Get Ready Businesses, GST Returns and Invoices Matching is about to Start

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Every now-and-then, we get the update about India’s biggest tax reform GST (Goods and Services Tax). The most recent in this series is a notification from the government sources. It says: the process of matching GST returns and invoices is going to start soon as the IT support for GST measure is now stable, and the government wants to focus on the extent of taxes due after implementing GST back in the month of June.

The sources also said that the revenue position is comfortable after introducing GST, and the government strives for making this new tax regime more user-friendly and taxpayer-centric. 

How are returns matched with invoices?

Under the GST framework, both GSTR-1 and 2 returns are matched with a consolidated monthly return GSTR-3 that contains all the details of tax liabilities. Matching of these returns can justify the taxpayers’ claims. Due to technical glitches that had impaired the Goods and Services Tax Network (GSTN), the government had to extend the last date for filing returns several times. Since then, the GST Council has taken several measures to ensure the system’s stability. Recently, the technology provider Infosys has fixed all the glitches, and now the system is ready to handle all three returns of the taxpayers. The government’s decision to match returns with invoices gives a strong message of normality to the business community and boost confidence of both traders and industrialists. Steadily increasing number of returns is a reflection of the government’s promise to hand-hold the taxpayers.  
Recently, we have seen sharp rate cuts of almost 200 items in the favor of consumers. That’s not all. The GST council has taken a series of steps for eliminating the anxiety of business persons regarding GST implementation. All these happenings indicate that the GST will soon strengthen its presence in the Indian trade and economy.

Concluding lines :

GST receipts, including cess, have crossed INR 95 crore mark in October. Though initial hiccups in the IT system and uncertainty associated with GST had created concerns over the revenues, we can now hope that the system’s stability will garner a mammoth revenue over the period. 
If you have any query related to GST and business accountancy, Munimji is your right partner. Visit our website to know more about our comprehensive training programs and hiring accountants.
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