GST Services
UG & Co is one of the best GST Consultant in Delhi NCR. Our team at the firm delivers comprehensive services in the area of GST. These include providing services related to GST registrations and return filings, GST assessments, GST Advisory and Tax Compliances, Due Diligence and litigation services. In litigation, our team represents before Tax Authorities on behalf of clients. Our team has a rich experience in representing clients both in the previous indirect tax regime and new GST regime.
GST Consultancy Services
Our strategic Goods and Services Tax (GST) Advisory services focus on our client's overall tax performance, creating more significant opportunities to measure and gain efficiency, develop a more strategic approach to tax, and deliver prominent shareholder value. Through benchmarking regular performance, knowing best practices about companion and historical performance, and measuring the delta between substance and the potential of our client's tax department, MAG gives a clear plan for transforming the tax operations into a Tax Competency Centre. We provide the best GST consulting services in India to our clients.
GST Audit
GST audit means an examination of statements, records, returns, and related documents furnished by the registered persons. GST Audit is conducted to verify whether the sales, output tax paid, input tax refund claimed, and ITC availed stated in his annual report are true and fair or not. GST audit is a reconciliation statement of audited financial statements with the annual return furnished. Further, a GST audit also assists in assessing whether the taxpayer is obedient to the provisions of GST. UG & Company is the best GST Audit Firm in India. We have a team of experienced GST consultants to provide you with the best audit services.
For whom GST Audit is compulsory?
Section 35(5) of CGST Act,2017 provides that every registered person whose turnover in a financial year exceeds the amount of Rs. 2 crores, is required to get his accounts audited by a CA or CMA. He shall submit the following with the GST Annual Return filed by him:
1) Copy of audited financial statement;
2) Reconciliation statement (Form GSTR-9C); and
3) Other prescribed documents
The term 'turnover' is not defined under the GST Act. However, aggregate turnover is defined under section 2(6) of the CGST Act. Accordingly, aggregate turnover refers to the value of all outward supplies (taxable + exempt + exports + inter-state) of a person with the same PAN. It excludes any taxes levied under the GST Act itself. Also, inward supplies on which RCM is applicable are not taken into account for calculating aggregate turnover.
GST Litigation Services
Handling Matters with the GST Authorities
While the in-house team takes charge of the operational business requirements and maintenance of all statutory records, there must be a specialized team who can act on behalf of the clients to represent them before the appropriate government departments. It helps to reduce the consequences of the illicit tax burden, interests, and penalties on the clients. It is always better to invest your valuable time in the growth of your business by hiring a litigation expert who can perform all this for you by handling all GST cases in India. Better representation leads to better results, and we at UG & Co. do the same for our valued clients. We assist our clients in dealing with the GST litigations right from start to end.
GST Returns
A GST Return is a document containing detailed information of tax collected and paid on all the outward and inward supplies of goods and services made by a taxpayer. This return is to be filed separately for each GSTIN as the Tax authorities use it for ascertaining net tax liability.
The main components of a GST Return filed by a registered dealer are
* Outward Supplies
* Inwards Supplies
* Output GST (On sales)
* Input Tax Credit (On Purchases)
GST Registration
With effect from 1st July 2017, GST was launched all over India, except in the state of Jammu & Kashmir. Subsequently, on 8th July 2017, Jammu & Kashmir also came under the purview of GST, and the entire nation was brought under a unified indirect tax system. GST applies to all traders, manufacturers and service providers. Various taxes like Service Tax, Central Excise, State Excise, Entertainment tax and different central and states taxes are subsumed under one tax, i.e., GST. It is a tax leviable on the supply of goods or services or both, except alcoholic liquor for human consumption.
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WHO IS LIABLE TO GET REGISTERED?
Any business engaged in the intra-state supply of goods or services or both whose aggregate turnover in a financial year exceeds Rs.20 lakhs. For Manipur, Mizoram, Nagaland, and Tripura, the threshold turnover limit for GST registration is Rs.10 lakhs. These limits may change from time to time.
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Any business engaged exclusively in the intra-state supply of goods whose aggregate turnover in a financial year exceeds Rs.40 lakhs for the Normal Category States. However, this benefit of the enhanced turnover limit of Rs.40 lakh in case of an exclusive supply of goods is not applicable for the states of Arunachal Pradesh, Uttarakhand, Meghalaya, Sikkim, Telangana, Puducherry, Nagaland, Mizoram, Manipur, and Tripura.
Compulsory Registration under GST
* Any person engaged in the inter-state taxable supply of goods.
* Any person engaged in the inter-state taxable supply of services if the aggregate turnover exceeds Rs.20 lakhs. For Manipur, Mizoram, Nagaland, and Tripura, this threshold limit of Rs.20 lakhs comes down to Rs.10 lakhs.
* Casual taxable persons, making taxable supplies.
* Persons required to pay tax under RCM.
* Deemed suppliers
* Non-resident taxable persons
* Persons required to deduct tax as a source under section 51 of the CGST Act.
* Agents of a supplier
* Input Service Distributors
* Electronic commerce operators are required to collect tax at source under section 52 of the CGST Act
* Persons supplying goods or services or both via electronic commerce operators (ECO). However, a threshold limit of Rs.20 lakh (Rs.10 lakh in Mizoram, Manipur, Nagaland, and Tripura) is available in case of suppliers supplying services through ECO.
* Person supplying Online information database access and retrieval services (OIDAR) from a place outside India to a person in India, other than a registered person.
* Other persons notified by the Government on the recommendation of the council.
GST Refunds
GST refund services at UG & Co.
UG & Co. is the best GST refund consultant in Delhi and Gurgaon that can assist you in the following:
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Filing applications for refunds
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Preparation of complete documentation for refund process
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Preparation of declaration of non-passing of incidence of tax to any other person
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All required certifications by a Chartered Accountant
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Representation before the department on behalf of clients
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Regular follow-ups with the department for getting refunds at the earliest
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Any consultancy related to refunds
If you are a registered person and want to claim a GST tax refund in Delhi, UG & Co. can be helpful in providing the best GST refund services across India.
