GST Imperative for Small & MSME’s
- No Facility to Amend or Revise the Returns
- Back to Back Returns per month filing or Quarterly submissions instead of Single Comprehensive Annual return
- Payment of Taxes and Filing of Return with the same due date
- Payments of Tax under different heads often leading to a lot of confusion in terms of set-off and the overall incidence
- Setoff of taxes often precede in importance compared to Tax Payment Date, thereby the process getting diluted
- Late Fees being levied at the initial stages with stringent overall process thereby negative responses
- Lack of Trust in filers, training gaps in dealers and distribution channels along with many procedures, Document & Returns
- GSTN software issues often failing and the government’s stance of not acknowledging the same
- Forms & Utilities often released late without proper planning
- Input credit often a point of debate as the onus lies on business, with severe penalties and cash crunch due to the model of low acceptance and no cross-verification of sellers for input
- No Dedicated helpline, Inadequate resources to look into the shortcomings to date
Thus Course Correction in System, process n model is required urgently to instill trust and confidence in the Community
Latest Updates
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- A Beginner’s Guide to E-Filing Income Tax Return for FY 2024-25A Beginner’s Guide to E-Filing Income Tax Return for FY 2024-25 Filing your Income Tax Return (ITR) is not just about fulfilling a legal formality—it’s a vital part of your financial discipline. Every individual earning income in India is required to declare their income, deductions, and taxes paid during the financial […]
- Faking Tax Deductions? You Could Be Penalised Up To 200% Under Income Tax RulesFaking Tax Deductions? You Could Be Penalised Up To 200% Under Income Tax Rules New ITR-1 and ITR-4 Mandate Detailed Proof for Claims to Curb False Deductions Paying taxes accurately and on time isn’t just a legal obligation—it fuels public welfare and national development. To ensure compliance, the Income Tax Act prescribes […]
- Aadhaar OTP a Must for PAN Registration: New Income Tax Portal RuleNew PAN Registration Rule: Aadhaar OTP Verification Made Mandatory In a significant update, the Income Tax Department has introduced a mandatory Aadhaar-based OTP verification step for individuals registering their Permanent Account Number (PAN) on the official e-filing portal — www.incometax.gov.in. This change is designed to enhance security and ensure that only genuine users […]