Five essential steps for making GST filing an easy task

Five essential steps for making GST filing an easy task

To simplify the tax system and make the payment of taxes easy, the government of India accepted the GST and rolled it out before a few months. However, since the recommendation of it, there have been a lot of discussions as far as the pros and cons of the same are concerned. A CFO once mentioned that a lot of procrastination has been done as far as GST and the associated mandates are concerned. At first place, the Government rolled out the mandates just before the launch of GST, and then the taxpayers waited till last minute to comply with the GST filing procedure. Before filing the GST, the organization needs to make necessary preparations. The implementation of GST has proven a nightmare for the authorities but looking at the long-term benefits there are a number of experts who favor this system of taxation.

To avoid the last-minute hassle, it is important for the organizations to take the following five steps for GST return:

  1. Choose the ASP and GSP providers

First of all, you need to select the ASP and GSP provider. While it is possible to file the returns on GSTN portal directly, it would be easier for organizations with a large number of transactions, turnover, and vendor base to use ASP and GSP. The GSP is a GST Suvidha provider which will connect the taxpayer’s IT system with the GSTN server. It will help in uploading the data in the form of returns. The ASP is Application Service provider who is just like a mobile app that takes the data from taxpayer’s system, processes it, and loads it on the GSTN server.

  1. Tax compliance team

Once you have selected the ASP and GSP, the organization needs to set up a compliance team. If the company has an in-house team, they should be well-trained in GST tax compliance as the procedures for GST are completely different than the previous tax regime. The companies might need to train their staff for the same. There are many consultants who provide this training to the staff based on the specific needs of the company for filing GST online return.

  1. Reconciliation team

The data submitted by the vendor should match with the data provided by customers to be accepted by GSTN.

Initially, there might be discrepancies between the two and to resolve these differences, make a separate reconciliation team which can talk with vendors and solves the discrepancies. The ASP would figure out the discrepancies, but human intervention is important to solve them.

  1. Test

The GSTN portal has been opened since July last year for uploading the purchase, sales, and invoice data. The business can file sample returns and if any issues occur, bring in the notice of GSTN.

  1. GSTR- 3B and transitional forms

The compliance team needs to prepare the information for filing GSTR- 3B form and other transitional forms such as GST Tran-1, service tax returns.

Explore web for more information on GST filing procedures.

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