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GST Gold Package (YEARLY) Whose Turnover is Less Than 2 Crores

About of Service

The GST Gold Package (YEARLY) tailored for businesses with a turnover less than 2 crores typically offers a comprehensive suite of services aimed at ensuring thorough GST compliance and operational efficiency throughout the year. Here are the key services usually included:

  1. GST Registration Assistance:

    • Assistance with GST registration, if required, based on turnover thresholds and business activities.

  2. Annual GST Return Filing (GSTR-9):

    • Preparation and filing of the annual GST return summarizing the details of outward and inward supplies made during the financial year.

  3. Quarterly GST Return Filing (GSTR-1 and GSTR-3B):

    • Filing of quarterly GST returns (GSTR-1 for outward supplies and GSTR-3B for summary returns) within the prescribed deadlines.

  4. GST Compliance Management:

    • Monitoring and ensuring adherence to GST compliance requirements throughout the year, including timely filing of returns and maintenance of necessary documentation.

  5. Advanced Advisory Services:

    • Detailed advisory on GST matters, including updates on GST rates, notifications, and regulatory changes impacting the business.

  6. Record Maintenance:

    • Assistance in maintaining comprehensive records required under GST regulations to support quarterly and annual return filings, as well as audits.

  7. Quarterly Review Meetings:

    • Conducting regular review meetings to discuss GST compliance status and strategize for improved compliance management.

  8. Update on Regulatory Changes:

    • Prompt communication of changes in GST laws and regulations affecting business operations.

  9. GST Audit Support:

    • Support during GST audits, including preparation of audit documentation and responding to audit queries as needed.

  10. Query Resolution:

    • Addressing queries and providing clarifications related to GST filing and compliance promptly.

  11. Customized Reports:

    • Provision of customized reports on GST transactions and compliance status to facilitate informed decision-making.

Uses and Benefits
  • GST Registration Assistance: Assistance with GST registration, if required, ensuring compliance with turnover thresholds and regulatory requirements.
  • Annual GST Return Filing (GSTR-9): Preparation and filing of the annual GST return summarizing the details of outward and inward supplies made during the financial year.
  • Quarterly GST Return Filing (GSTR-1 and GSTR-3B): Filing of quarterly GST returns (GSTR-1 for outward supplies and GSTR-3B for summary returns) within the prescribed deadlines
  • GST Compliance Management: Monitoring and ensuring adherence to GST compliance requirements throughout the year, including timely filing of returns and maintenance of necessary documentation.
  • Advanced Advisory Services: Detailed advisory on GST matters, including updates on GST rates, notifications, and regulatory changes impacting the business.
  • Record Maintenance: Assistance in maintaining comprehensive records required under GST regulations to support quarterly and annual return filings, as well as audits.

Select your own Associate

Charges Structure & Our Scope of Work

Additional Disclosure

  1. Organizational Information:

    • Provide basic details about your organization, including its legal name, business address, nature of business, and GSTIN (Goods and Services Tax Identification Number).

  2. Turnover Details:

    • Clearly state the turnover for the financial year, ensuring it remains below the threshold of 2 crores to qualify for the Gold Package.

  3. Sales and Purchase Details:

    • Provide a summary of sales and purchases made during the year, categorized by taxable and exempt supplies.

  4. Input Tax Credit (ITC):

    • Detail the ITC claimed during the year, including eligible ITC, reversals, and adjustments.

  5. GST Returns Filing:

    • Confirm that GST returns (GSTR-3B) for the year have been filed accurately and on time.

  6. Declaration of Turnover:

    • Declare that the turnover reported complies with the threshold requirement for the GST Gold Package (Yearly).

  7. Compliance with GST Rules:

    • Ensure compliance with all applicable GST rules, regulations, notifications, and circulars.

  8. Internal Controls and Procedures:

    • Describe any internal controls and procedures in place to ensure accurate reporting and compliance with GST regulations throughout the year.

  9. Certification and Sign-off:

    • If applicable, certify the accuracy and completeness of the information provided for the annual GST filing under the Gold Package.

  10. Communication with GST Authorities:

    • Document any communications or interactions with GST authorities regarding the Gold Package and compliance requirements.

Terms & Conditions

Documents & Detail Required

For the GST Gold Package (YEARLY) designed for businesses with a turnover less than 2 crores, the typical documents required include:

  1. Identity Proof:

    • PAN card of the proprietor/partners/directors

  2. Address Proof:

    • Aadhaar card
    • Passport
    • Voter ID
    • Utility bill (electricity, water, gas, etc.)

  3. Bank Account Details:

    • Bank statement
    • Cancelled cheque

  4. Business Registration Proof:

    • Partnership deed (for partnerships)
    • Certificate of incorporation (for companies)
    • Registration certificate under relevant acts (if applicable)

  5. Financial Documents:

    • Income statement
    • Balance sheet (if available)
    • Previous year’s turnover details

  6. GST Registration Certificate (if already registered):

    • Copy of GST registration certificate

  7. Authorization Letter (if applicable):

    • Authorizing the GST consultant or advisor to file returns on behalf of the business

  8. Any Additional Documents:

    • Depending on specific requirements or business activities, additional documents such as rent agreement, NOC from the landlord, etc., may be required.

Please Note Down Your Querie

OUR REVIEW

FAQ'S

Who is eligible for the GST Gold Package (YEARLY)?

Businesses with an annual turnover of less than 2 crores are eligible for this package. It is designed to provide comprehensive GST compliance services on an annual basis.

What services are included in the GST Gold Package (YEARLY)?

The package typically includes annual GST return filing (GSTR-9 for summary of yearly transactions), quarterly GST return filing (GSTR-1 for outward supplies and GSTR-3B for summary returns), GST registration assistance (if required), advanced advisory services on GST compliance, record maintenance, quarterly review meetings, update on regulatory changes, GST audit support, query resolution, and customized reports.

Do I need to register for GST if my turnover is less than 2 crores?

Businesses with a turnover less than 2 crores are required to register for GST if engaged in taxable supplies of goods or services, interstate supply, or certain specified categories, even if not mandatory.

What documents are required for GST registration under this package?

Documents typically required include identity proof, address proof, bank account details, business registration proof (partnership deed, certificate of incorporation), financial documents, and an authorization letter if appointing a GST consultant.

When do I need to file annual GST returns (GSTR-9)?

GSTR-9, the annual GST return summarizing the details of outward and inward supplies made during the financial year, needs to be filed by 31st December of the subsequent financial year.

What are quarterly GST returns (GSTR-1 and GSTR-3B), and when do I need to file them?

Quarterly GST returns need to be filed by the 31st of the month following the end of the quarter for GSTR-1 (outward supplies) and GSTR-3B (summary returns), summarizing the details of transactions and tax liabilities.

What happens if I miss filing my annual GST returns (GSTR-9) or quarterly GST returns (GSTR-1 and GSTR-3B)?

Late filing of GST returns or GSTR-9 attracts penalties and late fees as per GST regulations. It is crucial to file returns on time to avoid such penalties and maintain compliance.