Goods & Service Tax (GST)
& Other Indirect Taxes

GST has subsumed all indirect taxes levied by the Centre and states into a common tax. It eradicated multiplicity of taxes thereby reducing the complexity and removing the cascading effect of taxes. Present taxes levied on the sale of goods or services by either Central or State Government are embraced under the GST regime. There have been continuous clarifications, amendments in the GST law, which require assistance and advice for diagnostic/impact analysis to assess the operational, commercial and financial impact of GST. Also, there is a need for presenting updates of GST law & other legal aspects & clarifications on GSTon a regular basis.

We at Enwisen have a dedicated team of indirect tax professionals. Our team of professionals with their wide-ranging experience and in-depth knowledge on the subject can help clients in all the above aspects. We provide advisory and compliance related services with reference to all Indirect Tax laws.

Here is an indicative glimpse of services we offer, in light of a dynamic and evolving
regulatory environment surrounding Goods and Services Tax:

GST Registration

GST Registration is compulsory if the turnover of a business exceeds 40 Lakhs (20 Lakh in North Eastern & Hill States) or if there is an interstate movement of goods. It is a simple process which usually takes 2-6 days for Registration. You can also register under composition scheme if your turnover is less than 1.5 crores and there is no interstate movement of goods.

GST Returns

A GST Return is a document that mentions all details related to GST invoices, payments, and receipts for a specific period. A taxpayer is liable to declare all transactions related to the revenue of the business based on which the taxpayer will calculate the amount of tax to be paid.

As of now, important returns that need to be filed are GSTR 1, GSTR 3B and GSTR 9. Government has also notified that GST RET-1, which includes GST ANX-1 and GST ANX-2 forms, will replace existing returns. Composition dealers are required to file GSTR-4 quarterly and GSTR 9A annually.

GST Audit

Every GST Registered business whose aggregate turnover during the financial year exceeds 2 crore has to mandatorily furnish a copy of the audit records along with the reconciliation statement & FORM GSTR-9C duly attested and certified by a Chartered Accountant or a Cost Accountant.

Audit under GST is the examination of records, returns and other documents maintained by a registered dealer. The aim is to verify the correctness of Turnover declared, Taxes paid, Refund claimed, and input Tax Credit availed by an assessee as per provisions under GST along with it to assess the auditee’s compliance with the provision of GST Act and Rules.

Refund Under GST

A proper refund procedure is necessary for effective tax administration. Timely refund is essential for maintaining effective working capital in the business. We at Enwisen have expert professionals which will help you in getting this refund. The following situations could lead you to claim GST refund:

Refund of Excess Balance in Electronic Cash Ledger
Refund of ITC on Export of Goods & Services without Payment of Tax
On account of supplies made to SEZ unit/SEZ developer (without payment of tax)
Refund on account of ITC accumulated due to Inverted Tax Structure
On account of Refund by the recipient of deemed export
Refund on account of Supplies to SEZ unit/SEZ Developer (with payment of tax)
Export of services with payment of tax
Tax paid on an intra-state supply which is subsequently held to be inter-state supply and vice versa
On account of a Refund by the supplier of deemed export
Excess payment of tax
On Account of Assessment/Provisional Assessment/Appeal/Any other order
Refund on account of “any other” ground or reason