A threshold limit has been decided for the applicability of GST annual return and audits. GST annual return shall be filed by taxpayers whose turnover exceeded Rs. 2 crores in a financial year. GST audit has been removed from the GST law. However, the GSTR-9C reconciliation statement is still applicable to taxpayers on a self-certification basis. Taxpayers whose turnover exceeded Rs. 5 crores are required to file GSTR-9C on a self-certification basis.
Currently, taxpayers with turnover exceeding Rs. 10 crores are required to generate e-invoices as part of their GST compliance. However, beginning from 1st January 2023, this limit will be revised and bought down to Rs. 5 crores. Further, it is being speculated that the limit will be further reduced by the end of the next fiscal year to Rs. 1 crore.
Quarterly Returns and Monthly Payments (QRMP) is a scheme for regular small taxpayers whereby they can elect to file their GST returns quarterly. Here, both GSTR-1 and GSTR-3B shall be filed on a quarterly basis. However, the taxpayer is required to auto-calculate tax and if the tax liability arises and ITC is insufficient to meet such tax liability, then the taxpayer shall pay the tax for that particular month irrespective of quarterly returns. Taxpayers with annual turnover up to Rs. 5 crores in a financial year are eligible to opt for the QRMP scheme.
GST is comprehensive indirect tax law. GST compliance does not end with obtaining GST registration and filing GST returns. Following are the GST services a professional can provide you with:
In case you are selling through an e-commerce operator, then the e-commerce operator is liable to collect TCS and deposit it with the government. The seller can claim a refund of the TCS so deposited by filing TCS returns online. This will credit the entire TCS amount to the electronic cash ledger. Then a GST refund application can be filed online for claiming a refund of the excess cash balance lying in the electronic cash ledger. GST TCS returns also form part of the GST compliance checklist as, without it, a GST refund application cannot be filed.
