Video Transcription

Today let us see what are the things that a business requires to be GST ready. 

GST launches on 1st of July and here is a list of things that H&R Block has compiled for you to be ready for GST.

  • First is Understanding compliance requirements: Under the GST regime businesses will have to
    1. File as many as 37 returns each year
    2. The GST composition scheme that exempts businesses from paying high rates of taxes will apply to specific small businesses that operate within a state and have a turnover below Rs 75 lakhs
    3. Separate returns will apply to input service distributors, e-commerce operators and some other businesses
    4. Businesses operating in more than one state will need statewise GSTIN registrations

 

  • Second is to Set up the internal processes to ensure compliance since
    1. GST filings of supplier of goods or services will be matched with those of the purchaser
    2. Input tax credits will depend on these matching
    3. Automated system of matching under GSTN and reversal of input tax credits will require strong internal control systems

 

  • Third is Training staff and vendors in your network for GST requirements:
    1. Input tax credit system will work effectively only when everyone files returns, registers under the GSTIN and passes on the credit at each stage.
    2. Government has set up the GST Common Portal where one can learn all this. Accounts and finance departments also need to upgrade their ERP systems to meet the GST requirements.

 

  • Fourth is Having the right machinery, expertise and resources to manage GST return filing and handling all complex compliances is necessary. At H&R Block we have a team of experts who can help you with all your GST requirements.

We hope you found this useful. For more information on such topics visit hrblock.in

  • Share: