GST compliances

In the Indian Tax system sweeping changes have being brought by Goods and services Tax (GST) Act. It completely renovations current tax rates and processes. It establishes an online portal for compliance. By way of compliance ratings it brings transparency to the entire process. Central goods and services Tax Act, 2017 , section 147 deals with compliance ratings. Section states that every registered person will be assigned a GST compliance score by the government based on their record of compliance with the provisions of the GST Act. The rating system is meant to incentivize taxpayers to comply with the GST law, which in turn will help facilitate a seamless transition from the existing tax system to the new.

GST Compliance Rating:

The name of taxpayers and his GST identification number (GSTIN) all of which will be placed in the public domain on the GST network (GSTN) website is known as GST compliance Rating. To maintain a high compliance rating, all businesses have an incentive to manage their compliance effectively.

In several ways a business’s compliance rating can impact, including:

  1. Gained / missed business opportunity
  2. Better/ worst administrative treatment
  3. Decreased / Increased scrutiny.

GST Compliance Checklist:

Checklist outlines 16 tasks necessary for your company to comply with GST and take advantage of the business  opportunities the new system introduced:

  1. Classifying transactions
  2. Place of supply and time of supply
  3. Tax slabs
  4. GST registration – location
  5. Inventory and cost management
  6. Chart of accounts
  7. Account balances and reconciliations
  8. Sales and marketing policy
  9. Logistics model and payment policy
  10. Review existing contracts
  11. Supply Chain management
  12. Review of vendor masters
  13. Review of customers masters
  14. Update tax masters
  15. Filing GST Returns
  16. Systems transitions and preparedness.


GST Compliance Services:

The aim of GST Compliance service is to help corporates become GST compliant provide end – to – end return filing solutions. Organization those not having in-house expertise to track GST laws, formats and processes and not wanting the increased burden of filing GST themselves throughout the year should use this GST compliance services.

Service Offered:

  1. To ensure your records are 100% GST complaint comprehensive review of your accounting data.
  2. Your GST return filing with post filing support are dedicated to account manager to handle.
  3. Real time and continuous reconciliation with vendors books of account using SmartRec System.
  4. Other services : GST Reconciliation, GST Invoicing and GST registration.

Compliance Under GST:

Filing of returns by due date is known as Compliance. Reasons why people file their returns late such as late receipt of the bank reconciliation statement, also penalty for late fees is not very high. The compliance rate of GST is about 15% which is better than the compliance rate of VAT and service tax.