Reconciliation is a necessary step that every taxpayer needs to take while filing GST returns every month. Without reconciliation, the taxpayer cannot avail the Input tax credit made on their purchases.
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GST Highlights from Union Budget 2020
- The filing of GST returns has undergone a prime changes in the past two and a half years. Still it will have an another significant change with the new system, effective from 1st April 2020. Hence, the government may recommend and pass the necessary changes to the GST law and its corresponding rules on the GST Returns.
Overview of New GST returns
GST has been introduced in July 2017. Since then, the government has been continuously looking to improve the Return filing system for accurate flow of tax data and easy reporting by the taxpayers.
CONTINUE READINGOnline GST Reporting for business is an obligation not an option!
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.
GSP Toll Booths on GST Highway
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.