The possible consequences for these businesses if maintaining their existing desktop GST compliant accounting software is for them to accept any data mismatch found from GSTN portal errors download thus maximising the likely GST payable instead of correcting them. The issue with this action is the business GST ledger will not reconcile with the details filed with GSTN portal and again data mismatch if an audit is later found.


One may think then to register for GSP services direct to save on cost but again the facilities will be no difference to that of GSTN portal file upload without the artificial intelligence inbuilt to enable for online errors correction Cheap George Hill Shirt , ledger reconciliation and electronic records of your reports to be filed to GSTN which may be called upon if an audit is required. The functional services of the GSP are a replica to that of the GSTN portal for tax payers. Its sole purpose is to enable for direct online linkage with other accounting software providers and lessen the connectivity pressure to that of GSTN portal if all software and tax payers were to interact for reporting and support. This accounting software if online would facilitate data manipulation and push back for electronic filing and record keeping.


GST registered businesses must file at least 3 GST reports per month and an annual return to GSTN. The process of data collection and data management for use in the preparation of GST reports must be systematic perhaps even at point of sales for both buyers and sellers to minimise the time consume and any possible mismatch. For bigger businesses, data collection and compliance reporting process is generally managed systematically and by their own in house accounting team but the luxury of such system is not likely to be available for most if not all smaller business whose compliance reporting is prepared by the engaged GST practitioner or their local public accountant as an extended service to their business who may have more up to date knowledge on GST and its reporting requirements.


To ensure higher level of transparency is achieved, auditors Cheap Kevin Love Shirt , accountants and GST Practitioners are encouraged to provide basic GST training for their clients to manage data collection on sales and purchases which will in turn assist them when preparing the GST reports for electronic filing to GSTN.


With adequate training on GST, both practitioners and business can detect errors within the software which has inbuilt errors data download capability and correction adjustments, thereby preventing possible future incoherencies and saving man-hours.


Inadequate knowledge of how to prepare a GST ledger for online reporting purposes will result in an improper treatment of books of accounts which is tantamount to irreversible consequences. Recent incident where a small retailer neglected to report Rs15 in the GST report filed to GSTN was heavily fined at Rs 20 Cheap LeBron James Shirt , 000. As part of the GST legislation, every registered taxable business is required to keep record of their book that coherently shows the statement of cash and tax credit either by cash, cheque or by bank transfers for at least 60 months. Failure to keep and maintain accounting records of their business transactions that were recorded in the filed GST reports Cheap Kyrie Irving Shirt , will lead to undesirable consequences.


Accounting transactions under GST without a GST ledger is like ending the financial year without auditing your business to ensure accuracy and absence of loopholes. Businesses are encouraged to take up GST preparation software to maintain their books and get adequate basic GST training to minimise the chance of getting undesirable attention from the tax man.


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