GST Filing expectations VS Reality

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The taxpayers’ experience has been a mixed one about GST filings over the last few years. The large and organized industry players have easily got adapted to new GST era. But the small and medium businesses are yet struggling to get adapted to the tech-enabled tax regime.

The Journey of GST

The Journey of GST has not been an easy one to all related parties. It has had its own hits and glitches and misses. The biggest hit of GST is attaining automated indirect tax ecosystem, besides removing the cascading taxation effect. From generation of e-invoice and e-way bill to tracking of goods movements and other electronic compliance, everything ought to be done online. E-invoicing helps remove fake invoicing and ushers the taxpayer towards automated compliance regime. The matching of input tax credit, and computation of tax liabilities becomes easy and simple. GST -Digital tax transformation on such a large scale is not an easy feat. India has served as example to many countries in successful implementation of tax transformation.

Despite initial glitches and issues in GST implementation, Stark improvements in IT frame work has been encouraged. Compliance activities are being simplified by undertaking various initiatives. Like linking of customs portal to GST portal. This enables easy credit a ailment on imports. Increased automation of refund process. Seamless operation of Invoice Registry Portal and other changes has brought drastic relief to taxpayers. The constitution of the GST Council to ensure Centre-State partnership in the decision-making process was one of the best hit too.

Challenges and glitches

No tax transformation can be a cake walk. Even GST tax transformation has its share of challenges and glitches to handle. GST regime has gone through several obstacles. It has been technical glitches to legal loopholes. GST law has undergone innumerable tinkering in the past years. This has left many stakeholders in confusion and dismay for few. But few changes in the statute have brought relief and clarity.

The Reality today

There has been a mixed experience response amongst taxpayers’. The large and organized entrepreneurs could easily adapt to the new GST era. But the small and medium business owners are struggling to adapt to the tech-enabled tax system. The basic aim of GST law of seamless input credit and ease of compliance which is being impaired by IT and technical glitches. It’s difficult to match input tax for tax payers and there are few draconian provisions in law. Businesses are facing frequent issues. Several areas of GST  like shortfall in GST collections s , high volatility in GST collection, multiplicity of tax rates, states’ dependence on Centre for compensation, inconsistency of filing returns and so on.

Taxpayers’ have huge expectations from our government to make GST a ‘Good and Simple Tax’

Advantages of GST Return-Filing  in India

GST Filing is the one of the important compliance you need to adhere to stay in the good graces of the law. Maintaining a good GST score brings you scores of benefits. It would be smart to hire GST Filing consultants to get your compliance done with right legal formalities and protect you against future legal hassles if any.

The benefits of GST Filing in India are many. It is a firm foundation of strengthening your business identity through good GST score. If you are planning to start a new company, seeking help from an our consultants in this field is very crucial as the law in India is very complex. You should know that you must provide relevant information related to your business in the GST monthly / quarterly /annual return form. There are many other consultants like Filing Point in India, who will help you in every step of the GST Filing  process.

One of the many advantages of GST Filing in India is the right to market one’s products or services across the country. With a registered GST, one can protect his business interests as well as secure the investment from his clients. There are numerous other benefits of GST Filing in India. For example, an application for GST Filing in India is likely to attract government regulation, and thereby a favorable environment for the process. The process itself can be lengthy and time consuming in some cases.

The businessmen should hire GST filing consultants. The primary reason is that GST consultants have professional experience about GST matters. Well, the truth is that it is completely true but there are some other additional advantages of doing so as well.

Firstly, you can be rest assured that you will not face any sort of issue or difficulty while trying to submit GST Annual returns. India is home to highly qualified and trained professionals who know everything about GST Filing.

One can enjoy many benefits of GST Filing in India. One can seek blessings and benefits of GST Filing by doing online GST Filing in India. Internet search in India offers enough information regarding GST Filing in India, its procedures. But be wise to seek professional help of Chartered Accountants in Chennai or GST consultants in Chennai to handle GST Compliance.

Why Choose Consultants?

The Job of filing GST returns may be tedious and time-consuming for you. You can easily make mistakes which may result in penalties and lower rating. We would recommend you to avail GST filing services to ensure such core is completed on time with utmost accuracy.

Hiring a GST consultant from best audit firm is important for an organization under growth phase. Having professional to support you in financial aspects will help you save money in the long run. Avoid penalties and file returns on time. They can answer all your GST related queries. They constantly monitor all the tax related activities of your business.

When choosing a GST consultant you need to look into few essential details. Ensure you hire experienced and expertise professional who offer such service at affordable costs.

Be assured to maintain a good GST compliance rating.

Call us today for the best advisory plan!