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Our tax compliance process ensures the accurate and up to date administration of your direct and indirect taxes. Our tax advisors will help you save precious time spent on mandatory activities, assuring your company’s compliance with local tax regulations, such as: preparing the tax returns/tax filing, solving the local tax authorities’ enquiries and representation during inspections.
As your business develops you could benefit from having dedicated team of professional tax advisors who can advise you on day-to-day matters as well as on specific transactions – to minimize risks and maximize the value of your business.
Our experienced tax experts are ready to offer your assistance in the following areas to maintain your compliance with your statutory return, disclosure and documentary obligations – and even more than that.
TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department.
The company or person that makes the payment after deducting TDS is called a deductor and the company or person receiving the payment is called the deductee. It is the deductor’s responsibility to deduct TDS before making the payment and deposit the same with the government. TDS is deducted irrespective of the mode of payment–cash, cheque or credit–and is linked to the PAN of the deductor and deducted.
TDS is deducted on the following types of payments:
TDS Return on Sale of Property (Form 26QB)- When you buy an immovable property (i.e. a building or a land) costing more than Rs 50 lakh you need to deduct TDS at rate of 1% on the payment made to the seller and file TDS return.
The delay in filing the return attracts interest and penalty. Under this we provide you with a prompt mechanism to comply with all the TDS compliance on purchase of immovable property.
Goods and Services Tax (GST), one of the most radical tax reforms in the history of Indian economy, has been effective from 1 July 2017.
GST has replaced most Central and State level indirect taxes like VAT, Service tax, Excise etc. Get your Business compliant under GST and file periodic returns under our experts' guidance. Get GST Compliant!
Goods and Services Tax (GST) is among the big tax reforms introduced in the history of the Indian fiscal evolution. In addition to the exceptional impact GST has on the economic growth of the country and the way business is done in India, it has achieved the following:
Dual GST structure
However, in the case of imports and interstate supplies, one single Integrated GST (GST) is levied only by the central government, proceeds of which are equally shared by the central and the recipient state governments. IGST is an Indian innovation which is helping tax credits move along with goods/services, across states and therefore, has reduced refund situations at state borders.
GST has brought a significant shift from origin-based taxation to a destination-based tax structure. This has impacted not only the operating business models but also the revenues of the centre/states. It has the potential to improve cash flow, pricing, working capital, supply chain and fine tune IT systems and hence provide an opportunity to transform businesses.
Unlike in the earlier regime where services were taxed by the central government, sale of goods was taxed exclusively by the states and the manufacturer was taxed only by the central government, GST allows equal opportunity to the centre and the state to tax all supplies of goods and services at the same time. This demonstrates the true federal character of the Indian fiscal system.
The taxpayer records all his outward supplies of goods and services in details in this form. This has to be mandatorily done by the 10th of the next month (GSTN is frequently changing the due date of filing GSTR1. So, keep checking announcements).
This will form the basis for all future flow and match for credit reconciliations. GSTR-1 is a detailed form containing 13 different heads. The critical headings are:
GSTIN of the Taxable Person – Auto-populated result Name – Auto-populated result
Gross Turnover in Last Financial Year – This has to be filed only once. From next year onwards, this field will be auto-populated
The Period for which the return is being filed – Month & Year shall be available as a drop-down for selection Taxable outward supplies – Here, IGST shall be filled only in the case of inter-state movement whereas CGST and SGST shall be filled in case of intra-state movement. Moreover, details of any exempted sales or sale at nil rate of tax shall also be mentioned here
Outward Supplies to end customer, where the value exceeds Rs. 2.5 lakhs – Other than mentioned, all such supplies are optional in nature
Any other supplies not covered in above 2 sections Debit Notes or Credit Notes Details
Amendments to the details of any outward supplies of previous periods – This does not cover any changes by way of debit/credit notes
Exempted, Nil-Rated and Non-GST Supplies – This is a Non-GST section. When the details of exempted sales or nil-rated sales have already been mentioned anywhere above, then only Non-GST shall be filled up here
Export Sales
Tax Liability arising out of advance receipts
Tax Paid
It is available on the 11th of the next month for the recipients to see and validate the information therein. Recipients have time between 11th – 15th of the next month to change any information, delete or add, based on their books of accounts.
This form is the culmination of all inward supplies of goods and services as approved by the recipient of the services. The due date is 15th of the next month. It is auto-populated with the details of GSTR-2A. GSTR-2 shall include the following heads:
The form shall be auto-populated after filing of GSTR-2 on the 15th of the next month, having all the correct or changed information. The supplier shall have the choice to accept or reject the changes made by the recipient. Following such acceptance, the GSTR-1 shall be revised to such extent.
In order to ease the burden on taxpayers, tax authorities have introduced a simple return form called as GSTR 3B. This has to be used only for the month of July and August. Every registered taxpayer (Except for composition scheme) needs to file a separate GSTR 3B for each GSTIN they have.
This is more like a self-declaration return and the taxpayer is not required to provide invoice level information in this form. Only total values for each field have to be provided.
The due date for filing GSTR 3B return for July was 20th August – It has been extended to 25th August now.
As of April 2018, Government has made it mandatory to file GSTR 3B every month until further notice.
This is the annual return, which the taxpayer has to file by 31st December of the coming financial year. It is nothing but the accumulation of all 12 monthly GSTR-3 of the taxpayer. It would also include the amount of tax paid during the year, including details of exports or imports.
Apart from the above forms, the Government shall serve those taxpayers who fail to furnish the returns on time, notice in Form GSTR-3A.
After the GSTR-3 is fully accepted for the month, then final input tax credit shall be communicated through form GST ITC-1. The details of ITC-1 have to be confirmed in due time to get the credit for that month. If the same is not done in due time, then it will disallow the credit for the month and will be computed as a tax liability for the month instead.
Similar to the GSTR-2A above, GSTR-4A is generated quarterly for composition scheme taxpayers. It has the details of the inward supplies as reported by suppliers in GSTR-1.
With the auto-populated details of GSTR-4A, the taxpayer can furnish all his outward supplies here. The due date is 18th of the following month and has to be filed quarterly. It also contains the details of tax payable and payment of tax.
This is the annual return for all composition taxpayers. It has to be filed by 31st December of the coming financial year and includes all the quarterly returns filed by the composition taxpayer.
This is a detailed form containing the particulars of outward supplies, imports, tax paid, input tax availed and remaining stock. This has to be filed monthly within 20th of the next month or if the registration is given up, then within 7 days of such surrender or expiry of registration.
Returns to be filed by an Input Service Distributor
This form will be generated by 11th of next month after the suppliers have filed their GSTR-1 on 10th of the next month. It will be auto-populated with the details of inward supplier made to them. It has to be filed on a monthly basis by the ISD.Once the details are confirmed or corrected by the ISD, then GSTR-6 will be generated. It has to be filed by the ISD by 13th of the next month. This is also a monthly filing.
Details of the tax deductions made during the month have to be furnished here. The due date is 10th of the next month.
This is a TDS certificate, which is auto-generated upon filing the GSTR-7 by the tax Deductor. It will be available for the assessees to download and keep a record of. It will contain details of the tax deducted and the total amount of payment made.
Return to be filed by an E-Commerce Portal
This return shall contain all the supplies made by the E-Commerce seller and the amount of tax collected as well. It has to be filed by 10th of the next month.