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GST Software Provider: The Taxation Glitches need to be Ironed Out

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..... GST Software Provider: The Taxation Glitches need to be Ironed Out - By: - Priya Sharma - Goods and Services Tax - GST - Dated:- 20-3-2018 - - The difficulties in the new taxation regime have resulted in the reduction of the taxation revenue. The government marked the month of September after which the revenue started hitting the bottom. As the loss cannot be ignored, the government has ass .....

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..... ured the sustenance of the taxation processes like return filings and e-way billing. During the roll-out, the serviceableness of GST was not in its optimum state and hence toppled. However, the records show that the GST collections averaged around INR 90,000 till the month of September 2017. Not only had the taxpayers of the nation, but the IT industry also suffered due to the varying tax rates .....

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..... and processes of the Goods and Services Tax Act. With the government making changes every now and then, the software providers also have to follow the same to set the tune. Since the IT sector holds an absolute accountability in the rise of the registrants in the regime, it requests the government to implement the changes quickly and terminate the process. The IT sector is responsible for the adv .....

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..... ent of software in the taxation world. It provides a great ease in doing taxation to the taxpayers. Noteworthy advancements by GST software provider The GST software, since the beginning, has coped well with the people helping them to do the taxation the easy way. And it has also developed an astounding market worth of millions. But no business wishes for damages. Recently, the Indian IT s .....

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..... ector has witnessed a slight decline in the profit margins. Analysis declared evolving GST the reason behind the reduced revenue. Here s how software made the taxation regime simpler: Time and cost-effectiveness- With the help of GST software, the taxpayers have been able to cut short the tediousness of the entire regime. Otherwise, the businesses would hire tax consultants adding a huge cos .....

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..... t to the company. And if done manually, the compliance would take time more than expected that resulted in the focus cutback in the core competencies. Automated processes- Every GST software comes integrated with a high-end technology. Such advanced technology requires the least input from the taxpayer s end. The user is not required to fill those details again that have already been fille .....

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..... d in the past. This reduced the taxation strain from the shoulders of thousands of businesses. High-security- The people, in the beginning, weren t even ready to trust the third party software providers. The taxation involves the sharing of the personal documents of high-importance. No business would take the risk of their documents being manhandled. But after the software providers took c .....

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..... omplete responsibility for the breach of any sort, the taxpayers started taking their assistance and the number of filers increased. The GST software provider, with its advanced technology, have been able to change the perception of the taxpayers towards the taxation. And it brought good fortune to both the IT software provider and the government. The enforcement along with an inspection .....

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..... Highlighting the positive aspects of the Goods and Services Tax Act, the government officials chew upon the factors that are hindering the regime s growth. The government has planned to enforce measures that could make GST compliance easy. For that matter, the e-way bill has been implemented and over hundreds of goods and services exempted. Still, there are few pressing issues that have bee .....

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..... n curbing the potential of the new taxation regime. The taxpayers complained about the delayed update of the tax payments on the GSTN portal. And most importantly, the blockage of the refunds have enraged the people the most. There are several other issues like multiplicity in the registration that is to be observed and made centralized. Conclusion Although the compliance issues have lesse .....

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..... ned, the need to streamline new inclusions in the regime like e-way bill still exists. As of now, the return filing is the only mechanism in GST regime that has breached by the fraudulent measures. So, the auditing of the return filing mechanism needs to be made sturdier. And besides the fact that the government aims to stop evasion, it has also increased focus on the improvement of tax revenues. .....

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..... With that said, the government has assured that the processes will be simplified soon. - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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