For businesses using the Invoice Furnishing Facility (IFF) under the Goods and Services Tax (GST) regime, accurate and timely filing of GSTR-1 and GSTR-3B returns is essential. The IFF allows businesses to upload invoices on a more frequent basis, facilitating quicker input tax credit (ITC) claims and better compliance. GSTR-1 provides details of outward supplies, while GSTR-3B summarizes your tax liabilities and input credit. Our service ensures that these returns are accurately prepared and filed, helping you stay compliant with GST regulations.
What We Do for You
1. Data Collection and Organization:
We start by collecting all necessary financial documents and data, including sales invoices, purchase invoices, and other relevant records. This data is organized and verified to ensure accuracy before proceeding with the preparation of GSTR-1 and GSTR-3B. Proper organization of data is crucial for accurate reporting and compliance.
2. Preparation and Filing of GSTR-1:
GSTR-1 is a detailed return that includes information about outward supplies made during the quarter. With the IFF facility, you can upload invoices in real-time, making it easier to claim input tax credits and reconcile data. We prepare GSTR-1 by entering details such as invoice numbers, taxable values, and GSTINs into the GST portal. Our team ensures that the information is accurate and complete before filing.
3. Preparation and Filing of GSTR-3B:
GSTR-3B is a summary return that captures your total taxable sales, input tax credit, and tax liability for the quarter. We prepare GSTR-3B by summarizing the data from GSTR-1 and other records. Our team calculates the total tax liability, ITC, and the net tax payable. We then file GSTR-3B on your behalf, ensuring timely submission and compliance.
4. Utilization of Invoice Furnishing Facility (IFF):
The IFF allows for the real-time furnishing of invoices, which helps in faster ITC claims and accurate reporting. We utilize the IFF to upload your invoices to the GST portal throughout the quarter, ensuring that your GSTR-1 and GSTR-3B are updated with the most current data. This feature enhances the accuracy of your returns and streamlines the compliance process.
5. Error Identification and Correction:
Accurate filing is crucial to avoid penalties and ensure compliance. Our team reviews the prepared returns for any errors or discrepancies and makes necessary corrections before submission. We ensure that all details are correctly reported and address any issues that may arise during the preparation process.
6. Timely Filing and Compliance Monitoring:
Adhering to deadlines for GSTR-1 and GSTR-3B is essential for avoiding late fees and penalties. We monitor the due dates for your returns and ensure that they are filed on time. Our proactive approach helps you stay compliant with GST regulations and avoids any compliance-related issues.
7. Advisory and Support:
GST regulations, including the use of the IFF, can be complex. Our team provides advisory support to help you understand the implications of using the IFF and other GST requirements. We offer guidance on maintaining accurate records, claiming ITC, and other aspects of GST compliance.
8. Record Maintenance and Audit Support:
Proper record-keeping is essential for compliance and audit preparedness. We assist in organizing and maintaining your GST records, including invoices and transaction details. In case of a GST audit, we provide support by preparing the necessary documents and addressing any queries from tax authorities.
9. Post-Filing Assistance:
After filing GSTR-1 and GSTR-3B, we offer post-filing support to handle any issues or queries that may arise. If you receive notices from the GST authorities or need to make amendments, our team assists in responding to these communications and ensuring that your GST compliance is maintained.