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GST Platinum Package (MONTHLY) Whose Turnover is Less Than 5 Crores

About of Service

The GST Platinum Package (MONTHLY) tailored for businesses with a turnover less than 5 crores typically offers comprehensive services to ensure robust GST compliance and operational efficiency. 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. Monthly GST Return Filing:

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

  3. GST Compliance Management:

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

  4. Advanced Advisory Services:

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

  5. Record Maintenance:

    • Assistance in maintaining comprehensive records required under GST regulations to support monthly return filings and audits.

  6. Monthly Review Meetings:

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

  7. Quarterly and Annual GST Return Preparation:

    • Preparation and filing of quarterly GST returns (GSTR-1 and GSTR-3B) and annual GST return (GSTR-9) summarizing the details of transactions made during the financial year.

  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: Guidance and assistance with GST registration, if required, based on turnover thresholds and business activities.
  • Monthly GST Return Filing: Timely and accurate filing of monthly 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 month, including 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 monthly return filings and audits.
  • Monthly Review Meetings: Regular review meetings to discuss GST compliance status, address any issues, and strategize for improved compliance management
  • Quarterly and Annual GST Return Preparation: Preparation and filing of quarterly GST returns (GSTR-1 and GSTR-3B) and annual GST return (GSTR-9) summarizing the details of transactions made during the financial year

Select your own Associate

Charges Structure & Our Scope of Work

Additional Disclosure

  1. Organizational Information:

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

  2. Turnover Details:

    • Clearly state the turnover for the applicable month, ensuring it remains below the threshold of 5 crores to qualify for the Platinum Package.

  3. Sales and Purchase Details:

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

  4. Input Tax Credit (ITC):

    • Detail the ITC claimed during the month, including eligible ITC, reversals, adjustments, and reasons for any discrepancies.

  5. GST Returns Filing:

    • Confirm that GST returns (GSTR-3B) for the month have been filed accurately and within the prescribed timelines.

  6. Declaration of Turnover:

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

  7. Compliance with GST Rules and Regulations:

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

  8. Internal Controls and Procedures:

    • Describe the internal controls and procedures implemented to ensure accurate reporting and compliance with GST regulations.

  9. Certification and Sign-off:

    • If required, provide a certification from a Chartered Accountant or Tax Practitioner affirming the accuracy and completeness of the information provided for the monthly GST filing under the Platinum Package.

  10. Communication with GST Authorities:

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

Terms & Conditions

Documents & Detail Required

For the GST Platinum Package (MONTHLY) designed for businesses with a turnover less than 5 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 month'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 Platinum Package (MONTHLY)?

Businesses with a turnover less than 5 crores annually are eligible for this package, aimed at ensuring comprehensive GST compliance on a monthly basis.

What services are included in the GST Platinum Package (MONTHLY)?

The package typically includes monthly 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 and annual GST return preparation (GSTR-9), update on regulatory changes, GST audit support, query resolution, and customized reports.

What documents are required for GST registration under this package?

Documents typically required include PAN card, Aadhaar card, bank account details, business registration proof (partnership deed, certificate of incorporation), financial documents (income statement, balance sheet), and any additional documents specific to business activities.

When do I need to file monthly GST returns (GSTR-1 and GSTR-3B)?

Monthly GST returns need to be filed by the 10th and 20th of the subsequent month for GSTR-1 (outward supplies) and GSTR-3B (summary returns), summarizing the details of transactions and tax liabilities.

What is GSTR-9 and when do I need to file it?

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

What happens if I miss filing my monthly GST returns or GSTR-9?

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.

Can the package be customized based on business needs?

Yes, the package can often be customized or upgraded to accommodate specific business requirements, higher turnover, or additional services. Discuss options with your GST consultant or service provider.