GST Compliance Service

Annual GST Compliances are the cornerstone of record-keeping and tax reporting for businesses registered under the Goods and Services Tax (GST) in India. It's a comprehensive year-end process that involves filing a detailed report (GSTR-9) with the tax authorities. This report acts as a consolidated summary of your entire year's GST activity, encompassing both outward supplies (goods and services you sell) and inward supplies (goods and services you purchase)..

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GST Compliance Service

GST Return Filing

Businesses engaged in the trade of goods and services, including transport, hospitality, food manufacturing/processing, and the sale of tools and equipment, are required to register for GST if their turnover exceeds INR 40 lakh for goods and INR 20 lakh for services. GST, a unified indirect tax system introduced by the Government of India under the Central Board of Indirect Taxes (CBIT), applies at every stage of the supply chain.

It's important to note that certain exemptions and relaxations are available based on the nature of trade and the capital utilized, particularly in specific regions such as the North Eastern states, where the minimum GST threshold is INR 20 lakh.

Once eligible, GST taxpayers must fulfill various GST compliances each financial year, failing which may result in legal consequences. Major GST compliances for businesses in India include return filing, record maintenance, and tax payment obligations.

GST compliances registration

After registering for GST, traders must adhere to a series of introductory compliances that must be consistently followed until the termination of GST registration. For intra-state supplies, traders are liable for CGST and SGST, while for inter-state supplies, IGST applies.

Every taxable supply requires a GST invoice to be issued. Composition dealers should issue a bill of supply for exempt supplies. A single invoice-cum-bill is sufficient for supplying taxable or exempt items to an unregistered person.

For goods, a GST Tax Invoice should be issued at the time of removal, while for services, it should be issued within 30 days of service provision.

It's imperative to mention the applicable GST on sold items in the GST invoice to avoid penalties. Except for those subject to Reverse Charge under GST, all suppliers must issue invoices and deposit the requisite GST in the government's account by the due date.

Input Tax Credit (ITC) is claimed based on the GST charged on the purchase of goods/services in the form of CGST and SGST/IGST at the applicable rate.

Composition Dealers are not required to charge any GST from buyers and are ineligible to claim ITC.

According to GST law, registered traders must maintain updated accounts/records as per prescribed guidelines. These include records such as production of goods, outward and inward supply of goods/services, stock register, ITC availed, and output tax payable and paid. Records should be maintained for at least 72 months per financial year from the due date of annual return filing in GSTR-9/GSTR-9A.

Annual GST compliance per financial year

Once registered under the Goods and Services Tax (GST) system, traders are obligated to fulfill mandatory GST compliances each financial year, including:

  • Filing periodic GST returns containing details of outward sales of goods/services, input tax credit (ITC), invoices, debit/credit notes, etc. This is followed by a summary return to ensure authenticity.

    Note: Traders must upload all necessary invoices along with their filings. GST provides online facilities for reviewing and amending these invoices by suppliers and purchasers based on inward/outward supply.

  • Depending on the type of GST registration, filing timelines vary:

    • Normal GST Traders: monthly (both Return/Summary)
    • Composite Dealers (annual turnover up to INR 1.5 crore): quarterly
    • E-commerce Operators (liable to collect TCS): monthly
    • Input Service Distributors: monthly
    • Non-Resident Foreign Dealers: monthly
    • And others...
  • Maintaining accounts and records strictly following GST rules, such as the purchase register, sales register, stock register, record of input tax credit, and output tax liability.

  • Conducting GST-specific account audits by a registered practicing Chartered Accountant to provide audited financial statements to the GST office annually (mandatory for traders of goods/services with annual turnovers exceeding INR 2 crore).

  • Claiming input tax credit by every GST-registered entity, except for composite dealers.

  • Filing an annual return per financial year, mandatory for every GST-registered taxpayer.

Advantages of Annual GST Compliance for Qualified Enterprises

GST, a single indirect tax option, replaces multiple state and central level indirect taxes, simplifying the taxation process.

For small traders, simplified and advantageous GST options include:

  • Composite GST
  • Voluntary GST

The higher GST registration threshold for normal taxpayers excludes small traders, providing them relief from GST compliances.

GST registration and filing processes are conducted online, allowing for updates, reviews, and rectifications anytime, anywhere.

With the removal of various previously valid state and central level indirect taxes, the number of GST compliances is reduced.

GST regulates the unorganized sector, including e-commerce operators.

Frequently asked questions

GST compliance refers to adhering to the rules and regulations set forth by the Goods and Services Tax (GST) regime, which includes timely filing of returns, maintaining records, and fulfilling tax obligations.

Any business or individual involved in the supply of goods or services whose turnover exceeds the threshold limit prescribed by GST law must comply with GST regulations.

Non-compliance with GST can lead to penalties, fines, and legal actions by the tax authorities. It may also result in the suspension or cancellation of GST registration.

Key GST compliance requirements include filing regular GST returns, maintaining accurate records of transactions, issuing proper invoices, and claiming input tax credits.

The frequency of GST return filing depends on the type of taxpayer and their turnover. It can be monthly, quarterly, or annually.

Yes, you can rectify errors in your GST returns by filing a revised return within the specified time frame.

What our clients say

See what our clients have to say about their experience working with us and our team.

Good Services by Mr. Gopal Krishna ji, the entire process of starting from filing the return till refund is completely smooth & seamless. I strongly recommend to try their services once & you never turned back. I have been a happiest & loyal customer since last 5 years. Thank you & keep up the good work in future.

Rohit Agarwal

Rohit Agarwal

5 Star

Good Services by Mr. Gopal Krishna ji, the entire process of starting from filing the return till refund is completely smooth & seamless. I strongly recommend to try their services once & you never turned back. I have been a happiest & loyal customer since last 5 years. Thank you & keep up the good work in future.

Harisaran panda

Harisaran panda

5 Star

Its been a few years i have been filing ITR through My ITR online and the experience has always been just the best. I am not jumping on to this conclusion but only after submitting different type of ITR during these years i can confidently say i am completely satisfied by the advice given and overall performance. Look forward for many more years of flawless service !

Bhuvan Arora

Bhuvan Arora

5 Star

I have been dealing with My ITR Online and Gopal Varshney for over a decade now. The firm is highly professional, prompt, efficient and courteous. Its been a pleasure dealing with Gopal and I would highly recommend his services. Keep up the great work !!

Priya H

Priya H

5 Star

I am availing services of my itr online and till now it's been wonderful experience. Good job my itr online team !

vineet sharma

vineet sharma

5 Star

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