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Matching and Reconciliation were part of the erstwhile VAT regime too. But the process of matching data between account books and tax returns was not as tedious as it is under current indirect tax structure in India i.e GST.
The current financial year will witness the introduction of two more Tax compliance forms. Under GST, India’s new indirect tax regime, two new tax compliance forms will be introduced by the end of this current financial year.
TDS stands for Tax Deduction at Source. Between deductor and the tax administration, it is easy to share the responsibility of tax collection. A certain regular inflow of cash is also made to the Government.
The tax on the supply of goods or services or both is GST. The registered person who is involved in the export of goods or services or taxable supply or both can utilize qualified ITC on goods or services or both used in the development of the business.
As every Indian taxpayer knows about official GST return filing GSTN portal. The portal is used for filing GSTR forms 1-9 along with the tax payments.
E-Way Bill is meant for an electronic medium of bill movement and issued on the Common Portal of E-Way bill regarding goods.
GST Eway bill is a mandatory feature which is required for the transporters to generate while goods are being delivered via motorized vehicles of value more than 50,000.
The taxpayers who have opted for the composition scheme under the GST, it is mandatory for them to file GSTR 4 returns once in every three months (Quarterly).
CBEC formulates the GSTR-3B form which is an interim return consolidating details about outward and inward supplies to be furnished every month from July 2017 to March 2018.