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Goods and Services Tax (GST) is perhaps the greatest reform in the structure of India's indirect tax. It substituted several cascading taxes with a single, destination-based regime that introduces uniformity and transparency in the country.
Companies need to be accurate in reporting, efficient in the treatment of input tax credits, and always on the lookout for legislative changes. A single GST management approach not only keeps them compliant but also leads to improved cash flow, improved control over business operations, and overall tax effectiveness.
GST is a building block of financial prudence and operating transparency. It applies nationwide under three components — CGST, SGST, and IGST — depending on whether the transaction is within or across states. Under the latest GST 2.0 structure, the main rates are 0% for exempt essentials, 5% for common goods and services, 18% for most standard items, and 40% for luxury and sin goods such as tobacco and high-end vehicles.
Major GST compliances include timely registration under GST, regular tax invoicing, accurate record maintenance, and periodic return filing (GSTR-1, GSTR-3B, GSTR-9). Businesses must also ensure input tax credit reconciliation, payment of tax within due dates, and compliance with e-invoicing and e-way bill requirements for movement of goods. Additionally, annual return obligations apply to entities crossing prescribed turnover limits.
At Stratrich, we understand that GST compliance is more than statutory compliance on schedule; it requires synchronising tax operations with business objectives. The Stratrich advantage guarantees:
Expert advice on GST issues, such as GST implications, contract reviews, place of supply, rate classification, and eligibility for input credits to facilitate effective decision-making.
End-to-end GST compliance, such as preparation and filing of periodic returns (GSTR-1, GSTR-3B, GSTR-9), e-invoicing, e-way bills, and input credit reconciliations, ensuring accuracy and audit readiness.
Facilitate GST department audit readiness through comprehensive record review, risk identification, and remedial suggestions, ensuring smooth departmental audits.
Represent clients before GST authorities, appellate courts and advanced ruling authorities, managing documents, replies, and tactical advocacy to safeguard business interests.
Goods and Services Tax (GST) is a consumption-based tax levied on the supply of goods and services in India.
GST registration is mandatory for businesses with an annual turnover exceeding the prescribed threshold limit. Additionally, businesses involved in interstate trade or exporting of goods and /or services are required to register for GST.
Timely GST compliance involves accurate record-keeping, understanding applicable GST rates, and filing GST returns within prescribed deadlines. We help ensure all filings are made on time to avoid penalties.
Non-compliance with GST regulations can result in penalties, interest, or legal consequences. Penalties can range from a percentage of the unpaid tax amount to more severe fines for deliberate evasion.
The common challenges faced by Indian companies regarding GST include staying updated with frequent changes in GST rules, multiple tax rates, burdensome return filing schedules, and complex invoice reconciliations. A lack of in-house expertise creates compliance risks, especially for small businesses and multi-state operations.
GST consultants possess specialised knowledge of tax laws and filing procedures, which helps minimise errors. They carefully review documentation, optimise input tax credits, and ensure timely filings to reduce the risk of mistakes, penalties, or audits.
You can claim an input tax credit by ensuring that your supplier has filed their GST returns and paid the tax amount, which is reflected in GSTR2B.
Yes, we assist in GST representation services, assisting businesses in resolving disputes with tax authorities. This includes assistance in preparing submissions and representing you before the GST Appellate Tribunal if required.
Take the first step towards success by partnering with experts who understand your business needs. Let us guide you through customised solutions to overcome challenges, capture growth opportunities, and achieve sustainable growth.
