steps to file gst returns

Introduction The GST regime is very different from the previous indirect tax regime, in more ways than one. However the biggest difference is in the nature of compliance, which has undergone a major change. In the previous regime, it was not mandatory for a buyer or supplier to reconcile their invoices before filing onto the government’s systems. Under GST, a buyer will need to reconcile inward supply invoices with the outward supply of their vendor to be eligible for input tax credit before filing periodic returns. In case a buyer today, files the tax returns without reconciling with his supplier, he will be carrying a risk of loss of Input Tax Credit (ITC). Given that ITC is of crucial importance […]