Overall Working Process for GST Compliance

After decades of positive deliberation, India has finally accepted the idea of a common indirect tax regime- Goods and Services Tax (GST). GST law provides that the taxable person will be required to make payment of tax (i.e. CGST, SGST, IGST and Additional Tax) including interest, penalty or fee through electronic cash/credit ledger. However business person need to know that cross utilisation of electronic cash/credit under IGST for CGST and SGST payment, electronic cash/credit under CGST for IGST payment and electronic cash/credit under SGST for IGST payment will be allowed. However, cross utilisation of cash/credit under CGST for payment of SGST and vice versa will not be allowed.

Our services include following:

  • GST Registration
  • GST Refund for exporters
  • GST tax structure advisory, tax rates applicably, benefits
  • GST Assessment and Representation
  • GST Return filing, Tax Calculation etc
  • GST analysis of existing business

Every registered assesse will be required to file returns (including NIL returns). It is pertinent to note that there could be as many as 8 returns as under.

Type of Return as per Return Report Description Due Date of Filing
GSTR 1 Outward supplies made by taxpayer 10th of the succeeding month
GSTR 2 Inward supplies made by taxpayer 15th of the succeeding month
GSTR 3 Monthly return (inward supplies + outward supplies) 20th of the succeeding month
GSTR 4 Quarterly return for compounding Taxpayer 18th of next month from end of quarter
GSTR 5 Periodic Return by Non-Resident Taxpayer Last day of registration
GSTR 6 Return for Input Service Distributor (ISD) 15th of succeeding month
GSTR 7 Return for Tax Deducted at Source 10th of succeeding month
GSTR 8 Annual Return By 31st December

Frequently Asked Questions (FAQs)

What is GST? How does it work?

GST is one indirect tax for the whole nation, which will make India one unified common market.

If a person is operating in different states, with the same PAN number, whether he can operate with single Registration?

No. Every person who is liable to take a Registration will have to get registered separately for each of the States where he has a business operation and is liable to pay GST.

Whether a person having multiple business verticals in a state can obtain for different registrations?

Yes. In terms of Sub-Section (2) of Section 19, a person having multiple business verticals in a State may obtain a separate registration for each business vertical, subject to such conditions as may be prescribed.

Is possession of a Permanent Account Number (PAN) mandatory for obtaining a Registration?

Yes. Every person shall have a Permanent Account Number issued under the Income Tax Act, 1961 (43 of 1961) in order to be eligible for grant of registration under Section 19 of the Model GST Law.

Whether the Registration granted to any person is permanent?

Yes, the registration Certificate once granted is permanent unless surrendered, cancelled, suspended or revoked.

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