services

 RTA Indirect Tax Advisory Services (GST):

• Assessing the Impact of GST on Business Models
• Providing Ongoing Support for GST Compliances
• Conducting GST Audits

A significant change in the Indian Indirect Tax Structure occurred with the introduction of the Goods and Services Tax (GST) on July 1, 2017.

Utilizing alternative tax treatments becomes essential for various business arrangements and transactions due to ambiguities in the tax procedure. Seeking assistance from GST or Indirect Tax advisors is crucial for a deeper understanding and better tax evaluation. As your GST consultant in Pune, RTA employs systematic questioning to identify and solve problems, offering recommendations for improved work structures. Our firm's systematic approach facilitates informed decision-making. Additionally, mandatory services such as GST audit services in Pune are provided based on turnover criteria.

Applicability of GST:

• Mandatory registration under Goods & Service Tax for persons with aggregate turnover exceeding INR 20 lakhs* in a financial year. (Note: INR 10 lakhs for North Eastern and hilly states identified as special category states.)

*Note: The basic limit for mandatory registration is increased from INR 20 lakhs to INR 40 lakhs for certain categories of persons exclusively engaged in the supply of goods (vide notification No. 10/2019-Central Tax, dated 07.03.2019).

Therefore, individuals supplying goods, even with nominal service income (taxable or not), such as commission or exempt interest income, must register above INR 20 lakhs and not INR 40 lakhs.

GST (Goods & Service Tax) Audit under the GST Act:

• Every registered person is required to undergo an audit by a Chartered Accountant / Cost Accountant if the aggregate turnover during the financial year exceeds INR 2 Crores from the sale of goods or services.
• Turnover calculation is PAN (Permanent Account Number) based, considering all sales of goods/services for computing the limit of INR 2 Crores.
• RTA can be relied upon as your GST Auditor in Pune and beyond, ensuring the seamless execution of this complex task within a time-bound manner.

Requirement of GST Audit:

1. Verification of Correct Assessment:
   
   • GST operates on a self-assessment tax regime, making GST audit essential to ensure accurate assessment of liabilities by the taxpayer.

1. Examination and Evaluation:
   
   • Involves thorough examination and evaluation of records, GST rates, GST returns, and other relevant documents to validate compliance.

1. Ensuring Financial Statements Accuracy:
   
   • To obtain reasonable assurance and confirm that financial statements are free from any material misstatements, ensuring accuracy and reliability.

Documents for GST Audit:

• Annual Return
• Copy of Audited Annual Accounts
• Copy of Reconciliation Statement

Calculation of Aggregate Turnover under GST:

Included:

1. Value of all inter-state taxable supply
2. Value of all intra-state taxable supply
3. Value of all exempt supplies
4. Value of all export supplies
5. Job work supplies on a principal-to-principal basis
6. Zero-rated supplies
7. Any supply to agent/job work on behalf of principal

Excluded:

1. Taxable supply on which reverse charge is applicable
2. All taxes and cess paid under GST
3. Goods supplied and received back from job work.

Audit in Case of Multiple Branches:

• Cumulative Turnover Consideration: Turnover of all branches in an organization is considered when computing the INR 2 Crores limit. If the cumulative turnover exceeds the limit, every branch becomes liable for GST audit, regardless of individual turnovers.
• Auditor Appointment Options: The organization can appoint either a single auditor for all branches or choose to have a separate auditor for each branch.

Due Date of GST Audit and Penalty for Late Filing of GSTR 9C:

• Due Date: Specified as 31st December of the subsequent fiscal year as per the GST Act for audit and annual return.
• Penalty for Late Filing: In case of failure to comply with the due date, the penalty is not specifically prescribed in the act. It will be covered under the general penalty of Rs. 25000.