GST TAX COMPLIANCES

Home | gst tax compliances | GST E-INVOICING + GST ANNUAL RETURN + GST REGISTRATION CANCELLATION + ACCOUNTING AND BOOK KEEPING + INDIVIDUAL INCOME TAX FILING

( GST E-INVOICING + GST ANNUAL RETURN + GST REGISTRATION CANCELLATION + ACCOUNTING AND BOOK KEEPING + INDIVIDUAL INCOME TAX FILING) Registration - An Overview

GST E-INVOICING

The submission of ‘e-Way Bills’ on the unified GST platform facilitates the delivery of products from one location to another. Similarly, the GST Council resolved in its 35th meeting to develop an e-Invoicing system that will apply to specified groups of people. The production of invoices via the GST site is not included in e invoicing. That would be a fabrication. Instead, e-invoicing entails submitting a pre-generated standard invoice to a centralised e-invoice system. With a single-time entry of invoice details, it automates multi-purpose reports. Through Notification No.69/2019 – Central Tax, the CBIC announced a set of standard portals for preparing e-invoices.

‘e-Invoicing,’ also known as ‘electronic invoicing,’ is a mechanism in which GSTN authenticates B2B invoices electronically before allowing them to be used on the common GST portal. The Invoice Registration Portal (IRP), which is operated by the GST Network, will issue an identifying number against each invoice under the electronic invoicing system (GSTN). The first IRP was launched by the National Informatics Centre at einvoice1.gst.gov.in.

All invoice information will be sent in real-time from this site to the GST and e- way bill portals. Because the information is transferred directly from the IRP to the GST site, it will eliminate the requirement for manual data entry for filing GSTR-1 returns and generating part-A of e-way bills.

PROCESS

  • The taxpayer must ensure that the ERP system has been rebuilt in accordance with PEPPOL guidelines. He might work with the software service provider to incorporate the e invoice standard set, i.e. e invoice schema (standards), and at the very least have the mandatory parameters reported by the CBIC.
  • For IRN generation, any taxpayer has essentially two options:
  1. On the e-invoice portal, the computer system’s IP address can be whitelisted for direct API integration or integration via a GST Suvidha Provider (GSP).
  2. To mass upload invoices, download the bulk generating programme. It will create a JSON file that can be uploaded to the e invoice portal to generate IRNs in large batches.
  3. Following that, the taxpayer must create a conventional invoice using that software. He must provide all relevant information, such as the billing name and address, the supplier’s GSTN, the transaction value, the item rate, the GST rate that applies, the tax amount, and so on.
  4. After you’ve decided on one of the aforementioned alternatives, create an invoice in your ERP or billing software. After that, upload the invoice details, particularly necessary fields, to the IRP using the JSON file, an application service provider (app or GSP), or a direct API. The IRP will serve as the e invoicing and authentication’s central registrar. There are a variety of alternative ways to communicate with IRP, including SMS and mobile apps.
  5. IRP will check for duplicates, confirm the important details of the B2B invoice, and generate an invoice reference number (hash) for future reference. IRN is constructed using four parameters: Seller GSTIN, invoice number, FY in YYYY-YY, and document type (INV/DN/CN).
  6. IRP generates the invoice reference number (IRN), signs the invoice digitally, and creates a QR code for the supplier in Output JSON. The supply supplier, on the other hand, will be notified of the e-invoice generation by email (if provided in the invoice).
  7. For GST returns, IRP will deliver the authenticated payload to the GST portal. If relevant, information will also be sent to the e way bill portal. For the appropriate tax period, the seller’s GSTR-1 is auto-filled. As a result, the tax liability is determined.

GST ANNUAL RETURN FILING

GSTR-9 filing is available through the GST portal for registered taxpayers. This article explains how to file GSTR-9 on the GST portal. Regardless of the entity’s turnover, all normal taxpayers (including SEZ units and SEZ developers) are required to make a yearly return on Form GSTR-9. In the annual return, a taxpayer must include the following information for the fiscal year:

  • Taxes paid
  • Refund claimed
  • Demand raised
  • Input tax credit obtained and used
  • Outward and Inward Supplies

PREREQUISITES

  • A taxpayer must be enrolled as a regular taxpayer for at least one day throughout the fiscal year. Because GSTR-9 is a compilation of data reported in GSTR-1 and GSTR-3B, a taxpayer should have filed GSTR-1 and GSTR-3B for the financial year before filing the annual return.
  • Please note that table 6A will be auto-filled with data from the GSTR-3B and will not be editable.
  • Similarly, table number 8A will be auto-filled using the information from GSTR-2A, and it will not be editable. The details of tax paid as declared in returns submitted during the financial year will be auto-filled based on the information you supply in Form GSTR-3B for the relevant financial year.

HOW TGA MAY ASSIST YOU WITH GSTR-9 FILING?

TGA is a website that aids in the management of finances and the filing of GST returns.

The transaction data on a GSTR-9 summary generated on the GSTN may differ from what you’ve recorded in your books of accounts. When this happens, you’ll have to manually reconcile the data, which can be time-consuming and error- prone. You can connect to the GSTN with TGA and construct a GSTR-9 summary based on the transactions you’ve created, then fetch the GSTN’s GSTR-9 summary and compare the two to see which fields need to be amended. When you’re finished, upload the amended summary to GSTN and file it.

CANCELLATION OF GST REGISTRATION

AN OVERVIEW

Cancellation of GST registration simply means that the taxpayer will not be a GST registered person any more. He will not have to pay or collect GST or claim input tax credit and accordingly, need not file GST returns.

PROCEDURE

  1. A registered person can submit an application for revocation of cancellation, in form GST REG- 21, if his registration has been cancelled by the proper officer.
  2. He must submit it within 30 days from the date of service of the cancellation order at the Common Portal.
  3. If the proper officer is satisfied he can revoke the cancellation of registration by an order in form GST REG-22 within 30 days from the date of receipt of the application. Reasons for revocation of cancellation of registration must be recorded in writing.
  4. The proper officer can reject the application for revocation by an order in form GST REG-05 and communicate the same to the applicant.
  5. Before rejecting, the proper officer must issue a show cause notice in form GST REG–23 for the applicant to show why the application should not be rejected. The applicant must reply in form GST REG-24 within 7 working days from the date of the service of notice.
  6. The proper officer will take decision within 30 days from the date of receipt of clarification from the applicant in form GST REG-24

WHY OPT FOR TRIPLE GEM ADVISORY INDIA?

  1. Registration done with the help of Triple gem is the most simple and easiest.
  2. Will provide customers with all the answers and solve each & every query.
  3. Support will be provided at every step till the work is not done.
  4. Guidance will be given to the customer for the best deal.
  5. For all our services our employees will show utmost loyalty towards our customers and money back guarantee facility will be also be provided for a higher level customer satisfaction.

BOOKEEPING AND ACCOUNTING

Bookkeeping, often known as account bookkeeping, is the process of systematically organising and recording all financial transactions that occur in a business so that information can be tracked at any time in the future. In bookkeeping, the concept ‘accuracy’ is crucial. Account bookkeeping can help you track essential processes, make sound financial decisions, and make wise investments. Account bookkeeping for any business used to be done by hand before the computer age. A bookkeeper is a firm employee whose job it is to record all payments (such as loan payments, supplier payments, and so on), track asset depreciation, and generate financial reports. Let us move on to the next section now that we have a better understanding of bookkeeping and accounting.

Accounting provides a wealth of information that bookkeepers can use to prepare income tax returns, audits, financial statements, and cost analyses. Additionally, accountants create records based on such data. Simply said, an accountant requires more expertise than a bookkeeper. Accounting is also a more complex and precise kind of bookkeeping.

ACCOUNTING PROCEDURES

The accounting process is divided into eight steps, which are listed below.

  1. Recognizing financial transactions
  2. Transactions are recorded in the journal.
  3. Accounts payable and receivable preparation
  4. The trial balance must be prepared.
  5. Creating a financial statement worksheet
  6. Making changes to the entries
  7. Financial Statements Verification
  8. Providing taxation advice
  9. The books are closed.

PROCESS OF BOOKKEEPING

The account bookkeeping procedure is broken down into four easy parts.

  • Analyzing financial transactions is the first step.
  • Filling in the blanks with your own entries.
  • Accounts payable and receivable preparation.
  • Making adjustments to the entries at the conclusion of each accounting period.

WHY OPT FOR TRIPLE GEM ADVISORY INDIA?

  1. Registration done with the help of Triple gem is the most simple and easiest.
  2. Will provide customers with all the answers and solve each & every query.
  3. Support will be provided at every step till the work is not done.
  4. Guidance will be given to the customer for the best deal.
  5. For all our services our employees will show utmost loyalty towards our customers and money back guarantee facility will be also be provided for a higher level customer satisfaction.

INDIVIDUAL INCOME TAX FILING

The Income Tax Return (ITR) is a document on which a taxpayer submits information to the IRS regarding his earnings and the taxes he owes.

To far, the department has issued notifications for ITR 1, ITR 2, ITR 3, ITR 4, ITR5, ITR 6, and ITR 7.

Every taxpayer is required to file his ITR on or before the deadline. The applicability of ITR forms varies based on the taxpayer’s sources of income, the quantity of money earned, and the taxpayer’s category (individuals, HUFs, corporations, etc.).

WHY SHOULD WE FILE ITR ?

  • If your gross annual income is more than the basic exemption limit
  • If you want to claim an income tax refund from the department.
  • If you have earned from or have invested in foreign assets during the FY.
  • If you wish to apply for visa or a loan If the taxpayer is a company or a firm,  irrespective of profit or loss.

Also, even if your income is below the basic exemption amount, you must file an ITR if you fulfil one of the following conditions:

Have deposited a total of more than Rs.1 crore in one or more current bank accounts; or Have spent more than Rs.2 lakh on international travel for yourself or another person; or Have spent more than Rs.1 lakh on electricity consumption.

ITR – 2

ITR 2 is for an individual or a Hindu Undivided Family (HUF) whose total income for the fiscal year 2021-22 comprises the following items:

  • Salary/pension income;or
  • Income from a house; or
  • Income from other sources (including Winnings from Lottery and Income from Race Horses).

(Total revenue from the aforementioned should exceed Rs 50 lakhs.)

Being a resident not ordinarily resident (RNOR) and non resident Income from Capital Gains; or

Foreign Assets/Foreign Income Agricultural income greater than Rs 5,000.

In addition, if the income of another person, such as a spouse or child, is to be combined with the assessee’s income, this Return Form can be utilised if that income falls into any of the following categories.

WHY OPT FOR TRIPLE GEM ADVISORY INDIA?

  1. Registration done with the help of Triple gem is the most simple and easiest.
  2. Will provide customers with all the answers and solve each & every query.
  3. Support will be provided at every step till the work is not done.
  4. Guidance will be given to the customer for the best deal.
  5. For all our services our employees will show utmost loyalty towards our customers and money back guarantee facility will be also be provided for a higher level customer satisfaction.

FAQs

Who will be affected by e-invoicing?

The e-invoicing system will apply to GST registered persons with a total annual turnover of more than Rs.50 crore. Special Economic Zones (SEZ) units, insurance, banking, financial institutions, NBFCs, GTA, passenger transportation service, and cinema ticket sales are all exceptions.

Is it possible to partially or completely cancel an e-invoice?

An e-invoice cannot be partially cancelled, but it can be completely cancelled. It must be submitted to the IRN within 24 hours of cancellation. Any subsequent attempts to cancel must be done manually on the GST portal before the returns are filed, as this cannot be done on the IRN.

Will it be feasible to upload invoices in bulk for IRN generation?

No, invoices must be entered into the IRP one at a time. A company’s ERP system must be configured to accept requests for individual invoice uploads.

Will the single GST portal have an option to generate e-invoices?

No, invoices will continue to be created by firms using their present ERP software. The invoice must be formatted according to the e invoicing standard and include the required characteristics. At this time, there are no plans to generate bills directly on a shared platform.

STAY UPDATE WITH US

Get helpful tips and info from our news letter!