When your business turnover exceeds ₹ 40 Lakhs (₹ 20 Lakhs for North Eastern and hill states) then it is mandatory to take a GST registration.
[Note: Registration is not applicable if the turnover consists of only exempted goods/services which are exempt under GST, but if it is mix of taxable and non-taxable then a registration is required.]
Every taxable business who is registered under earlier state and central laws (i.e., Excise, VAT, Service Tax etc.) have to mandatory register under GST too.At CFO Angle we help seamless registration process with minimum paperwork.
Required for GST Registration
Timeline: Between 7 – 15 days
Pricing: ₹ 4499/-
GST return filing is mandatory for all registered dealers. CFO Angle helps business owners to file monthly return in form GSTR 3B by every 20th of subsequent month. The return includes information like, Sale (output tax), Purchase (input tax credit) and net amount payable for the month. The difference between Sales and Purchase tax is payable to the government. The difference between Purchase and Sales is the excess credit available for the month to be set off against future output tax.
CFO Angle ensure no delay in filing the GSTR 3B as it attracts late fees per day @ ₹ 20 for nil data cases and @ ₹ 50 for others till the date of submission.
GSTR 1 is filed monthly by 10th of subsequent month for turnover higher than INR ₹ 1.5 Cr and for quarterly by 10th of subsequent month of the quarter end. Turnover less than ₹ 1.5 Cr can file monthly also.
CFO Angle ensure GSTR 2A reconciliation to ensure input tax credit on purchases is correctly reflecting in purchase register and government data.
Timelines: It takes generally one day to complete the activity subject to data is provided in the required format.
Pricing: ₹ 3000 minimum. Charges subject to change based on number of transaction and work involved.
GST number is mandatory when the turnover crosses beyond 20 lakhs, not necessary if it is coming in cash or cheque.
When your vendor files his GSTR-1 he has considered the invoices for which you have paid GST to him. This credit is used on provisional basis while filing GSTR 3B. If the credits are not reflected against your GSTR - 2A department has right to reject the credit availed earlier. In such cases it is important to do GST Input Reconciliation through CFO Angle Reconciliation tool monthly.
We are not authorized to do GST audits as this is done by Chartered Accountants and Cost Accountants. We will help in consolidating the data and make it GST ready.
If any dealer has multi city or multi state office then he has to take registration for that state and include additional place of business. If not some of the input on purchases from that state is not available for offset.
All registered dealer having turnover <1.5 Cr have to submit quarterly (Option to submit monthly) GSTR-1 and monthly GSTR 3B. Dealer having turnover > 1.5 Cr have to do it monthly GSTR-1 & GSTR 3B.
Monthly Sales and Purchase information.
Monthly sales including details of the invoices raised to each registered and unregistered dealers.