Explore GST Compliance: Main Challenges with Solution
GST compliance entails following the guidelines and standards established by the Goods and Services Tax framework implemented by a government. GST is a consumption-based tax imposed on most goods and services.
Eazemax software eases GST compliance by automating the process of following GST guidelines.
GST Compliance Involves Various Key Activities
Registration
Businesses that meet the GST registration threshold must formally register with the tax authorities and obtain a unique GST identification number (GSTIN).
Record Management
Maintaining precise records of all transactions, invoices, receipts, and pertinent documents is essential for GST compliance. These records act as evidence during audits and facilitate the accurate preparation of GST returns.
Adherence to GST Regulations
Businesses are required to observe various GST regulations governing invoicing, tax rates, exemptions, input tax credits, and other pertinent provisions.
GST Audits
Tax authorities may perform audits to verify the accuracy and completeness of businesses' GST returns. It is crucial to comply with audit requests and furnish necessary documentation during these procedures.
Invoicing
Generating correct GST invoices that contain all requisite information as per regulatory requirements.
Utilizing Input Tax Credit
Claiming credit for the GST paid on purchases when filing returns.
Timely Updates
Staying informed about any modifications or updates in GST laws, regulations, and compliance standards to ensure continuous adherence.
GST Compliance Challenges For Taxpayers
Businesses operating in India encounter several obstacles when striving to comply with the Goods and Services Tax (GST) system. Here are some prevalent challenges:
Complexity
The GST framework itself is intricate, featuring multiple tax rates, elaborate return filing procedures, and frequent updates to monitor. This complexity can be particularly burdensome for small and medium-sized businesses (SMBs) that may lack dedicated resources for GST compliance.
Management of Input Tax Credit (ITC)
A primary advantage of GST is the ability to claim credit for taxes paid on inputs. However, effectively managing ITC claims can be challenging, and errors can result in penalties.
GST Portal Challenges
The GST portal, utilized for filing returns and fulfilling other compliance tasks, has encountered technical issues in the past. These glitches can cause delays and frustrations for businesses.
Dealing with Non-Compliant Vendors
Engaging with vendors who are not GST-compliant can pose difficulties for a business's Input Tax Credit (ITC) claims.
Lack of Awareness
Particularly in the early stages, there was insufficient understanding of the intricacies of GST among certain businesses, leading to inadvertent non-compliance.
E-way Bill Management
Handling the generation and management of e-way bills for goods transportation can be demanding.
Timely Compliance
Adhering to deadlines for filing returns and making payments is vital for maintaining compliance with GST regulations.
Why Choose EazeMax for GST Compliance Solution?
EazeMax enhances GST compliance for businesses with a range of essential features:
Documentation
Provide mechanism to gather important documents related to GST return filing on timely basis from user as well as Clients.
Event Based Compliances
Provide mechanism for specific event based compliance done on timely manner.
Input Tax Credit (ITC) Management
Efficiently track and claim Input Tax Credit, optimizing the benefits of GST.
Record-Keeping
Efficiently organize and maintain business records pertinent to GST, facilitating easy access and audit readiness.
Compliances According to Dealer Type
EazeMax provide different compliances applicable to Client according to their dealer type (For Eg Different types of return compliance according to Regular or Composition taxpayer type)
View the Presentation for the Complete Process
Turnover Input
Start by entering turnover details to activate GST compliance. This enables you to track both monthly and quarterly compliance.
Turnover Input & Compliance Questionarie
Start by entering turnover details to activate GST compliance. This enables you to track both monthly and quarterly compliance. After that you can use Questionary for the specific compliance which you want to follow
Compliance Dashboard
Navigate to the compliance page where you can select and manage the relevant returns for your business.
Task Assignment
After selecting the returns, assign tasks to different users to ensure all necessary actions are taken.
Procedure Management
Assign specific procedures to designated users to streamline operations.
Document Requests
Directly request required documents from users and clients to maintain thorough records.
