India’s biggest tax reform, the Goods and Services Tax started in July 2017, is undergoing several changes challenging the modus operandi of current GST Return Filing system. This is a further rollout that applies to both goods and services with a definitely greater compliance focus on transparency of trade data for matching between traders, thereby improving the efficiency in the current GST Return Filing system in the country, and in turn, a larger revenue for the government.Continue reading
Online activities such as storing financial data on the cloud, filing GST returns and other compliant reports digitally … have the same inherent risks as desktop software and more as sensitive information such personal Adhaar card, GSTIN, company’s financial information … can be exposed to unwanted eyes and or manipulated to their advantage in the way the data is stored, processed or electronically submitted to third parties such as GSTN Portal. To ensure we operate in a secured environment and following the Process Approach, GovReports has undergone a process and security audit by independent assessor the last 3-6 months.
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:
We’ve been operating in Australia since 2008 as Australia’s first SBR/XBRL compliance reporting and lodgement platform, so you can rest assured we know what we are doing.
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 difference in the compliance space by reducing errors and Continue reading