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Alankit is proud to be an empanelled member of the Embassy of the State of Qatar , New Delhi
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Unravel the Realm of GST with Alankit

Dec 04, 2021 Alankit

GST Return Filing Every business has to provide details of the sales and purchases of the goods in addition to the tax paid and charged over the exchange to file the returns efficiently because the businesses that are registered under Goods and Services Tax (GST) have to file the GST returns- monthly, quarterly and annually based on their business.

In India it is a mandatory procedure for all the GST registered business entities to file the GST returns irrespective of the various aspects of business are performing including the sales and the profitability during the period of filing the returns.

GST in Different Places

GST is applicable under different sectors, some of them are mentioned below:

  • GST in Accounting

As the introduction of GST has eliminated the earlier taxes including VAT, Excise, CST, and other taxes; it has also removed the need of maintaining different accounts about each levied tax. Because of the tax regime, a completely new list of accounts featuring the components of GST has to be maintained.

Business owners or operator and transporters maintain the GST accounts used for good and services storage purpose. Along with it, a business owner needs to maintain the following records:

  • Production or manufacture of goods
  • Details of purchases
  • Details of sales
  • Stock of goods
  • Input tax credit availed
  • Output tax payable
  • Output tax paid
  • Any other records if required

The GST law dictates that one must maintain their accounts books for the period of at least 6 years from the last date of filing of the relevant annual return.

  • GST for Consulting/Advisory Services
    The tax advisory services focus on client’s overall tax performance, creating more eligible opportunities to analyse and gain efficiency, build a more strategic plan for taxation approach, and provide more prominent shareholder value.

The GST advisory service covers:

  • Blueprint of GST applicability
  • GST compliances
  • GST operational assistance and retainer services
  • GST audit services

GST plays a role in every sector but there are certain exemptions made under GST sectors including:

  • Petroleum crude
  • High-speed diesel
  • Motor spirit
  • Natural gas
  • Aviation turbine fuel
  • Alcoholic liquid for human consumption

Impact of GST on Different Sectors

The introduction of GST eliminated the former multiple tax systems and replaced them with a single tax. Let’s have a look at impact that GST has created on different sectors:

  • Impact on Retailers, Distributors and Manufacturing Sector
    The introduction of GST has uplifted the performance and competition in India’s retailers, distributors, and manufacturing sectors. Declining exports and high expenses are only a portion of the worries of this sector as various indirect taxes that existed earlier increased the expenses of distribution and manufacture. The introduction of GST has eased the burden of heavy expenses and has given a hope of a brighter future to this sector to grow more efficiently. It also means that the businesses which were not under the tax bracket previously will now have to register to lessen the tax evasion.
  • Impact of GST on Service Providers
    Most of the tax burden was borne by the domains such as IT services, telecommunication services, insurance industry, business support services, banking & financial services, etc. But with the introduction of GST, these Pan-India businesses expand the opportunity of working in a unified market and will also observe the compliance burden reducing in size. As a drawback of GST, the businesses have to separately register every business place in each state.

List of GST impacted departments under service providers:

  • Logistics
  • E-commerce
  • Pharma
  • Telecommunications
  • Textile
  • Real Estate
  • Agriculture
  • FMCG
  • Freelancers
  • Automobiles
  • Startups

In India, GST is a milestone for the Indirect Tax system that addresses multiple issues altogether and has introduced a seamless structure to prevent double taxation. To efficiently understand the flow of GST and file the return with accuracyAlankit is ready to be your support in guidance and filing of accurateGST returns while availing the benefits of:

  • Ease of Doing Business
  • Uniformity of tax rates
  • Minimal cascading of taxes
  • Affordability

Know More :
: GST The Realm of Taxation

Types of GST and everything you need to know about GST

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