GST service tax

GST Annual Return Filing - GSTR-9 Filing

GSTR-9 is an essential annual filing obligation for all taxpayers registered under the Goods and Services Tax (GST) system. GSTR-9 encapsulates comprehensive information concerning outward and inward supplies, encompassing transactions made or received during the relevant financial year. This includes supplies governed by Central GST (CGST), State GST (SGST), and Integrated GST (IGST) regulations. The return is a consolidated record of all monthly or quarterly returns submitted within the corresponding year.

GSTR-9A: Registered taxpayers who opted for the GST Composition scheme must submit GSTR-9A. This tailored return addresses the specific needs of composition scheme participants.

GSTR-9C: Form GSTR-9C reconciles the taxpayer's annual returns in GSTR-9 with the figures found in their audited financial statements for the given financial year. This reconciliation statement is essential for entities requiring an annual account audit.

GST AUDIT

Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person. The purpose is to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess the compliance with the provisions of GST.

GSTR-9A: Registered taxpayers who opted for the GST Composition scheme must submit GSTR-9A. This tailored return addresses the specific needs of composition scheme participants.

GSTR-9C: Form GSTR-9C reconciles the taxpayer's annual returns in GSTR-9 with the figures found in their audited financial statements for the given financial year. This reconciliation statement is essential for entities requiring an annual account audit.

GST E- Invocing

E-Invoicing under GST denotes electronic invoicing defined by the GST law. Just like how a GST-registered business uses an e-way bill while transporting goods from one place to another. Similarly, certain notified GST-registered businesses must generate e invoice for Business-to-Business (B2B) transactions.

e-Invoicing does not imply the generation of invoices on the GST portal but it means submitting an already generated standard invoice on a common e invoice portal. Thus, it automates multi-purpose reporting with a one-time input of invoice details. The CBIC notified a set of common portals to prepare e invoice via Notification No.69/2019 – Central Tax.

GST Notice Repaly

Notices under GST are communications by the GST Authorities. These are sent to the taxpayers specifically to remind or caution them of any defaults being noticed, specifically for not following the GST laws. In other cases, notices can be sent out just to collect more information from the taxpayer. Few cases where tax authorities send out notices are – where any movement of goods/ provision of services occurs without coming under tax lens or taxpayers operate suspiciously. GST authorities act based on any hints collected on verifying the taxpayer’s GST Returns or received from another Government department or from any third parties .

A notice can be called by different names like show cause notice (SCN), scrutiny notice or the demand notices, depending upon each case- the purpose or gravity of default or action required from the taxpayer.

E-way bill

An e-way bill, short for Electronic Way Bill, is a digital document that plays a crucial role in tracking the movement of goods. It's particularly significant within the framework of the Goods and Services Tax (GST) system. This bill becomes mandatory when goods valued over Rs. 50,000 are transported by an individual or entity registered under GST. GST eWay Bill should be generated before the commencement of the transportation of the consignment.

An E-way bill is an electronic document generated on the e-way bill portal (ewaybillgst.gov.in), which serves as proof of the movement of goods. It acts as a digital compliance tool under the GST framework, where the consignor or seller inputs relevant information about the goods before they are transported and generates an e-way bill on the GST portal.

Input Tax Credit

Input Tax Credit (ITC) is a Goods and Services Tax (GST) system mechanism that allows businesses to reduce their tax liability by claiming credit for the tax paid on purchases. Essentially, what is input tax credit? It's the tax a business pays on its purchases, which can be used to reduce the tax payable on its sales. This system ensures that the tax is levied only on the value added at each stage of the supply chain, avoiding the cascading effect of taxes. Understanding what is input tax credit is crucial for businesses, as it directly impacts cash flow and pricing strategies, making it an integral part of GST compliance and financial planning.

Empowering Clients: Allowing clients to view and manage their ITC reconciliation enhances transparency and control over their tax affairs. Identifying Problematic Suppliers: Assisting clients in pinpointing suppliers with discrepancies in their filings enables timely follow-ups to rectify these issues. Correcting Errors: Assisting in correcting mismatches or errors in purchase records and GSTR-2A ensures accurate tax filings.

GST Appeal & Cases

Any appeal under any law is an application to a higher court for a reversal of the decision of a lower court. Appeals arise when there are any legal disputes.

All appeals must be made in prescribed forms along with the required fees. Fee will be – The full amount of tax, interest, fine, fee and penalty arising from the challenged order, as admitted by appellant, AND –10% of the disputed amount In cases where an officer or the Commissioner of GST is appealing then fees will not be applicable.

authorised representative appear in court?:Any person required to appear before a GST Officer/First Appellate Authority/Appellate Tribunal can assign an authorised representative to appear on his behalf, unless he is required by the Act to appear personally.. appeal be made to both CGST & SGST authorities?: As per the GST Act, CGST & SGST/UTGST officers are both empowered to pass orders. As per the Act, an order passed under CGST will also be deemed to apply to SGST. However, if an officer under CGST has passed an order, any appeal/review/ revision/rectification against the order will lie only with the officers of CGST. .