GST Return Filing
Goods and Services Tax (GST) returns are periodic statements that businesses registered under GST must file with the tax authorities. These returns contain details of sales, purchases, input tax credits, and tax liabilities for a specific period.
Data Collection and Preparation
Service providers assist clients in gathering and organizing relevant financial data and transactions required for GST returns filing. This includes details of sales, purchases, input tax credits, and other GST-related transactions.
Return Preparation
They prepare and generate GST returns based on the collected data, ensuring accuracy and compliance with GST laws and regulations. This involves filling out the appropriate forms and schedules for various types of GST returns, such as GSTR-1, GSTR-3B, GSTR-4, etc.
Verification and Reconciliation
Service providers verify the accuracy of the prepared GST returns by reconciling the data with supporting documents and records. This helps identify any discrepancies or errors that need to be corrected before filing the returns.
Filing and Submission
Once the GST returns are prepared and verified, service providers electronically file and submit the returns to the GSTN (Goods and Services Tax Network) portal on behalf of the client. This ensures timely compliance with GST filing deadlines.
Compliance Advisory
Service providers offer advice and guidance on GST compliance matters, including input tax credit (ITC) eligibility, tax rates, invoicing requirements, and other GST-related regulations. They help clients understand their GST obligations and ensure adherence to applicable laws.
Amendment and Rectification
In case of any errors or omissions in the filed GST returns, service providers assist clients in making amendments and rectifications as required. This may involve revising previously filed returns or filing additional forms to correct errors.
Audit Support
Service providers offer support and assistance during GST audits conducted by tax authorities. They help clients prepare and compile the necessary documentation and information requested during the audit process.
Post-Filing Support
After filing GST returns, service providers may offer ongoing support to address any queries or issues that arise, such as responding to GST notices, resolving tax disputes, or providing updates on changes in GST laws and regulations.