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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