The CCL; Being an organization; which got incepted owing to the rising non-compliance, we can be your true guide to the proper GST Implementation in your organization leading to GST Compliance and helping in the higher score of GST Compliance Rating leading to many benefits. Seems Interesting, Right? Go on reading to know more how GST Compliance Rating can change your reputation and help in the way you do the business.
We are helping many organizations in GST Compliance.
Normally, Start-up founders and MSMEs/Udyam believe that GST is just about making payment of taxes, taking Input Tax Credit and filing of applicable returns to the GST Portal or through some software available in the market.
Give us a call at +91-9988424211 or email us at info@ccoffice.in and within 24 to 48 hours, one of our GST Expert and Compliance Manager member will be in touch with you to understand your business working. Based on the requirements, we can also have a detailed discussion over phone or video call and if it becomes necessary, you are welcome to our office for a cup of coffee as well taking prior appointment.
Genesis and Implementation of GST Compliance
The GST came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment of the Constitution of India by the Indian Government. The GST replaced existing multiple taxes levied by the Central and State Governments.
As a business owner, if you are still struggling or mugging up with the streamlining of GST System in your organization, we can help you with the same. Further, considering the applicability of GST Audit, it becomes more pertinent to keep a check at GST Compliance and this becomes possible only if your business has successfully implemented GST Laws with proper mechanism at place.
Get in Touch with our GST Compliance Manager to help you in GST Implementation.
GST Compliance and Its Significance
Goods and Services Tax (GST) is an indirect tax which is based on the supply of goods and services. Its main characteristics can be divided into three major parts:
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Comprehensive
Multi-staged
Destination-based tax
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It has subsumed almost all the indirect taxes except a few state taxes.
It is imposed at every step in the production process, and to be refunded to all parties in the various stages of production other than the final consumer.
It is collected from point of consumption and not point of origin like previous taxes.
We help you in all the three verticals and makes it easy for you do GST Compliance.
Steps to GST Compliance
As a Director/Partner/Proprietor/Trustee, it is your responsibility to understand the compliance under GST Laws. To become GST compliant, below are some of the important To-Do List which shall make sure your business adheres to applicable GST Compliance:
- File your GST Returns on time
All Businesses which are registered under GST Laws having valid GSTIN have to report to the Government the business transactions which should include all their outward and inward supply transactions on their monthly GSTR-1 and GSTR-2. Apart from filing these two monthly returns, businesses should also submit a consolidated annual return called the GSTR-9. Visit https://www.gst.gov.in/help/returns to know more about it of Get in touch with our GST Compliance Manager.
- Pay your GST Dues on time
Like Income Tax, until you pay the taxes, you do not file Income Tax Returns. Same is the case under GST Laws. Before filing GST Returns, businesses should first ensure that they have paid all their taxes which are due as on date. Filing a GST return with existing tax dues makes the next return invalid. Not only this, if your business does not pay taxes and you are thinking of filing GST Returns, this would invariably reduce the GST Compliance rating score of your business. Further, it will also cause a chain reaction along the supply chain, making it difficult for buyers to claim Input Tax Credit (ITC) on its time when it gets due.
GST Compliance Rating
Did you know that Government has come with the the GST Compliance Rating? Yes, you read it right. GST Compliance Rating is a score given by the Government to a business which is registered under the GST Laws so that other businesses can see how compliant they are with the GSTN Department.
Score of GST Compliance Rating
The score under GST Compliance Rating is calculated based on various parameters such as timely filing of monthly/ quarterly/ annual returns, furnishing details of input credits used, taxes paid, details of supply chain, value addition mark-up, proper mechanism of bookkeeping and several other reality check.
Get in Touch with our GST Compliance Manager today.
GST Compliance Under Different Tax Slabs
Goods and services are divided into five different tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold.
If you are a start-up who is dealing in various goods and articles and have no idea as to which tax slab rate you need to apply on the invoice to your customers. Even if you are an established business house, there comes various changes in the tax slab rates, and it so happens that wrong tax slab rates get charged which is total non-compliance.
We at CCL are here to ease your billing for your customers as we have dedicated team of Chartered Accountants and Finance Professionals who are well equipped to handle such cases on real time and SOS basis.
Compliance Calendar ®