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GST COMPLIANCE REVIEW SERVICES IN INDIA

GST COMPLIANCE REVIEW SERVICES IN INDIA

Introduction

In India, the roll out of GST from 1St July 2017 has created a significant impact on nearly all types of industries. Every organization is forced to make necessary changes in their departments like Finance, Accounting & Compliance etc. to ensure corporate governance and tax compliance.

We all know that changes are very difficult to adapt and takes precious time.

We ensure that changes made in systems for GST implementation is ample and are working properly. Our GST Compliance review service is customized according to the needs of our clients. A system of awarding compliance score is introduced by Government of India. This compliance score attracts more people to do business with you. Through our service we assure a good compliance score.

Our GST Compliance review Service:

GST is an electronic based compliance at GST Network. GST Compliance involves collation of voluminous data of supplies that is invoices, outward supplies, Input tax credit and payment of tax under respective GST registration number.

With the onset of GST regime tax compliance will increase. It also makes it more transparent and IT driven. Major Forms as prescribed under GST model are as under:

  • GSTR-1: invoice wise details of outward supplies of goods and services effected during the tax period
  • GSTR-2: Details of inward supplies of taxable goods and/ or services received during the tax period
  • GSTR- 3: Details of inward and outward supplies of goods and/or services, input tax credit availed, tax payable, tax paid and other particulars as may be prescribed
  • GSTR-8: Prescribed details along with audited accounts reconciling the value of supplies declared in the return

All details under GST is uploaded on GSTN invoice wise. All reconciliation is done at GSTN.

Concept of liability under reverse charge is continued in GST regime which is picked up from existing service tax regime.

GST Compliance also includes compliance of TDS and TCS for which separate return has been prescribed under GST.

As a part of compliance, GST compliance will include matching of input tax credit with supplier and receiver of goods and services. Any un-matched credit will be disallowed.

Since all details are uploaded on GSTN, it is highly imperative that information is correctly and completely uploaded in GSTN.

Our service shall include following aspects:-

  • Review of Outward supplies accounting entries
  • Checking of accuracy to avail Input Tax Credit as per GST Laws provisions
  • Checking of compliance with Reverse Charge Mechanism
  • Checking of proper adjustment of Tax accounts in Books of accounts
  • Reconciliation of Cash & Credit ledgers with common portal
  • To ensure that applicable GSTRs has
  • Full reconciliation of Books of accounts with GST returns as filed with common portal

Who should use our service

  • Firms or companies who do not want the additional burden of filing GST themselves and keep track of latest regulations throughout the year
  • Business Organizations who do not have in-house experts to track GST laws, formats and processess

Why our service

The Benefits of our service are:

  • Your business will be GST compliant
  • You will have a good  GST compliance score that helps to promote your business
  • Our services will help you to assess the capabilities of your workforce
  • Timely correction of Deviations
  • Our services will keep you posted about changes in regulations and procedures

Conclusion

There are so many complex provisions of the GST law. If an enterprise tries to handle everything on their own, they are more likely to make mistakes.

We are a team of experts and professionals who can help you understand GST in a better manner so that you will be able to focus on your business instead of tackling GST issues. Our aim is to prevent any business disruptions in the beginning and ensuring that no business is lost and fool-proof GST compliance is achieved. Now is not the time to be passive and adopt a proactive approach.

“CALL US RIGHT NOW! WE WOULD BE HAPPY TO ASSIST YOU.”

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