Due to the globalization of businesses and the world becoming a united marketplace, the need for effective GST data entry solutions have surfaced. GST Data is one of the most important parts of any company. In order to have reliable data handling, obtaining services from a data entry company helps.
In today’s market, data entry solutions for different types of businesses are available at very competitive prices. An increasing number of companies are turning to data entry outsourcing services. Hiring outsourcing companies for outsourcing addresses the challenge of obtaining better work quality from qualified professionals in a cost-effective and timely manner.
When an organization grows, it has to face many issues related to employees, their benefits, keeping pace with new technology, employees’ healthcare, having the latest business information, and so on. When a company outsources some of their responsibilities, many of these issues get resolved automatically. The same holds true for GST data entry service.
E-governance program in the tax compliance domain by Govt. of India to verify tax payments are growing complexities requires a large amount of data and well-timed compliance. Delayed compliance/ Non-compliance or furnishing incorrect particulars now can be easily traced and hence attracts serious penalties.
GST Regime Demands Huge Data and Never Lets You Relax
- GST Regime requires each business to be on its toes and never gives you a chance to relax. Why?
- It will be harder for the Small and medium businessmen as the compliance work increases and a significant number of them don’t know about the most recent technologies. Each dealer has to file monthly 3 returns and 1 annual return which make total 37 returns to be filed yearly and has 4 due dates each month and spread throughout the month.
- Return filing is obligatory for everyone with a GST registration regardless of the profit or turnover and even cases of zero monthly business.
- GST has 4 due dates each month i.e. GSTR-1: 10th, GSTR-2: 15th, GSTR-1A: 16-17th, GSTR-3: 20th
- GSTR-9 yearly Return on 31st December in the following financial year and GSTR-9B in audit cases.
- Now, this is never-ending and ever-demanding exercise of submission of sales, purchase & tax data.
The Penalty for Late Filing of GST Return
- A penalty of Rs.200 per day is levied for late filing subject to INR 5000 for every GST return.
- If you weren’t able to file a GSTR-3 return on the 17th, then you cannot file a GSTR-4 return on the 20th. Therefore, if you file GST return late, it’ll cause a cascading impact, leading to serious penalties.
- If GST return for any month has not been filed, then GST return for the subsequent month cannot be filed.
The Penalty for Errors Committed by Oversight
Indeed, even without any intent of tax evading, if the merchant makes a genuine mistake, making short payments, he needs to pay a penalty of 10% of the tax sum due subject to at least INR. 10,000.