Any business offering sale of goods with annual turn over of 40 lacs or service with annual turn over of 20 lacs would require the registration for GST and have a valid GST Number.
It has been almost two years since India took the giant leap in the taxation system through GST. Although there are many benefits in GST, the same have not been proven useful in the GST portal. Both the portal and portal helpdesk have not been providing sufficient, relevant information to the taxpayers. Upon completion of one year in 2018, a survey on the GSTN portal, its cumbersome processes and documentation and compliance was conducted by the Federation of Indian Chambers of Commerce & Industry (FICCI).
Following are some of the common glitches that have been occurring in the portal.
Filing returns take a long time which may go up to two weeks. The time taken to update the payment takes more than 12 hours. The system usually crashes two days prior to the due date of compliance
No provision to correct errors that may occur during the time of filing returns. This is a big drawback creating a lot of chaos in matching the invoices and credits.
Filing returns are time-consuming and small companies face the additional problem of spending high on hiring professional accountants. Moreover filing GST returns without proper accounting systems in place is really a hectic task today.
It takes a long time for the helpdesk team to respond to queries and complaints through email and phone. A ticket will be generated for every concern sent but no proper solution would be given. Moreover, people at helpdesk respond only with standard templates and require additional skills and expertise in handling stakeholder queries.
Many updates have been done in 2019 and some of them are:
There is no need for the user to manually enter the bank details during the payment stage. A list of banks will be displayed and the amount can be paid by selecting the desired bank. If the required bank name does not show up, then users can add their bank name to the list.
When the Show Cause Notification or SCN is being issued for compulsory withdrawal from the Composition Scheme, the composition taxpayer can reply to the SCN.
During GST registration, previously entering the bank account details was mandatory for all taxpayers. Now changes have been made and there is no need for bank information to procure the GST registration number. It can be got first and then bank details can be updated after logging in for the first time. This also makes it easy for new businesses to register for GST while they are still in the process of opening their bank accounts.
The process of filing and tracking the status of appeals against an order passed by an appellate authority or against an advanced ruling by an appellate authority is now simple. If there is a failure to issue a response by the authority within the time frame, then an auto acknowledgement will be sent by the system with the remark “subject to validation of certified copies”.
A month wise summary of Turnover disclosed, ITC taken, ITC as per the GSTR 2A is included into the portal. It is helpful for the organisations to match and reconcile for filing Annual returns.
Find the structure of GST in India.
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