print and send GST compliant invoices
- Create reverse charge invoices, receipt vouchers, debit/credit notes
- Free for you and your vendors for the first year
- Since 2012 in India
- Largest Tax Service Provider
- Rated 8.9/10 by Clients
- GST Centre of Excellence
Find answers to the most frequently asked questions on the Income Tax Return in India.
New business: If you are a new dealer, i.e. if you decide to set up your business after GST is implemented, you will have to file an application online for registration under GST. There is a provision for deemed approval within three days of submitting the application. A PAN-based registration number, valid under both centre and state jurisdictions, will be allotted to every dealer along with a unique ID GSTIN.
Existing dealers: Those who already pay VAT, Central Excise Tax or Service Tax shall be issued a certificate of registration on a provisional basis which shall be valid for a period of six months from the date of its issue. The taxpayer so registered shall within the period specified, furnish such information as may be prescribed. On furnishing of such information, the final certificate of registration will be issued by the central/state government.
The objective behind implementing GST is to boost ease of doing business by providing uniform indirect tax rates and structure throughout the country. It will also rein in the cascading tax effect, a situation where a tax is levied on every successive value addition without excluding the taxes imposed at the preceding stage. The system of input tax credit is likely to eliminate this anomaly of ‘tax on tax’, which has been the cause of heartburn for businesses. The overall cost of doing business and cumbersome compliance paperwork are expected to shrink under the GST regime, hugely benefitting small and medium scale businesses and start-ups.
GST invoice issued by the supplier should contain the following details:-
- name, address and GSTIN of the supplier;
- a consecutive serial number containing only alphabets and/or numerals, unique for a financial year;
- date of issue for invoice;
- name, address and GSTIN/unique ID number, if registered, of the recipient;
- name and address of the recipient and the address of delivery, along with the name of State and its code, if such recipient is unregistered and where the taxable value of supply is fifty thousand rupees or more;
- HSN code of goods or Accounting Code of services (Government may by notification exempt certain class of taxable person from this requirement for specified period);
- description of goods or services;
- quantity in case of goods and unit or Unique Quantity Code thereof;
- total value of goods or services;
- taxable value of goods or services taking into account discount or abatement, if any;
- rate of tax (CGST, SGST or IGST);
- amount of tax charged in respect of taxable goods or services (CGST, SGST or IGST);
- place of supply along with the name of state, in case of a supply in the course of inter-state trade or commerce;
- place of delivery where the same is different from the place of supply;
- whether the tax is payable on reverse charge;
- the word “Revised Invoice” or “Supplementary Invoice”, as the case may be, indicated prominently, where applicable along with the date and invoice number of the original invoice; and
- signature or digital signature of the supplier or his authorised representative.
Further in case of exports, the invoice shall carry an endorsement “supply meant for export on payment of IGST” or “supply meant for export under bond without payment of IGST”, as the case may be, and shall, in lieu of the details specified in clause (e), contain the following details:
- name and address of the recipient;
- address of delivery;
- name of the country of destination; and
- number and date of application for removal of goods for export [ARE-1].
If your annual turnover exceeds Rs. 20 lakhs, you will fall under the purview of GST. If your business is located in North Eastern or hill states, the applicable exemption threshold will be Rs. 10 lakhs. If your business’ annual turnover is less than Rs. 1.5 crores, state authorities will exercise their jurisdiction; else, the central government officials will take over.
Introduced with the aim of protecting the interests of small traders and small scale industries, the composition/compounding scheme, allows them to pay tax at a prescribed rate instead of going through the elaborate tax compliance process. Under GST, small enterprises will have the option of registering for this scheme if their gross annual turnover is under Rs. 50 lakhs. The floor tax rate is fixed at 0.5% across states. The scheme also provides the option of GST registration for dealers with turnover below the Rs. 50 lakhs mark.