At least not all three!
Word is out that a one-pager GST return-filing is being worked upon by the government and that is great news for your business.
Why? Because filing three returns every month isn’t the easiest thing to do. Also, in the current GST regime, fraud Input Tax Credits are being flung around like confetti.
What must you do to ensure you engage in fair trade? Read on.
One Tax - One Filing
You may not have to file multiple returns when filing your GST. You may only have to file one form every month. Also, the earlier automatic system-based matching would be replaced with a semi-automatic matching where the seller would upload invoices and the buyer has to verify the invoice.
Input Tax Credits Fraud
The one-return filing and invoice locking system comes after the recent input tax credit fraud in Mumbai. Two directors of steel trading firms were held for Rs.7.2 CR tax evasion.
If you thought GST is a bad idea...
You must know that the government’s tax collection was high up at Rs.1 Lakh Crore - the highest collection till date since the implementation of GST.
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