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We, at COA provide the following Indirect Tax Advisory Services (GST):
Impact of GST on the Business Model.
GST Compliances & Ongoing Support
GST Audit
Transfer Pricing Audits (in select cases)
The challenge at hand for businesses is to adapt to the new GST regime by understanding its various nuances. We understand and analyse the GST implications applicable to your business activity and conduct an impact analysis and suggest the most beneficial tax structure for your business.
The introduction of Goods & Services Tax (GST) in India effective July 1,2017 has been the most important change in the country’s Indirect Tax Structure.
Many business transactions or arrangements lend themselves to alternative tax treatment due to ambiguities in law, in procedures, contradictory judicial precedents and the like. A position that seems prima facie most beneficial may turn out to be without legal merit on deeper evaluation and hence hiring the services of a GST Advisor / Indirect Tax Advisor is very important for any business. As your GST Consultant in Kolhapur , COA through its systematic questioning about the nature of the problem and the solution requirements, makes an informed decision regarding the recommendation to employ for your business. An overall action plan for a systematic decision-making process is presented to you by us. Further COA also provides GST Audit Services in Kolhapur and beyond which are mandatory by law for certain businesses based on a Turnover criteria.
Applicability of GST:
Every person whose aggregate turnover from Supply of Goods or Services or both in a financial year exceeds INR 20 lakhs* (see note below) has to mandatorily register under Goods & Service Tax. This limit is set at INR 10 lakhs for North Eastern and hilly states flagged as special category states.
*Note : The basic limit beyond which obtaining registration becomes mandatory is increased from INR 20 lacs to INR 40 lacs for certain categories of persons, who are engaged in exclusive supply of goods vide notification No. 10/2019-Central Tax, dated 07.03.2019
Therefore, in case a person in supplying goods but also earns a nominal amount of service income (whether taxable or not) such as commission income, or interest income say from bank (which is exempt), then such person shall be liable to take registration above INR 20 lacs and not INR 40 lacs.
GST (Goods & Service Tax) Audit under the GST Act :
Every registered person must get its accounts audited by a Chartered Accountant / Cost Accountant if the aggregate turnover during FY exceeds INR 2 Crores from sale of goods or services.
Calculation of turnover shall be PAN (Permanent Account Number ) based i.e. all sale of goods/ services shall be taken for computing the limit of INR 2 Crores.
COA, can always be trusted for as your GST Auditor in Kolhapur and beyond for executing this complex task within a time bound manner.
Requirement of GST Audit :
GST Audit is required for the following reasons :
- GST is the self-assessment tax regime so GST audit is required for ensuring that tax payer has correctly assessed its liability.
- It involves examination and evaluation of records, GST rate, GST returns and other related documents.
- To obtain reasonable assurance and ensure that financial statements are free from any material misstatements.
Furnishing of Documents under GST Audit :
- Annual Return
- Copy of Audited Annual Accounts
- Copy of Reconciliation Statement
Calculation of Aggregate Turnover under GST :
For computing the aggregate turnover, following shall be included-
- Value of all inter-state taxable supply
- Value of all intra-state taxable supply
- Value of all exempt supplies
- Value of all export supplies
- Job work supplies on principal to principal basis
- Zero rated supplies
- Any supply to agent/ job work on behalf of principal
For computing the aggregate turnover, following shall be excluded-
- Taxable supply on which reverse charge is applicable
- All taxes and cess paid under GST
- Goods supplied and received back from job work.
Audit in case of multiple Branches :
- While computing the limit of INR 2 Crores, turnover of all the branches of an organization should be considered and if the cumulative turnover exceeds the limit of INR 2 Crores then every branch will be liable for GST audit irrespective of the fact that their individual turnover does not exceed the specified limit.
- Organization can appoint either the single auditor for all branches or separate auditor for each branch.
Due Date of GST Audit and Penalty for Late filing of GSTR 9C :
As per the GST Act, due date of audit and annual return is specified as 31st December of subsequent fiscal year and in case of failure in complying with the same then as per act no specific penalty is prescribed. So it will be covered under the head of general penalty of Rs. 25000.
