GST & TDS Return Filing Services

As a business, it is essential to stay compliant with tax laws to avoid penalties and ensure smooth operations. GST (Goods and Services Tax) & TDS (Tax Deducted at Source) are two important tax compliance measures in India. Both require timely registration and adherence to the rules set by the government.

GST is an indirect tax charged on the supply of goods and services. It replaces several previous indirect taxes such as VAT, service tax, and excise duty, creating a unified tax system across the country. GST is collected at the point of consumption rather than production. When your business registers for GST, it can claim Input Tax Credit (ITC) on taxes paid during procurement, reducing overall tax liability.

TDS, on the other hand, is a direct tax deducted from payments like salaries, interest, commission, and rent. TDS ensures taxes are collected at the source of income and helps avoid tax evasion. Businesses must deduct TDS before making payments exceeding specified thresholds and remit it to the government. Both TDS and GST registrations are essential for any business in India and must be done timely and properly.

Why is GST and TDS Registration Important for Businesses?

Registering for GST and TDS is an important step to maintain compliance with India's tax laws. Failure to register can lead to heavy penalties, loss of tax benefits, and legal complications. Here are the benefits of TDS and GST registration in India:

GST Registration

TDS Registration

Our Services

At Benchmark, we provide end-to-end GST and TDS advisory services, providing your business with easy tax compliance, accurate filings, and risk mitigation. Our team of experts specialises in handling complex tax structures, and industry-specific regulations, and optimising tax efficiency through technology-driven solutions.

Our service offerings under GST Advisory and Compliance include:

• We help you by conducting Assessments that helps to analyse your business-specific tax implications and optimise tax structures.
• Provides advice on GST Transition Strategies, mergers & acquisitions (M&A) tax impact, and GST due diligence.
• Guides you on how to handle GST Department notices, assessments, and compliance reviews.
• It helps you prepare and review GST Returns (GSTR-1, GSTR-3B, GSTR-9, GSTR-9C) for accuracy and completeness.
• Helps with managing GST E-Way Bill acquiescence for an easy inter-state and intra-state movement of goods.
• We do GST Risk and compliance audits to identify any potential tax liabilities and mitigate risks.
• We assist with GST Refund Processing for exports, inverted duty structures, and ITC mismatches.
• We handle your business GST Litigation & Dispute Resolution, including filing appeals before GST authorities.
• Setting up GST Internal Controls and SOPs for seamless compliance tracking within ERP systems.
• Conducting GST Training & Workshops for finance and accounts teams on evolving GST laws and regulations.

Our service offerings under TDS Advisory and Compliance include:

• We act as an advisory for your business's TDS Applicability & Withholding Tax Rates for domestic and cross-border transactions.
• We help you by setting up Automated TDS Deduction Mechanisms within ERP and accounting systems.
• Filing of TDS Returns (24Q, 26Q, 27Q, 27EQ) with thorough reconciliation of deductions and deposits.
• Managing TDS Lower Deduction Certificates (Form 13) and TDS exemptions under Income Tax Act provisions.
• For an accurate deduction and timely deposit of tax we do your business's TDS compliance reviews.
• Conducting TDS Vendor Compliance Audits to verify TDS applicability on contractor payments.
• We provide advice on TDS on International Transactions (DTAA Compliance) to optimise tax obligations.
• We assist with TDS Refund Claims for excess deductions and incorrect tax payments.
• Before-tax authorities we handle your TDS Scrutiny and Appeals for assessments, disputes, and litigation

Having the right documents ready is essential for a smooth GST and TDS registration process. Below is a list of documents required for each registration:

Documents Required for GST Registration

• PAN Card of the business or applicant.
• Proof of Business Registration like an incorporation certificate or partnership deed.
• Identity Proof of promoters or directors (Aadhaar Card, Voter ID, or Passport).
• Address Proof of the business premises (utility bill or rent agreement).
• Bank Account Details (a copy of a cancelled cheque or bank statement).
• Digital Signature for online authentication and filings.

Documents Required for TDS Registration

• PAN Card of the business or applicant.
• Identity Proof of the person responsible for filing TDS (Aadhaar Card, Passport, etc.).
• Address Proof of the applicant/business (utility bill or valid address proof).
• TAN Application Form (Form 49B) for businesses applying for a Tax Deduction Account Number (TAN).

GST Registration Process

Here's a step-by-step breakdown of GST registration process:

TDS Registration Process

Here's a step-by-step breakdown of TDS registration process:

Why Choose Benchmark for Registration?

At Benchmark, we understand the challenges of tax compliance and the importance of staying ahead of deadlines. With years of experience in managing GST and TDS processes, we offer comprehensive solutions that simplify tax processes and ensure compliance. Here's why businesses trust Benchmark for GST and TDS registration:

• We stay up-to-date with the latest tax law amendments, ensuring your business remains compliant.
• We provide expert guidance on Input Tax Credit (ITC), Reverse Charge Mechanism (RCM), and blocked GST credits, helping you optimise your tax liability.
• We handle complex transactions involving cross-charging and assist with Form 13 for lower TDS deductions.
• We ensure GST and TDS returns are filed before deadlines to avoid penalties and interest.
• We manage data reconciliation of sales and purchase registers with government filings, ensuring accuracy.
• We gather financial data from your ERP systems and ensure it is processed accurately.

Non-Compliance Issues and Consequences

Failure to comply with GST and TDS regulations can lead to financial and operational challenges for businesses. Non-compliance can result in penalties, loss of business credibility, and even legal action. Here are some potential consequences:

Penalties and Interest

• GST Non-Compliance: Late filing of GST returns attracts a penalty of ₹100 per day for both CGST and SGST, with a maximum cap of ₹5,000.
• TDS Non-Compliance: Non-deduction or late deduction of TDS results in a penalty of up to 1.5% of the tax due, per month, until the payment is made.

Legal Action

• Persistent Non-Compliance: Repeated failures in filing GST or TDS returns may lead to legal penalties.
• TDS Defaults: If TDS is deducted but not deposited with the government, it can lead to prosecution under the Income Tax Act.

Loss of Input Tax Credit (ITC)

Non-compliance with GST rules may lead to the loss of ITC, increasing your tax burden.

Reputational Damage

Non-compliance can damage your business's reputation with tax authorities and clients, making it harder to maintain credibility.

Operational Disruptions

• Notices and Audits: Continuous non-compliance may result in notices from tax authorities and tax audits.
• Suspension of GST Registration: Persistent non-compliance may lead to the suspension or cancellation of your GST registration, preventing you from conducting business.

Industry-Specific GST & TDS Considerations

In India, tax compliance requirements differ based on various industries due to different tax structures, transaction types, and government regulations. Hence it is important to understand the specific GST and TDS implications for your sector. Below is an industry-wise breakdown of key GST and TDS considerations.

Bottom Line

Registering for GST and TDS is essential for staying compliant, avoiding penalties, and optimising your tax strategy. At Benchmark, we bring years of experience managing GST and TDS for businesses of all sizes. From registration to ongoing compliance, we ensure your business stays on the right side of the law.

FAQs

Is GST mandatory for all businesses?

GST registration is mandatory for businesses with an annual turnover exceeding ₹20 lakhs for service providers and ₹40 lakhs for goods suppliers. Businesses involved in interstate sales or specific sectors like e-commerce also need to register.

What is the penalty for not registering GST on time?

The penalty for failing to register under GST is 10% of the tax due or ₹10,000, whichever is higher.

What happens if TDS is not deducted and deposited on time?

Non-deduction or delayed deduction of TDS can result in interest charges. The penalty for non-deduction is 1% per month, while late payment attracts a 1.5% penalty per month on the outstanding amount.

Who is required to take TAN for TDS purposes?

Any individual or business entity responsible for deducting tax at source must obtain a Tax Deduction Account Number (TAN) before deducting TDS.

How often do I need to file TDS returns?

TDS returns must be filed quarterly using forms like 24Q, 26Q, and 27Q, depending on the type of payment made.