The collection and payment of taxes is a kind of statutory obligation casted upon businesses by the government.
Goods and services tax is a unified tax structure for all indirect taxes levy. Pre 2017 there were different tax levy both at the state level as well as national level. However since July 2017 when GST came into picture the levy was not only integrated but compliances too.
Every business who have turnover more than the prescribed limit or who are involved into interstate transaction i.e. transactions beyond the state boundaries, or who is involved in export and import transactions are mandatorily supposed to undertake the following;
- Enrol themselves and obtain GSTIN (Goods & Service Tax Identification Number)
- Collection of GST on supply of goods and services to its consumers and further payment of it into government account.
- Periodic filing of Returns and other information (as and when asked for).
- Issue of invoice in accordance with GST legislation.
- Generate E-Way bill (Document for transportation of goods).
Apart from the things mentioned above, there are various compliance issues which need to be taken care of by the business units.
Adherence to GST law provision is a prerequisite for smooth functioning of business otherwise it will not only cause penalty and interest payment, but business operations will also be into interruption.
Services in the era of GST compliances are as follows;
- GST registration
- Periodic return Filing
- Reply to notices and appear before tax authorities on client behalf
- GST compliance advisory