Watchout: Payment Patterns may Change after GST

With GST one of the biggest change in habit would be that accounts need to be maintained regularly on a daily basis and the pressure on compliance would then become much lesser because then it becomes a normal activity. If the accounts are not being maintained regularly then it could end up being a high-stress activity. If you look at the number of compliances, the number of reports that a company needs to regularly file- there are primarily three reports GSTR- 1, GSTR- 2 and GSTR-3. The first return is due on 10th of every month after which you will need to reconcile what everyone else has filed about you by the 15th of every month. Then there is an […]