Chartered Accountant Service Details

  The implementation of the Goods and Services Tax (GST) in India marked a significant shift in the country's taxation system. For business owners, GST simplified multiple indirect taxes into a single comprehensive system. While GST brought challenges during its initial phase, over time, it has proved beneficial for businesses of all sizes. To navigate this system, many businesses rely on GST registration consultants to help them comply with the requirements and take full advantage of GST benefits. This article explores how GST benefits business owners and the crucial role played by GST filing and registration consultants in India. What is GST? GST is a destination-based, consumption tax that replaced a multitude of indirect taxes such as VAT, excise duty, and service tax. Under GST, tax is levied on the supply of goods and services, ensuring uniformity in the tax structure across the country. GST is categorized into three types: CGST (Central GST) : Levied by the centr...

Goods and Services Tax (GST) has revolutionized the taxation system in India, fostering transparency and efficiency in business transactions. However, with the complexity of GST regulations, the role of Chartered Accountants (CAs) in Chandigarh becomes paramount, especially in the context of GST audit. In this comprehensive guide, we explore the significance of GST audit conducted by CAs in Chandigarh and how it  benefits businesses. 1.        Understanding GST Audit: A GST audit is a thorough examination of a taxpayer's compliance with GST laws and regulations. CAs in Chandigarh play a crucial role in conducting this audit, ensuring that businesses adhere to the prescribed rules, maintain accurate records, and fulfil their tax obligations. 2.        Legal Compliance and Avoidance of Penalties One of the primary reasons for conducting a GST audit is to ensure legal compliance. CAs in Chandigarh help businesses na...

  The introduction of Goods and Services Tax (GST) in 2017 represented one of the biggest tax reforms in India. However, due to its complex structure, many businesses in Chandigarh struggle to ensure full compliance and avoid penalties. Here are some common GST mistakes that businesses in Chandigarh must steer clear of: Incorrect Registration Type One error many make is choosing the wrong GST registration consultant type. The major ones are regular registration, composition scheme, TDS/TCS registration. Opting for composition when you are not eligible can lead to recovery of tax with penalties. Seek expert advice to determine the ideal GST registration type for your business operations and turnover. Missing GST Deadlines Another big mistake is missing GST due dates for filing returns, monthly tax payments, annual filing, etc. Delayed filing of GST returns like GSTR-1 and GSTR-3B even by a day attracts late fees up to Rs 200 per day. Further, input tax credit gets lapsed if...

  A chartered accountant in Chandigarh can provide invaluable assistance with GST filing and compliance for a company in the following ways: 1.     Registration Assistance - The CA can help obtain new GST registration or migrate existing registration to the GST system. This includes guidance on the documentation required. 2.     Return Filing - The CA can file monthly, quarterly, and annual GST returns on behalf of the company within prescribed due dates. This includes GSTR-1, GSTR-3B, GSTR-9 etc. 3.     Reconciliation of Books - The CA reconciles the company's books of accounts with GST returns to ensure accuracy and timely compliance. 4.     Input Tax Credit - The CA examines business transactions to ensure optimal utilization of input tax credits and avoid unnecessary tax liability. 5.     Tax Payment - The CA assists in generating challans for tax payments and ensuring timely deposit of GST c...