GST Compliance Retainership Service in India

Overview of GST Compliance in India:

Goods and Services Tax (GST) is a crucial aspect of business operations in India today, applying a single tax on all sales of goods and services for both B2B and B2C transactions

Post-GST Registration Compliance Requirements:

• Tax Computations and ITC Adjustments:
  • o Accurate computation of taxes and adjustments for Input Tax Credit (ITC) in the accounting books.
• Monthly Tax Deposits:
  • o Timely deposit of taxes on a monthly basis.
• Return Filing:
  • o Filing returns on a monthly, quarterly, and yearly basis.
• ITC Matching and Availing:
  • o Ensuring matching and availing of Input Tax Credit (ITC) on returns.
• Electronic Ledger Management:
  • o Checking updated balance status on the GST portal's electronic ledger.
• EInvoice Management:
  • o Uploading accurate invoice details on the GST portal.
• Amendments to GST Registration:
  • o Making any necessary amendments to the GST registration.
• Accuracy of GST Rates and HSN Codes:
  • o Ensuring the correctness of GST rates and Harmonized System of Nomenclature (HSN) codes on products.
• GST Accounting:
  • o Properly treating GST in the Profit and Loss Statement and Balance Sheet
• Staying Updated:
  • o Keeping abreast of the latest notifications, circulars, and rules issued by authorities.
• Penalties for Non-Compliance:
  • o Delayed tax deposits attract interest at 18% per annum.
  • o Late return filings incur a penalty of Rs 20/50 per day.