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GST Basic Package (YEARLY) Whose Turnover is Less Than 25 Lacs

About of Service

The GST Basic Package (YEARLY) tailored for businesses with a turnover less than 25 lakhs typically includes the following services:

  1. GST Registration Assistance: Help with GST registration if the business is not yet registered under GST.

  2. Annual GST Return Filing: Preparation and filing of the annual GST return (GSTR-9) summarizing the details of outward and inward supplies made during the financial year.

  3. GST Compliance Management: Ensuring timely compliance with GST laws throughout the year, including adherence to filing deadlines and maintaining necessary documentation.

  4. Basic Advisory Services: Providing essential advisory on GST matters, including updates on GST rates, notifications, and regulatory changes affecting the business.

  5. Record Maintenance: Assistance in maintaining essential records required under GST regulations to support annual return filing and audits.

  6. Update on Regulatory Changes: Keeping clients informed about changes in GST laws and regulations that impact their business operations.

  7. GST Audit Support: Basic support during GST audits, including preparation of required documents and responding to audit queries as needed.

  8. Query Resolution: Addressing basic queries and clarifications related to GST filing and compliance throughout the year.

Uses and Benefits
  • GST Registration Assistance: Helping businesses register under GST, if they are not already registered, based on turnover thresholds and legal 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.
  • GST Compliance Management: Ensuring businesses adhere to GST compliance requirements throughout the year, including timely filing of returns and maintaining necessary documentation.
  • Basic Advisory Services: Providing essential advisory on GST matters, including updates on GST rates, notifications, and regulatory changes affecting the business.
  • Record Maintenance: Assisting in maintaining essential records required under GST regulations to support annual return filing and audits.
  • Update on Regulatory Changes: Keeping clients informed about changes in GST laws and regulations that impact their business operations.
  • GST Audit Support: Offering basic support during GST audits, including preparation of required documents and responding to audit queries as needed.

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 25 lakhs to qualify for the basic 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 Basic 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.

  10. Communication with GST Authorities:

    • Document any communications or interactions with GST authorities regarding the basic package and compliance requirements.

Terms & Conditions

Documents & Detail Required

For the GST Basic Package (YEARLY) intended for businesses with a turnover less than 25 lakhs, 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. Authorization Letter (if applicable):

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

  7. 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 Basic Package (YEARLY)?

Businesses with an annual turnover of less than 25 lakhs are eligible for this package. It is designed to assist small businesses in meeting their GST compliance requirements on an annual basis.

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

The package typically includes GST registration assistance (if required), preparation and filing of the annual GST return (GSTR-9), basic advisory services on GST compliance, record maintenance, updates on regulatory changes, GST audit support, and query resolution.

Do I need to register for GST if my turnover is less than 25 lakhs?

Businesses with a turnover less than 25 lakhs are not required to register for GST. However, voluntary registration is possible and may be beneficial for availing input tax credit and expanding business operations.

What documents are required for GST registration under this package?

Documents required typically 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 the annual GST return (GSTR-9)?

GSTR-9 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 happens if I miss filing my annual GST return (GSTR-9)?

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

Can I upgrade my package if my turnover exceeds 25 lakhs during the year?

Yes, packages can typically be upgraded to accommodate higher turnover or additional services. Discuss with your GST consultant or service provider for suitable options.