INFORMATIVE

GST

What is GST?

GST stands for "Goods and Services Tax," and it is a comprehensive indirect tax that is levied on the supply of goods and services at each stage of production or distribution. It is designed to replace a complex web of multiple taxes, such as excise duty, service tax, value-added tax (VAT), and more, with a unified tax structure.

The GST system aims to streamline the taxation process, reduce tax evasion, and create a common market across India (or in other countries that implement GST) by eliminating the cascading effect of multiple taxes. The cascading effect refers to the situation where taxes are levied on taxes, which can lead to higher prices for consumers and reduced competitiveness for businesses.

GST
GST
Client Onboarding
  • Gather client information, including business type, turnover, and GST registration status.
  • Explain the scope of GST services offered by RRasal Connect.
  • Obtain necessary documentation for GST registration or existing GST details.
GST Registration
  • Review client's business structure and turnover to determine GST registration requirements.
  • Prepare and submit the GST registration application along with required documents.
  • Follow up with the relevant tax authority for application status and respond to any queries.
GST Compliance
  • Maintain a calendar for all GST-related deadlines, including filing returns and making payments.
  • Regularly update clients about upcoming compliance requirements and deadlines.
  • Collect necessary transaction data, including invoices, purchases, and expenses for accurate return filing.
Data Compilation
  • Collect and organize client's financial data, including sales invoices, purchase invoices, and input tax credit details.
  • Reconcile data to identify any discrepancies or missing information.
GST Return Preparation
  • Use GST-compliant software to prepare accurate GST returns (GSTR-3B, GSTR-1, GSTR-9, etc.).
  • Validate data and perform necessary reconciliations before finalizing returns.
Return Filing
  • Review the prepared returns with the client for approval.
  • File GST returns online within the due dates to avoid penalties.
  • Keep records of filed returns and acknowledgment receipts.
Input Tax Credit Reconciliation
  • Reconcile input tax credit claimed with available documentation and purchase records.
  • Address any discrepancies and rectify errors to ensure accurate credit claims.
Compliance Verification
  • Regularly update clients about changes in GST laws, regulations, and compliance requirements.
  • Conduct internal audits to ensure that client records are in alignment with GST rules.
GST Consultation
  • Provide expert advice on GST-related queries and concerns raised by clients.
  • Offer guidance on complex matters such as reverse charge mechanism, input tax credit utilization, etc.
Notices and Appeals
  • Assist clients in responding to any GST-related notices received from tax authorities.
  • Provide support in filing appeals or seeking clarifications whenever necessary.
Documentation and Record Keeping
  • Maintain organized records of all GST-related documents and transactions.
  • Ensure that documentation is easily accessible for future reference or audit purposes.
Review and Continuous Improvement
  • Periodically assess the effectiveness of the GST service process.
  • Incorporate feedback from clients to improve service quality and efficiency.
Training and Workshops
  • Conduct training sessions and workshops to educate clients about GST regulations, compliance, and updates.
  • Provide resources and materials to help clients better understand their GST obligations.