GST Returns | Income Tax | Bookkeeping

Will the Accountant Visit your office/premises in person for bookkeeping task?

- The accounting and Bookkeeping services will be done online/remotely by using online software. Our experts shall be available by Phone, Email and WhatsApp.

You are using an existing Accounting Software. Can we use the same software for your Bookkeeping?

- Yes, our experts are usually trained for using most of the accounting software. Your Log-in credentials shall be required in this case to perform the task on you behalf.

You are not using any Accounting Software. Will our services involves working on accounting software?

- Our accounting experts will prepare your books using commonly popular softwares like Tally & Quick-books. However, we will only share the final data and backups of your accounts. Software or respective licence will not be included.

Will the GST service person assigned to you will visit your office/premises in person for registration task?

- The GST Registration services will be done online/remotely. Our experts shall be available by Phone, Email and WhatsApp.

Who are existing taxpayer? What comes under it?

- Its an entity currently registered under central or state laws, such as Central Excise, Service Tax, States Sales Tax (or VAT), Entry Tax, Luxury Tax, Entertainment Tax etc.

For business registered in multiple locations, do you need to apply separately for each location?

- You can get all locations registered under a single GST registration application, provided all the branches are in same state.

Are there any exceptions for those who are not liable to file GST Returns?

- UN Bodies and foreign consulates are exempted from GST return filing (they only have to fole for the month they made any purchase). Also, Public sector undertakings or any business or trade-in-non GST supplies are not required to register under GST.

What is Composition Scheme? Can you opt for GST registration under composition scheme?

- Yes, a composition scheme is optional and voluntary and is required for business either of Manufacturer/ trader/ Restaurant service provider who has turnover of Max. INR 1.5cr (under normal states) and Max. INR 75 lacs (under special states). All entities registered under composition scheme has to file GSTR-4 returns.

What are Normal category states and special category states?

- Normal Category states: Chhattisgarh, Jharkhand, Delhi, Bihar, Maharashtra, Andhra Pradesh, Gujarat, Haryana, Goa, Punjab, Uttar Pradesh, J&K, Assam, Himachal Pradesh, Karnataka, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu, West Bengal

- Special Category States: Puducherry, Meghalaya, Mizoram, Tripura, Manipur, Sikkim, Nagaland, Arunachal Pradesh, Uttarakhand

- Normal Category states who choose status Quo: Kerala and Telangana

Will the GST service person assigned to you will visit your office/premises in person for GST filing task?

- The GST return services will be done online/remotely. Our experts shall be available by Phone, Email and WhatsApp.

What are due dates, lte fees and penalty for filing GSTR-4?

- GSTR-4 Due date is 18th of the month after the end of the quarter; If GSTR-4 is not filed, the penalty of Rs 200 per day is levied. The maximum penalty limit is Rs. 5000. Central Tax late fees for GSTR-4 is brought down to Rs. 50 per day in case of default. Also, the late fee for the filing of NIL GSTR-4 is brought down to Rs. 20 per day in case of delay.

What are states where the GSTR-4 Filing eligibility limit of turnover is Rs. 50 lakhs?

- Assam, Aurnachal Pradesh, Manipur, Meghalaya, Mizorum, Nagaland, Sikkim, Tripura & Himachal Pradesh.

If there is sale or purchase during the quarter, is it still necessary to file GSTR-4?

- Yes, even if there is no sale or purchase, every eligible taxpayer has to file nil returns.

When will a person opting for composition levy under GSTR-4 liable to pay tax?

- They have to pay tax on quarterly basis before 18th of the month succeeding the quarter during which supplies were made.

Can the person avail Input Tax Credit on his inward supplies under this scheme?

- No. He/she cannot take credit on his input supplies. Under the composition scheme is out of the credit chain. When he/she switch over from composition scheme to normal scheme, eligible credit on the date of transition would be allowed

If a person availing composition scheme, crosses the turnover threshold of Rs.75 lakhs/50 lakhs during the course of the year, will he/she be allowed to pay tax under composition scheme for the remainder of the year till 31st Mach ?

- No. The option to pay tax under composition scheme lapses from the day on which his aggregate turnover during the financial year exceeds the specified limit (Rs. 75 lakhs /Rs. 50 lakhs). He/she is required to file an intimation for withdrawal from the scheme in FORM GST CMP-04 within seven days from the day on which the threshold limit has been crossed.

Can a person paying tax under the composition scheme issue a tax invoice under GST?

- No. He/she can issue a bill of supply in lieu of tax invoice.

Can the option to pay tax under composition levy be exercised at any time of the year?

- No. The option is required to be given electronically in FORM GST CMP-02, prior to the commencement of the relevant financial year.

In case a person has registration in multiple states? Can he opt for payment of tax under composition levy only in one state and not in other state?

- The option to pay tax under composition scheme will have to be exercised for all States.

Can a person perform Inter-state sale under this scheme?

- Inter-state Sale cannot be done in this scheme. Only Intrastate allowed.

Will the GST service person assigned to you will visit your office/premises in person for GST filing task?

- The GST return services will be done online/remotely. Our experts shall be available by Phone, Email and WhatsApp.

What are due dates, late fees and penalty for filing GSTR-7?

- GSTR-7 Due date is 10th of the following month (the government may either extend or change the date by an official notification);

- If GSTR-7 is not filed before due date, the penalty of Rs 100 per day under CGST and Rs 100 under SGST. So the total will be Rs.200 per day. The maximum penalty levied will be Rs. 5000. There is no late fee in case of delayed filing on IGST.

- Along with the late fee, interest has to be paid at 18% per annum. The rate of interest will be calculated from the next day of the due date of filing to the date of payment.

If there is no TDS deducted during the tax period, is it still necessary to file GSTR-7?

- No its is not mandatory to file nil return in such case.

Can the deductee take action on the TDS credit declared by deductor?

- The deductee can accept/ reject the TDS details auto-populated to TDS and TCS Credit received table of his/her return. Taking action by deductee is mandatory for crediting the amount of TDS to cash ledger.

When TDS amount will be credited to deductee’s Electronic Cash Ledger?

- TDS amount will be credited to deductee’s Electronic Cash Ledger only after his/ her accepting of TDS and TCS credit received (which is auto populated on filing of returns by the deductor) and filing of this relevant form.

What will happen if the TDS credit entry is rejected by the deductee?

- TDS credit entries rejected by the deductee will be auto-populated into Table 4 of Form GSTR-7 and the relevant details will be required to be amended by the deductor in Form GSTR-7 of next tax period. Post correction of such details in Form GSTR-7, the data will automatically flow to concerned GSTIN (supplier) for accepting or rejecting it. This process will be repeated until TDS details are accepted by counter-party.

Will the GST service person assigned to you will visit your office/premises in person for GST filing task?

- The GST return services will be done online/remotely. Our experts shall be available by Phone, Email and WhatsApp.

What are due dates, late fees and penalty for filing GSTR-9?

- GSTR-9 (Annual Return) shall be duly filed by a taxpayer on or before 31st of December of the next financial year, Late fees for not filing GSTR-9 is Rs 100 per day, per act. That means late fees of Rs 100 under CGST and Rs 100 under SGST will be applicable in case of delay. Thus, the total liability is Rs 200 per day of default. This is subject to a maximum of 0.25% of the taxpayer’s turnover in the relevant state or union territory. However, there is no late fee on IGST yet.

Does other GSTR returns like GSTR-3B and GSTR 1 filings are also including with this plan?

- No, This is only meant for GSTR-9 Annual returns filing. You would have to purchase others plan separately.

If you have missed filing GSTR-3B and GSTR-1, can you still file GSTR-9 annual returns?

- No, unless you have filed all the GSTR of the Financial year, you cannot file GSTR-9.

Can the GSTR-9 be amended after filing?

- No. Once filed it cannot be amended.

What is difference between GSTR-9 and GSTR-9C?

- Form GSTR-9 is required to be filed by every person registered as normal taxpayer irrespective of their turnover. Form GSTR-9C is required to be filed by every registered person whose turnover has been more than Rs. 2 crores during the financial year. Such taxpayers are required to get their accounts audited by Chartered Accountant or Cost Accountant and need to submit a copy of audited annual accounts and reconciliation statement as specified under section 44(2) of CGST Act.

Is it mandatory to file Form GSTR-9?

- Yes, it’s mandatory to file Form GSTR-9 for normal taxpayers.

What are different types of GST Audit?

- Turnover based Audit: This is performed by CA or cost accountant appointment by taxpayer in the case where his turnover exceeds 2 crores.

- General Audit: This is performed by Commissioner of CGST/SGST or any authorized person giving 15 days prior notice.

- Special Audit: This is performed by CA or cost accountant nominated by Commissioner on order.

What is a GST Audit Checklist? What are major steps involved in the process?

- Checking of GSTR 3B in relation to GSTR 1 & GSTR 2A.

- Checking particulars of Invoices.

- Reversal of Input Tax Credit for non-payment in 180 days.

- Reviewing E-way bill and matching with invoices.

- Stock pending with Non-workers.

Documents required for filing of returns:

Form 16: is TDS (Tax deducted at source) certificate issued by the employer where it initiates tax deduction from their employee's salary and deposit the same with the government. The form itself provides detailed summary of the amount paid or credited to the employee and the TDS on the same.

Part A: It summarizes all the detailed of TDS by deductors (other than the employer). Basically it shows the details of TDS on Employee's salary.
Part B: It is annexure of Part A and shows salary breakup, allowances, deductions and relief under relevant tax sections.

Form 26AS: This is Annual Tax Statement that can be accessed from the Income Tax Website by all taxpayers using their PAN (Permanent account number). If reflects every tax deducted from your incom by any deductor (whether its employers, banks etc) and deposited on your behalf.

Aadhar Card: It is individual identification number issued by the Unique Identification Authority of India (UIDAI) on behalf of the Government of India to individuals for the purpose of establishing the unique identity of every single person. Its details are needed to provide in ITR form.

Pan Card: It is the Permanent Account Number (PAN) card, issued by the Income tax Department, is one of the most important documents required for filing ITR forms.

Bank statements: Summarize annual statement of your saving accounts are required to check your saving and deposits interest and TDS deducted.

Interest and TDS certificate from Bank: In addition to saving account statements, a certificate is provided by your bank indicating summary of interest and TDS deducted during the financial year. This will also be required to file your income tax.
Home Load Statement from Bank: If you have taken Home load, then you are required to provide the annual statement for the same. It allows for certain deductions on principal amount under Section 80C while deductions on the interest amount can be claimed under Section 24.

Property Details: If you done purchase or sold a property during the Financial year then you have to share the details such as ownership, purchase, sale, rental incomes (if any) etc. are to be provided.

Stamp duty/ Registration fees/ other expenses for purchase/ construction of residential house: Please provide these additional details if applicable for filing ITR.

Medical Insurance & Health check-ups: This falls under Section 80D. During the Financial year, If you have done any payment for medical insurance premium/ preventive health check-up/ or Medical expenditure on the health of Resident very senior citizen, then you have to provide such details to be included in your Income tax returns.

Family members with disabilities: This falls under section 80U. If your dependent family member(s) suffers from a disability (blindness, Low vision, Leprosy-cured, Hearing impairment, Loco motor disability, Mental retardation, Mental illness) then you can claim tax benefits while filing Income tax. Details of the same shall have to be provided.

Life insurance premium: This falls under Section 80C and include Premium paid for yourself, spouse and children. Details shall be required for filing ITR.

Deposit in provident fund/superannuation fund: This falls under Section 80C. If you have money deposited in Public/employee provident fund, Details shall be required for filing ITR.

Investments in Fixed Deposits/Bonds: This falls under Section 80C. Five years fixed deposit eligible for section 80C. Details shall be required for filing ITR.

Investments in NSC (National Saving Certificate): This falls under Section 80C and includes current year investment and accrued interested. Details shall be required for filing ITR.

Tuition fee for two children: This falls under Section 80C and includes tax benefits for tution fee expenses up-to Rs 1.4 Lakh each year. Details shall be required for filing ITR.

Investment in Mutual funds/UTI: The refer to all mutual funds eligible in section 80C including Equity linked saving scheme or notified pension fund. Details shall be required for filing ITR.

Capital Gain Tax statement: If you have invested in Mutual funds, share etc. then you have to collect a capital gain statement. Details shall be required for filing ITR.

Employee Salary Slips: The salary breakup details such as DA(Dearness Allowance, TDS amount, HRA (House rent allowance), TA (Traveling Allowance) etc. are required for ITR filing and same are requested.

Advance Tax Challan/ Self Assessment Challan: If you have paid any such challan before then you are required to share the same for ITR filing.

Income Tax Logins credentials: Lastly, please share your Income tax log in credentials to the official portal to complete the filing process.

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