GST Return Filing

When you register a company, the first thing that needs to be done is take a GST number. The process involves verification etc. in order to understand the credibility of the business.  It’s a unique code, which allows you to file the return on a monthly, quarterly and yearly basis depending on the business type. The business whose turnover is more than 5 Crore annually have to file two monthly return and one yearly return which means 25 returns in total, but in case there is Quarterly Return Filing and Monthly Payment of Taxes – QRMP certificate, 9 returns still have to be filed.

GST LUT Filing

The GST LUT is submitted by the exporters of goods and services as a declaration that he/she will fulfill all the requirements that are prescribed under GST. LUT here means Letter Of Undertaking.

All you have to do is share the documents with Taxfacc and your job will be done.

GST e-Invoicing

GST registered businesses have to raise e-invoice for different transactions. The invoices are made as per GST law. According to this system, an identification number is issued against every invoice by IRS (Invoice Registration Portal). It helps in eliminating data mismatch, real time tracking of invoice and faster availability of genuine input of tax credit.

E-Way Bill

Did you know that a GST registered business cannot move goods in vehicle whose value is Rs 50,000 and more, without having an E-Way Bill? When the e-way bill is generated a unique code has to be made available with the supplier, recipient and the transporter.

GST ITC Reconciliation

GST reconciliation is mainly done to avoid any tax mismatch. It is important to keep up the sanity of ITC – Input Tax Credit as any difference noticed may lead to suspension of GST registration. It might look like a simple process but requires a lot of time and resources.

GST Refund

The GST payer can apply for return (through a proper mechanism) if he has paid more than the liability. Here time plays a major role. The situations that could lead to tax return are mostly included in the list below:

• Export of goods and services
• Deemed Exports
• Refund of taxes when embassies make purchases
• ITC accumulated to supplies made in special economic zones
• Refund of pre-deposit
• Finalization of provisional statement
• Others

GST Annual Return (GSTR-9 and 9C)

GSTR – 9 is the annual return that has to paid by all GST holders. It contains all information about outward and inward flow of goods.  In short it is a consolidation of monthly and quarterly return filed. There is a difference in GSTR-9 and 9C.
Businesses exceeding the annual turnover of Rs 2 Crore has to file GST annual return in form GSTR – 9 ; Form GSTR-9 is meant to file the reconciliation statement of the particular financial year.

With Taxfacc you don’t have to worry at all.