Gst Compliances Challenges And Opportunities It Perspective

GST Compliances: Challenges and Opportunities – IT perspective: GST regime would introduce a uniform taxation law across states and different sectors in respect to indirect taxes which would make it easier movement and supply of goods and services hassle free across the country. This will also help in removing economic distortions, promote exports and bring about development of a common national market. Under the GST regime, all existing assessees under Central Excise, Service Tax and VAT are required to migrate to the GST. With a view to support the Government’s initiative of smooth migration and to assist the assessees. Now check more details for GST Compliances from below…

GST Compliances

Business Functions & Compliances – Key GST Aspects

On what you pay GSTWhere you pay GSTWhen you pay GSTTreatment of credit notesOn what you get input tax creditOn how much value you pay GSTTreatment of outsourcingWhat are exemptedClassification of goods / servicesTransition provisionsChanges in record keepingDocumentation requirementsNumber of registrationsHow tax is to be computedFiling of returnsAudit requirements

IT Systems – Key GST Aspects

Registration ConfigurationsMaster ChangesTax ComputationConfiguration changesAccounting related changesInput Tax Credit configurationTransactional configurationMIS reportsChanges in InterfacesTransition ReportsReconciliation ReportsDocument FormatsBusiness Rule ChangesCompliance ReportsFiling of returnsAudit requirements

Module Level Changes due to GST

Finance

General LedgersA/c. ReceivablesA/c. Payables Invoicing / BillingVoucher

Procurement

Purchase OrdersInvoicingDebit/Credit notesPricing ConditionsInfo Records

Sales & Distribution

Sales OrderInvoicingPricing conditionsInfo recordsDebit/Credit notesSales Area

Masters

MaterialServicesCustomersVendorsChart of a/c.GL’s

Reporting

Tax RegistersMIS ReportsCompliance reportsStat ReportsInterfaces

Broad Level Changes in Process & Product

GST Returns….some of then

GST Some Food for GST

Back dated entries control vis a vis return filing date (No revised return allowed)Contractual vs Fair Value (IND-AS), ICDSHome-grown applications on old technologies

Goods and Services Tax Compliance Rating

Compliance rating system is one of the new ways of tax administration. This Section states that every taxable person would be rated based on certain parameters. It also provides that the rating would be published in the public domain.

(1) Every registered person may be assigned a goods and services tax compliance rating score by the Government based on his record of compliance with the provisions of this Act.(2) The goods and services tax compliance rating score may be determined on the basis of such parameters as may be prescribed.(3) The goods and services tax compliance rating score may be updated at periodic intervals and intimated to the registered person and also placed in the public domain in such manner as may be prescribed.

Analysis

The compliance rating is a unique form of rating the performance of the taxable persons. The parameters which would be considered for performance rating would be as prescribed.

Amongst others, the rating of a taxable person would be relevant to determine the eligibility of input tax credit in respect of inward supplies, selection for scrutiny and other administrative / monitoring purposes.

This Section provides as follows:

Every person liable to pay GST shall be rated and will be assigned a GST compliance rating score.The rating would be based on his record of compliance with the provisions of CGST, IGST and SGST. The details of parameters and methodology for rating would be as prescribed.The compliance rating score will be updated periodically and will be intimated as follows:
to the taxable person;
will be placed in the public domain.

GST Compliances#

Business Functions & Compliances – Key GST Aspects#

IT Systems – Key GST Aspects#

Module Level Changes due to GST#

Broad Level Changes in Process & Product#

GST Returns….some of then#

Goods and Services Tax Compliance Rating#