GST Compliances
Business Functions & Compliances – Key GST Aspects
On what you pay GSTWhere you pay GSTWhen you pay GSTTreatment of credit notesOn what you get input tax creditOn how much value you pay GSTTreatment of outsourcingWhat are exemptedClassification of goods / servicesTransition provisionsChanges in record keepingDocumentation requirementsNumber of registrationsHow tax is to be computedFiling of returnsAudit requirements
IT Systems – Key GST Aspects
Registration ConfigurationsMaster ChangesTax ComputationConfiguration changesAccounting related changesInput Tax Credit configurationTransactional configurationMIS reportsChanges in InterfacesTransition ReportsReconciliation ReportsDocument FormatsBusiness Rule ChangesCompliance ReportsFiling of returnsAudit requirements
Module Level Changes due to GST
Finance
General LedgersA/c. ReceivablesA/c. Payables Invoicing / BillingVoucher
Procurement
Purchase OrdersInvoicingDebit/Credit notesPricing ConditionsInfo Records
Sales & Distribution
Sales OrderInvoicingPricing conditionsInfo recordsDebit/Credit notesSales Area
Masters
MaterialServicesCustomersVendorsChart of a/c.GL’s
Reporting
Tax RegistersMIS ReportsCompliance reportsStat ReportsInterfaces
Broad Level Changes in Process & Product
GST Returns….some of then
GST Some Food for GST
Back dated entries control vis a vis return filing date (No revised return allowed)Contractual vs Fair Value (IND-AS), ICDSHome-grown applications on old technologies
Goods and Services Tax Compliance Rating
Compliance rating system is one of the new ways of tax administration. This Section states that every taxable person would be rated based on certain parameters. It also provides that the rating would be published in the public domain.
(1) Every registered person may be assigned a goods and services tax compliance rating score by the Government based on his record of compliance with the provisions of this Act.(2) The goods and services tax compliance rating score may be determined on the basis of such parameters as may be prescribed.(3) The goods and services tax compliance rating score may be updated at periodic intervals and intimated to the registered person and also placed in the public domain in such manner as may be prescribed.
Analysis The compliance rating is a unique form of rating the performance of the taxable persons. The parameters which would be considered for performance rating would be as prescribed. Amongst others, the rating of a taxable person would be relevant to determine the eligibility of input tax credit in respect of inward supplies, selection for scrutiny and other administrative / monitoring purposes. This Section provides as follows:
Every person liable to pay GST shall be rated and will be assigned a GST compliance rating score.The rating would be based on his record of compliance with the provisions of CGST, IGST and SGST. The details of parameters and methodology for rating would be as prescribed.The compliance rating score will be updated periodically and will be intimated as follows: to the taxable person; will be placed in the public domain.
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