India has kept moved its pace ahead very swiftly with the introduction of GST. The GST council along with the GST Network has come up with an appropriate solution for recording all the invoices at one place effectively for the paying taxes. Many taxes are cut short and everything is summed up into just a single tax, that is GST. The full form of GST is Goods and Services Tax. It has become mandatory to file GST return.
The rolling out of GST since July has created more confusion than ever for taxpayers and tax practitioners as software providers are blaming GSTN is not ready and GSP are unclear of their service charged rates to taxpayer/practitioners direct or indirect via ASP software providers.
As the first filing was due on 20th August, when understandably no GSP or ASP was able to assist the taxpayers to prepare and submit GST returns online. It was speculated that the first few month filings can only be done manually via GSTN direct or worse paper forms which really derail the digital concept and disallowing for data matching and reconciliation of the reports. For how long or until GSTN is ready with digital service, the process of filing GST Return is a myth to tax payers and their advisers, which can then translate to non-compliance if not carefully considered.
Under any taxation law, the first compliance that a taxpayer is required to fulfill is to get himself registered before the appropriate tax authorities. All the taxpayers are identified from the unique number allotted to them by the concerned tax authorities at the time of obtaining registration. A formal registration with the concerned tax authorities confer the following benefits to a taxpayer:
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In fact, our technology is so good we’ve got multiple innovation patents over them in several countries.
Started by Tiana Tran and Nagaraj Veerachettiar around the time SBR was introduced by the Australian Government in 2008 to improve efficiency in data processing across government agencies and the business community.
We identified an opportunity to make a big differe Continue reading