Once registered, entities are required to submit periodic returns. Compliance would be key in GST due to automation of all periodical returns including payment process. There is a need to comply with reverse charge payments as well. Managing these multiple tasks could be technically complex, time consuming and can involve unpredictable costs for a business.
Tax needs to be paid to government at the end of each tax period which requires identification of appropriate tax liability after adjusting eligible credits. There could be other multiple adjustments on account of non-monetary consideration, time of supply, related party implications, reverse charge liability etc.
Our firm offers support in GST return filing and tax payment which are as follows:
Review of GSTR returns for ensuring appropriate disclosure.
- Review of sample sale and purchase invoices
- Review of computation of GST output liability
Review of computation of GST input tax credit and eligibility of credits on sampling basis. Review of credit reversals.
- Review of computation of GST under reverse charge mechanism
Review interest computation due to delayed GST payment, non-payment to vendors
- Review of fulfillment of conditions for exemption / concessional rate of taxes
- Support in designing efficient accounting and support system so that information necessary for filing of return are available instantaneously.
- Assist in making payment after adjusting eligible credits