GST and Customs
There has been much confusion regarding the GST Act. However, it is necessary to centralize all forms of Indirect Tax to improve transparency. Today, all organizations are required to file GST at regular intervals. As this is a relatively new venture by the Government, and as a consequence, the rules behind GST Registration and GST Filing are subject to frequent changes requiring one to update themselves on it regularly.
Offerings
GST Registrations
The fundamental factor for GST is supply. Regarding this, if you are a business with an aggregated turnover of over 20 Lakh INR for services, or 40 Lakh INR for goods, you are liable to register with the State and Central Government. After this, you will be given a 15-digit GST Identification Number that you can use to file GST Returns.
GST Return Filing
After receiving your GSTIN, and as long as you are registered under GST, you are required to file a GST return for a prescribed period regardless of whether you have any activity. If you have no activity or transactions, you must file a GST Nil Return to stay compliant.
GST Refund Applications
The primary benefit of implementing GST is that any registered taxpayer who has exported goods/service or under inverted tax structure can claim a refund of the Input Tax Credit for the taxes they have paid. In this case, they will be required to apply for a refund.
GST Advisory
The Goods and Service Tax Act has been India's most significant indirect tax reform since the Constitution was written. Due to its massive nature and nascency, the Act itself has been amended numerous times, in addition to policy changes. Here at BBig Consultants, we constantly update you and advise you on the best practices to be incorporated to make the best use of the changes.
GST Advance Ruling
GST Advance Ruling is a written interpretation of the laws of taxation. In the GST Advance ruling for corporates, we can clarify any doubts regarding GST provisions with the GST Authorities ahead of the transaction. It also includes the necessary steps that one must take further.
GST Annual Returns
Under the newer amendments that happened to the GST Act earlier this year, there are two types of Returns — GSTR-9 which has a turnover of 2 crores INR or more for Annual Returns and GSTR-9C which has a turnover of 5 crores INR or more for Reconciliation Statement.
GST Assessment, Appeals, and Representations
In case of any discrepancy with the GST Amount or issues with compliance with the Act, your organization will be required to be Assessed by a Professional Auditor. If the discrepancy is in your favor, you could appeal for cessation. In some cases, you might need representations to do this.
Customs Import/Export Advisory
At BBig Consultants, we pride ourselves on being experts in the domains of finance and legislative policies. We can advise you on Foreign Trade Policy, Exemptions, and Duty Drawbacks to identify the best ways to leverage these policies to your benefit and mitigate unpleasant situations.
Expertise that has helped
many others like you
It has been an incredible journey together. What I like about BBig Consultants is that they will go to any extent to solve genuine requests or needs. We have benefitted immensely from their knowledge and expertise. They understand the client's needs and then build the process around them. They are young and think out of the box to solve clients' requirements.
