GST Compliance
GST Compliance
GST Registration
Any business offering sale of goods with annual turnover of 40 lacs or business offering service with annual turnover of 20 lacs would require the registration for GST and have a valid GST Number.
All businesses making interstate outward supplies of goods have to mandatorily get a GST Registration. The same applies to businesses making taxable supplies on behalf of other taxable persons, example Agents and Brokers.
Also, as per the recent notification, e-commerce sellers/aggregators need not register if total sales are less than Rs.20 lakhs.
GST Compliance
GST LUT Registration
Letter of undertaking is the document that the user provides declaring fulfilment of all requirements under GST. It is furnished in case of export undertaken without paying IGST. Also, according to the Notification No. 37 /2017 – Central Tax It is mandatory to furnish LUT to export goods or services or both without paying IGST.
If the exporter fails to provide the LUT, then he has to pay IGST or provide an export bond. Earlier LUT could only be filed offline at the concerned GST office. But to further ease the process the Government has made the LUT filing online.
Traecit can help you with GST LUT Registration. Please get in touch to get your GST Letter of Undertaking (LUT)
A streamlined GST invoicing solutions can help you easily boost sales, reduce outstanding receivables, get deeper insights into the business and reduce the complexities associated with GST return filing.
Our recommended online accounting packages include GST invoicing suite integrated with estimates, online payments, receivables management, eWay bill portal and GST filing – can completely streamline revenue cycle management for a small or medium-sized business.
The rollout of GST in 2017 has necessitated changes to the invoice format for millions of businesses. The format for issuing GST invoice and the related rules are laid out in the GST Tax Invoice, Credit and Debit Notes Rules. With our online accounting packages, you can automatically issue GST invoice that conforms to the standards laid out by the GST rules and regulations.
GST Invoicing
E-Way Bill Generation
GST eWay Bill is a document for tracking of goods in transit introduced under the Goods and Services Tax. Under GST, a taxable person registered under GST transporting goods with a value of over Rs.50,000 is required to possess an eWay Bill generated from the GST Portal.
Our recommended Online accounting software can make eWay Bill generation and management simple for your business. The eWay Bill tool in online accounting software is synced to GST invoices, bill of supply, purchase invoices and customer or supplier accounts. So you can now seamlessly at the click of a button generate eWay Bill and share with your customers or suppliers.
Periodic Return Filings
GST registration holders are required to file GSTR-3B return every month providing details of sales and purchases made in a month to the Government. GSTR-3B return is due on the 20th of each month.
In addition to GSTR-3B return, businesses registered under GST must file GSTR-1 return. GSTR-1 return must be filed every month by businesses having annual revenue of over Rs.1.5 crores. In case a business has a yearly revenue of less than Rs.1.5 crores, GST return should be filed every quarter.
Annual GST return must be filed by all GST entities having GST registration. The due date for filing GST annual return for FY 2017-18 is 31st December 2019. The due date for filing GST annual return for FY2018-19 is 31st March 2020.
GST Annual Returns
All entities having GST registration are required to file GST annual returns, as per the GST return due date schedule mentioned below. GST annual return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file GST return.
GST registration holder who obtained the registration any time before 1st April 2018 are required to file GST annual return for the financial year 2017-18 on or before 30th June 2019. Before filing GST annual return the taxpayer must have filed all GSTR-1 or GSTR-3B or GSTR-4 return for the period of July to March 2018.
In case there are overdue GST returns for the above-mentioned period, the GST registration holder will not be allowed to file GST annual return.Our recommended Online accounting software can make eWay Bill generation and management simple for your business. The eWay Bill tool in online accounting software is synced to GST invoices, bill of supply, purchase invoices and customer or supplier accounts. So you can now seamlessly at the click of a button generate eWay Bill and share with your customers or suppliers.
GST Annual Return Filing can be divided into three types based on the form to be filed as under:
GSTR-9:
All entities having GST registration are required to file GST annual return in form GSTR-9.
GSTR-9A:
GST registered taxpayers who have opted for the GST Composition Scheme under Goods and Services Tax (GST) are required to file GSTR-9A.
GSTR-9C:
Form GSTR 9C is meant for filing the reconciliation statement of taxpayers pertaining to a particular financial year. The form is a statement of reconciliation between the Annual Returns in GSTR-9 and the figures mentioned in the Audited Financial Statements of the taxpayer. GSTR 9C is applicable to taxpayers who are required to obtain an annual GST audit of their accounts. GSTR-9C must be prepared and certified by a Chartered Accountant or Cost Accountant. GST audit is applicable for person having GST registration with an annual aggregate turnover of above Rs. 2 crores in a particular financial year.
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