Every business after the GST is getting prepared by collecting the essential documents, hiring the accounting professionals or understanding the processes by attending the seminars and workshops organized by the Government. There will a chaos at the end of the every month when the millions of invoices will be uploaded and given to the government for verification. That’s the reason. Government has appointed GSTN which is a non-government, non-profitable organization which seek all the invoices generated by the businesses and stakeholders. Under this, there are several organizations including TCS who takes care of all the IT infrastructure under the GST. In this post, we discuss the importance and work that is conducted under the GSTIN. Take a look.
Liability to Pay Tax under GST
Before moving forward, we must be very clear that who is liable to pay tax under the GST. Here is a list of all the entities need to pay GST:
- Individual dealing with the supplies of goods and services
- Individual registered under GST and making payments under reverse charge mechanism
- Individual registered under GST and his tax is deducted in the form of TDS
- Individual registered under GST and dealing in e-commerce
Services Provided by GSTIN
There are certain services that are provided by the GSTN in order to simplify the tasks of the businesses, companies and organizations. They conduct:
- Return filing and processing
- Payments under GST via payment Gateways
- Integration with Banking system
- Ledger management
- Tax authority account
- Taxpayer management including information, account management, notifications, and status tracking
- Availing Input Tax Credit and the reversal if ITC
- IGST settlement
- Processing and reconciliation of GST
- Provides training to taxpayers and stakeholders
- Conduct research and
- Best practices
The entire GST process, whether the taxpayer file taxes, uploading of invoices, from any other GST website, it will indirectly be handled by the GSTN. However, all the other GST investigations shall be conducted by the tax authorities of State and Central Governments. It is the choice of the taxpayers which mode of payments they want to select either directly the GSTN or through other websites.
Benefits of GSTN
There are enormous benefits of GSTN for the government as well as for the people registered under GST. GSTN is a single common portal which is designed to provide all the GST related services such as generating invoices, uploading invoices, auto drafting, purchase details of the buyer, GST return filing, Tax payment by creation of Challan, Cash Ledger, Credit Ledger, and Liability Register MIS reporting for tax payers. One of the best things about GSTN is that it is accessible over the Internet and Intranet. The various websites of GST provides GST tax calculator and GST software which is connected to GSTN to makes sure it gives you authentic GST rates and latest news and updates.
Drawbacks of GST
Although GST regime is all set to provide the benefits to the taxpayers, citizens of the India, there are still some drawbacks that the Government needs to look at in order to improve the system and management. There are some economist that say the GST will be having a negative impact on some sectors including the real estate. Also, they say that CGST is the new form of central, excise and service taxes. If we talk about the GST rates, there are some sectors which will get affected such as clothes will become expensive after the GST.
If you are looking for an easier and simpler solution to pay taxes and upload invoices, register on any GST compliant website and simply the tax related processes. You will also get to use GST tax calculator and HSN code finder to clarify any doubts rearing the rates and codes required for the various products and services. This way you’ll be able to relax and focus more on your business.