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