Goods & Service Tax

Goods and Services Tax (GST) in India has been a transformative journey since its implementation in 2017, shaping the economy towards greater transparency and digitization. Chartered Accountants play a crucial role in assisting businesses and individuals with GST compliance and advisory services.

Key GST services provided by Chartered Accountants include:

GST registration for new taxpayers and ongoing compliance.
Filing monthly, quarterly, and annual GST returns accurately.
Assistance with GST payments through electronic cash ledgers.
Continuous consultancy to keep businesses updated on GST regulations.
Handling refund applications efficiently from the GST department.

Managing bonds and Letter of Undertaking (LUT) for exporters.
Assisting with internal audits and representation during GST audits.
Handling show cause notices and legal representations before authorities such as Commissioners and CESTAT.
Reviewing contracts with a viewpoint on GST implications.
Assisting with search cases and appeals under GST law.

These services aim to ensure proper adherence to the GST law while minimizing risk and improving compliance efficiency. Chartered Accountants bring expertise, integrity, and up-to-date knowledge of GST laws and rules, enabling businesses to focus on growth while managing tax liabilities accurately and timely. Their representation in legal and audit matters helps navigate complex GST processes with confidence and clarity.

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Common Questions

About Goods & Service Tax

Does aggregate turnover include value of inward supplies received on which RCM is payable?

No, as per the provisions of Section 2(6) of CGST Act, Aggregate Turnover shall not include value of inward supplies on which tax is payable on reverse charge basis. Thus, such amount shall not be included while calculating the aggregate turnover of the person receiving such supplies under this Act.

Whether aggregate turnover includes turnover of supplies on which tax is payable by the recipient under reverse charge?

Yes, Outward supplies on which tax is paid on reverse charge basis by the recipient will be included in the aggregate turnover of the person providing such goods or services.

Is an advocate providing interstate supply chargeable under Reverse Charge, liable for registration?

Exemption from registration has been provided to such suppliers who are making only those supplies on which recipient is liable to discharge GST under RCM. Since, the legal services provided by advocate are liable to be charged under RCM, an advocate will be exempt from registration if he does not provide any other supply which is chargeable to GST under Forward Charge Mechanism.

If I register under the composition scheme, can I opt out of it later? What happens to my stock if I do so?

Those opting for and complying with composition scheme can exit and opt for normal tax scheme anytime. They would be eligible for ITC on stocks available on the date of switchover in compliance with the provisions of section 18(1)(c ) of CGST Act, 2017.

Is it correct that person dealing exclusively in NIL rated or exempt goods/ services liable to register if turnover > 40/20/10 Lakh?

There is no liability of registration if the person is dealing with 100% exempt supplies. Hence, the turnover limit of 40/20/10 lakh shall not be applicable on the person.

Goods & Service Tax