Goods and Services Tax (GST) Solutions
At WBN Consulting, we offer a comprehensive suite of financial, management, and CFO services customized to your needs, including accounting, bookkeeping, and management services. Our solutions are designed to cater to the requirements of modern businesses that demand technologically advanced approaches. Join us and experience the difference!
About GST Service
Goods and Services Tax, also known as GST, is an indirect tax introduced on July 1, 2017. It replaced multiple taxes and levies such as central excise duty, service tax, additional customs duty, surcharges, state-level value-added tax, and octroi. Prior to GST, India’s indirect tax system was highly fragmented, with a multitude of taxes, laws, and procedures, leading to tax cascading and other complexities.
GST was introduced to establish a unified tax system and bring about the concept of “One Nation – One Tax.” It is applicable to all transactions involving the sale, import, export, purchase, barter, or lease of products or services. The GST regime is jointly administered by the Central and State Governments, following a dual GST model.
Though GST was introduced earlier than expected, it is still relatively new and has undergone frequent amendments. While it has improved transparency and streamlined administrative paperwork, it has also increased compliance requirements, regulations, and the need for technology adoption.
Our team of experts at WBN Consulting specializes in Indirect Tax and can assist you with GST registration, compliance, GST refunds, and departmental audits, all conveniently under one roof.
Compliance with the Four GST Laws
We can help you comply with the following GST laws and related regulations:
- Central Goods and Services Tax Act, 2017
- State Goods and Services Tax Act, 2017
- Union Territory Goods and Services Tax Act, 2017
- Integrated Goods and Services Tax Act, 2017
How can WBN help you with Accounting & Bookkeeping Services?
Registration
GST registration is mandatory for businesses to ensure tax compliance. It provides a unique 15-digit GST Identification Number (GSTIN) to the registered entity, with specific components representing the state code, PAN of the legal entity, entity code, and checksum number. We can assist you in obtaining your GST registration certificate through the GSTN common portal.
Invoice Compliance
Under GST, registered businesses must adhere to invoicing compliance. This involves issuing a tax invoice for every sale of goods or services, as it serves as the primary document to evidence the supply and claim input tax credit.
Return Compliance
Regular taxpayers are required to file monthly and annual GST returns. These returns contain details of sales, purchases, output tax collected, and input tax paid, and must be filed on the GST portal.
Liaison Authorities
Our experienced team can effectively communicate and liaise with authorities on your behalf, representing you before boards and acting as intermediaries, allowing you to focus on your business’s growth.
Understanding the Basics of GST
Since the GST is a consumption-based tax, it is paid to the state in which products or services are used rather than where they are made. The taxes collected include CGST (Central Goods and Service Tax), SGST (State Goods and Service Tax), and IGST (Integrated Goods and Service Tax). CGST and SGST apply to intra-state supply, while IGST applies to inter-state supply.
Differentiating Intra-State and Inter-State Supply
- Intra-State Supply: This refers to the supply of goods or services within the same state or union territory, where both the supplier and the place of supply are located.
- Inter-State Supply: This refers to the supply of goods or services between different states, union territories, or a combination of both.
Claiming GST Refunds
We can assist you in claiming GST refunds for various reasons, including:
- Zero-rated supply (exports, supplies to SEZ units and developers)
- Deemed Exports
- Refund of accumulated Input Tax Credit due to an inverted rate structure
- Finalization of provisional assessment
- Excess or mistaken tax payments
- Refunds for other valid reasons.
Our GST Refund Services include
- Assessing the best refund option for your business model
- Preparing necessary documents and supporting evidence
- Assisting with declarations related to tax incidence
- Obtaining certifications from a Chartered Accountant
- Filing refund applications as per statutory requirements
- Representing clients before the department and ensuring timely follow-ups.
GST Departmental Audit Services
GST audit is a legal process conducted by the Commissioner or authorized officers to verify registered entities’ records and books of account. The audit ensures the validity of declared turnover, taxes paid, refunds claimed, and input tax credits. Compliance with GST regulations is also checked.
Key Points About GST Departmental Audit
The auditee is informed about the upcoming audit 15 days prior to the scheduled date. Normally, the audit process is finished within a period of 3 months, but there are circumstances where it can be extended up to 6 months. During the audit, if any omissions or inaccuracies are discovered, the registered person has the opportunity to correct the filed returns. However, this correction comes with the requirement of making interest payments for any defaults that occurred.
Experience Matters
Our Expertise in Indirect Assessments, Audits, and Due Intelligence At WBN Consulting, our team brings over a decade of experience in handling indirect assessments, audits, and due intelligence. Rest assured, you’re in capable hands when you choose our services.
Choose WBN Consulting for Your GST Solutions
With WBN Consulting’s expertise in GST compliance, registration, refunds, and departmental audits, you can confidently navigate the complexities of the GST regime while focusing on the growth and success of your business. Let our team of experts simplify your GST journey. Contact us today!