The Complications In GST System Still Troubling Traders, The Role of GST Software Will Be Crucial
The government has implemented the GST system to simplify and improve the existing indirect tax system i.e. sales tax, service tax, etc. Since the implementation of the GST system was startedacross the country on July 1, 2017, many amendments have been made to it. Still, traders find it difficult to cope with its complications. This is imposing an undue burden on the traders.
Reacting to the new GST regime, the merchant organization CAT has already called the current GST system colonial. It however assures to work together with the government to increase the GST tax base and the government’s revenue on the condition that the tax system must be rationalized and simplified.
Talking about the complexities, the GST portal is still working on the old pattern. In around four years since GST has been implemented in the country, many rules have been changed, but the portal has not been updated in time. CAT claimed that the GST authorities are taking a special interest in GST compliance rather than the fact that even today businesses of the country are not fully computerized.
Along with that, there are several other complexities in new GST rules that CAT has claimed such as the GST registration of traders is being cancelled if any errors made by traders’ end, merchants are not even being given prior notice before cancellation of GST registration, there is a heavy penalty if missed the due dates of GST filing, and so on.
A GST Compliance Software Will Play a Crucial Role
In such a scenario where so many changes have been done and thereby complexities have been increased, an efficient GST software will play a crucial role to let your business fulfil GST compliance with ease. Such software is featured with automated preparation & posting of GSTR-1 and GSTR-3Bdata to the GSTN portal, thus it reduces the complexities and the compliance time significantly and cuts down the operation cost by almost half. Such software is Cloud-based, so one can access it anytime & anywhere. Though, it’ll alsoupdate you with any changes or updates in the GST system, it saves you from paying penalties. Thus, it is easier for traders to fulfil their GST compliance with such cloud-based software.