What precautions, a taxpayer is required to take for a hassle free compliance under GST?

  • One of the most important things under GST will be timely uploading of the details of outward supplies in Form GSTR-1 by 10th of next month.
  • How best this can be ensured will depend on the number of B2B invoices that the taxpayer issues.
  • If the number is small, the taxpayer can upload all the information in one go.
  • However, if the number of invoices is large, the invoices(or debit/ credit notes)should be uploaded on a regular basis.
  • GSTN will allow regular uploading of invoices even on a real time basis.
  • Till the statement is actually submitted, the system will also allow the taxpayer to modify the uploaded invoices.
  • Therefore, it would always be beneficial for the taxpayers to regularly upload the invoices.
  • Last minute rush will make uploading difficult and will come with higher risk of possible failure and default.
  • The second thing would be to ensure that taxpayers follow up on uploading the invoices of their inward supplies by their suppliers.
  • This would be helpful in ensuring that the input tax credit is available without any hassle and delay.
  • Recipients can also encourage their suppliers to upload their invoices on a regular basis instead of doing it on or close to the due date.
  • The system would allow recipients to see if their suppliers have uploaded invoices pertaining to them.
  • The GSTN system will also provide the track record about the compliance level of a tax payer, especially about his track record in respect of timely uploading of his supply invoices giving details about the auto reversals that have happened for invoices issued by a supplier.
  • The Common Portal of GST would have pan India data at one place which will enable valuable services to the taxpayers.
  • Efforts are being made to make regular uploading of invoices as easy as possible and it is expected that an enabling ecosystem will be developed to achieve this objective.
  • Taxpayers should make efficient use of this ecosystem for easy and hassle free compliance under GST.

632 total views, 4 views today

Please follow and like us:

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!