GST Services & Solutions

GST (Goods and Services Tax) is an indirect tax levied on the supply of goods and services in India. Businesses with an annual turnover exceeding ₹40 lakhs (₹20 lakhs for some states) must register for GST. Additionally, businesses involved in inter-state supplies, e-commerce operations, or those liable to pay tax under reverse charge mechanism must register regardless of turnover.

The ITR form depends on your income sources:

• GSTR-1: Monthly/quarterly return for outward supplies
• GSTR-3B: Monthly/quarterly summary return
• GSTR-9: Annual return
• GSTR-9C: Annual reconciliation statement (for businesses with turnover above ₹5 crore)
• CMP-08: Quarterly return for composition dealers

Our experts will help you determine the correct form based on your income details.

The key GST return filing deadlines are:

• GSTR-1 (Monthly): 11th of the following month
• GSTR-1 (Quarterly): 13th of the month following the quarter
• GSTR-3B (Monthly): 20th of the following month
• GSTR-3B (Quarterly): 22nd/24th of the month following the quarter (based on state)
• GSTR-9 & GSTR-9C: 31st December of the following financial year

Missing GST filing deadlines results in late fees and penalties. The late fee is ₹50 per day (₹20 for NIL returns) up to a maximum of ₹10,000. Additionally, interest at 18% per annum is charged on the tax liability. Continuous non-compliance may lead to cancellation of GST registration and legal proceedings

With GrowthLink, the GST registration process typically takes 3-7 working days from the submission of all required documents. The exact timeline depends on the verification process by the GST department and any additional clarifications they might require. Our team ensures the process is as smooth and quick as possible.

GST reconciliation is the process of matching your purchase records with the data uploaded by your suppliers in their GSTR-1, which appears in your GSTR-2B. It's crucial because it ensures you claim the correct input tax credit (ITC), prevents discrepancies in your returns, and helps avoid notices from the GST department. Regular reconciliation is essential for maintaining GST compliance and optimizing tax benefits.

No, ITC cannot be claimed for all purchases. ITC is available only for goods and services used for business purposes. Certain items are specifically blocked for ITC under GST law, including:

• Motor vehicles (with exceptions)
• Food and beverages, outdoor catering
• Health services, cosmetic treatments
• Club memberships, travel benefits
• Construction of immovable property (with exceptions)
• Goods lost, stolen, or disposed of as gifts

For exports, you can either export under Bond/LUT without paying GST (zero-rated supply) or pay IGST and claim a refund later. For imports, IGST is payable at the customs point along with customs duty. Services received from foreign vendors may be subject to GST under reverse charge mechanism. Our GST experts can provide detailed guidance based on your specific export/import scenario.