GST and TDS Compliance Guide for Bengaluru
Navigating tax rules shouldn't be a headache. We break down GST rates, TDS deductions, and filing procedures so you can stay compliant without the confusion.
This infographic clarifies the GST implications for real estate transactions. It explains that no GST is applicable on ready-to-move-in properties and details the effective rate for under-construction properties with Input Tax Credit (ITC).
If you are an individual or HUF paying a monthly rent of more than Rs 50,000, you are required to deduct TDS. We guide you through the process of deducting and depositing TDS and filing the necessary forms like 26QC.
The government has made GST simpler for small businesses by increasing the turnover threshold for the composition scheme to Rs 1 crore. We advise businesses on whether they are eligible for and would benefit from this scheme.
This visual summarizes key GST simplification measures, such as quarterly filing for taxpayers with turnover up to Rs 1.5 crores and exemption from registration for certain service providers. We help you leverage these rules to ease your compliance burden.
About GST and TDS Explained
Getting your GST filing right is about more than just hitting deadlines; it is about proper Input Tax Credit (ITC) reconciliation. Many businesses overpay because they fail to match their purchase data with GSTR-2B, which is why we run this matching process every single month before we finalize your 3B returns.
Tax laws change frequently, and keeping up with them should not be your full-time job. Whether you are navigating GST implications for a real estate purchase or setting up TDS deductions for rental payments, we provide the clarity you need to stay on the right side of compliance.
GST and Real Estate
If you are dealing in property, the GST landscape is specific. There is no GST on ready-to-move-in properties where the completion certificate has been issued. However, for under-construction residential or commercial properties, the effective rate is generally 12% with full ITC. We help you calculate your exact liability to ensure you are not overpaying.
TDS on Rental Income
Many individuals are unaware that if you are a salaried person or HUF paying monthly rent above Rs 50,000, you are legally required to deduct TDS. You must then file Form 26QC to deposit this amount. We guide you through this process to avoid the hassle of responding to future income tax notices.
Simplification for Small Businesses
We often advise small business owners on the GST composition scheme. While it offers a simpler quarterly filing structure, it limits your ability to claim ITC. We analyze your turnover and business model to help you decide if this scheme actually benefits your bottom line.
From our office in Rajajinagar, we support clients across Bengaluru with:
- Monthly GSTR-1 and GSTR-3B filings
- TDS deduction and deposit procedures
- Managing GST composition scheme registrations
- Responding to tax notices regarding discrepancies
You do not need to be a finance expert to stay compliant. We handle the technical paperwork, ensuring you are aware of your obligations without the complex jargon.
Not what you were looking for?
Search our other tax and compliance services below.
More from Tax Filing & Compliance by Preetham Shetty & Co
More services by Preetham Shetty & Co