GST is a major indirect tax reform in India, unlike anything the country has seen since independence. GST was implemented to make indirect taxation easier, reduce complexities, and eliminate the cascading effect. Depending on the type of business, all registered businesses must file a monthly, quarterly, or annual GST return. GST returns are submitted electronically, but they must be done correctly because there is no way to revise them. So, here comes the need of a GST Accountant who can help you file GST Return smartly. SCBC is one of the top GST Return Filing Service providers in Delhi. If you are a GST registered company, you must file GST returns according to the government’s deadlines.
Benefits of GST Return Filing:
- The cascading effect is eliminated: Several other taxes, such as central excise duty, service tax, customs duty, and state level value added tax, were eliminated when GST was implemented in India’s tax system. As a result, the cascading impact of tax on tax has been abolished by implementing a single GST.
- Ease of doing business: Many businesses, such as restaurants, computer stores, etc. are now required to comply with both VAT and Service Tax regulations. With so many taxes, companies will face an enforcement burden, as they will have to measure taxes on transactions based on varying prices for various products. However, the distinction between products and services would be abolished under GST, thus, making doing business much easier.
- Lower taxes: Businesses in a few Indian states are expected to comply with VAT regulations once their annual turnover exceeds Rs.5 lakhs. In the GST regime, an individual is only liable for GST if its annual turnover exceeds Rs.10 lakhs in the northeast or hill states, while the limit is Rs.20 lakhs in the rest of India.
- Avoid penalties: You will be fined Rs. 50 per day if you do not file your GST return. Days are counted from the deadline for filing a GST return before the final return is filed. In the case of non-filers, the penalty is reduced to Rs. 20 per day. Along with the per-day penalty, the tax payer is also required to pay interest at a rate of 18 percent.
Conclusion: So, if you are looking for GST Return Filing Services in Delhi, then SCBC is one of the leading GST Accountants in Delhi who are ready to help you in GST Registration or filing. We provide you a platform that can be counted on for prompt and reliable GST returns. So, what are you waiting for, contact us today to know more about our services.