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Compliances GST & Income Tax

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Veera Veera

204 Points Posted on 03 November 2021

1) GST Compliance is more compared to VAT

GSTR-1 Return: By 11th need to be filed, with detailed B2B & B2C, HSN Summary, Invoice Summary etc...

GSTR-3B Return: By 20th need to be filed, ITC as per GSTR-2B should be complied.

If we file late, then Late Fees, Interest etc...

GSTR- 9 & 9C Forms for Applicable Taxpayers

2) Income Tax Returns should be as per 26AS & now Annual Information Statement

Still moremore compliances TDS, TCS...

Normal Businessman & New entrepreneurs how they will manage regarding the compliances.

Even Loans also, entrepreneurs will face a lot of issues with banks for the documentation purposes & Sanction of loan.

"Why the Government is doing like this"

✅ GST collection for Oct. 2021 registered 2nd highest since implementation of GST
✅ ₹1,30,127 crore gross GST revenue collected
✅ Revenues 24% higher than GST revenues in same month last year & 36% over 2019-20

Read more ➡️ https://t.co/OpH4B0rmtQ https://t.co/gOgElSHAmk

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Quick Summary

This discussion highlights the increasing complexity of GST and Income Tax compliance for businesses, particularly for new entrepreneurs. It details the stringent requirements for GST returns (GSTR-1 and GSTR-3B) and the need to reconcile with GSTR-2B, alongside Income Tax return filings based on 26AS and the Annual Information Statement. The burden of these compliances, including TDS and TCS, can create significant hurdles for business operations and loan applications.