• About Us
  • Advertise
  • Contact Us
  • DMCA
  • Privacy Policy
  • Follow on Google News
Friday, March 31, 2023
  • Login
1Money Mania
  • Home
  • Corporate
  • Economy
  • Company News
  • Markets
  • Industry Updates
    • Aviation
    • Chemical Industry
    • Education & Training Industry
    • Engineering Industry
    • Fisheries in India
    • FMCG
    • Gems & Jewellery
    • Healthcare
    • Hospitality
    • IT and Services
    • Petroleum Industry
    • Pharmaceutical Industry
    • Railways
    • Software Industry
    • Telecommunications
    • Textile & Fashion Industry
    • Travel & Tourism
    • Auto Sector
  • Banking
  • Finance/Money
  • Start-ups
  • Others
    • Business Events
    • IPO News
    • Bollywood Business
    • Mutual Funds
    • MSME
    • Opinion
    • Real Estate / Infra
    • Technology
    • Young Entrepreneurs
    • Women Entrepreneurs
    • Ministry of Finance
    • Tribal Entrepreneurship
    • Kids Entrepreneurs
    • Marketing
    • Social Media
    • SocialPrenuers
    • Professional Sports
    • Entrepreneur Couple
    • Heritage Entrepreneur
    • Homepreneurs
No Result
View All Result
  • Home
  • Corporate
  • Economy
  • Company News
  • Markets
  • Industry Updates
    • Aviation
    • Chemical Industry
    • Education & Training Industry
    • Engineering Industry
    • Fisheries in India
    • FMCG
    • Gems & Jewellery
    • Healthcare
    • Hospitality
    • IT and Services
    • Petroleum Industry
    • Pharmaceutical Industry
    • Railways
    • Software Industry
    • Telecommunications
    • Textile & Fashion Industry
    • Travel & Tourism
    • Auto Sector
  • Banking
  • Finance/Money
  • Start-ups
  • Others
    • Business Events
    • IPO News
    • Bollywood Business
    • Mutual Funds
    • MSME
    • Opinion
    • Real Estate / Infra
    • Technology
    • Young Entrepreneurs
    • Women Entrepreneurs
    • Ministry of Finance
    • Tribal Entrepreneurship
    • Kids Entrepreneurs
    • Marketing
    • Social Media
    • SocialPrenuers
    • Professional Sports
    • Entrepreneur Couple
    • Heritage Entrepreneur
    • Homepreneurs
No Result
View All Result
1Money Mania
No Result
View All Result
Home Company News

GST defaulting suppliers can cost you a fortune & make your ITC claims more painful

by Money Mania
May 10, 2022
in Company News
0
GST defaulting suppliers can cost you a fortune & make your ITC claims more painful
Share on FacebookShare on Twitter

Why in the news?

The Honorable Gujarat High Court recently remarked while hearing a case in February 2022 related to the GST taxation system, ‘It’s easier for us to reach the moon than to understand the intricacies and policies of the GST system.’The statement is not an exaggeration but a fact, given the cumbersome and highly laborious process to claim eligible input Tax Credit.

You May AlsoLike This

JBSG Consultancy Services: Taking Care of Your Hiring Needs & Financial Support Services Since 2019

JBSG Consultancy Services: Taking Care of Your Hiring Needs & Financial Support Services Since 2019

March 22, 2023
Two unstoppable Indians are changing the world

Two unstoppable Indians are changing the world

March 21, 2023
ART Housing Finance Wins Three Prestigious Awards

ART Housing Finance Wins Three Prestigious Awards

March 11, 2023

Today’s biggest risk that haunts the business world is the non-compliance of the suppliers or vendors you do business with. In a survey carried out by GSTHero (Govt. of India appointed GST Suvidha Provider), Pune, of around 1125+ enterprises, the most common reason that the businesses stated for a laborious ITC claim was the ‘GST Non-compliance’ either by themselves or their suppliers. The survey also noted that these irregularities are draining the profits as businesses are now paying their outward liabilities in cash in place of utilizing the Input Credit.

A recent incident was unearthed in Surat, Gujarat that involved claiming ineligible Input Tax Credit by a renowned firm based on fictitious tax receipts. This scam amounted to Rs. 482 Crore and this was done based on fake invoices. In this case, no supplies from any suppliers were physically received.

These fake invoices were then passed on to further buyers bringing these buyers too under the radar of the GST authorities now.

This incident highlights the need for robust vendor management where enterprises can identify such fictitious vendors and mitigate the risks beforehand. This is especially true for enterprises involved in cross-industry vendor engagements. Automating their GST related tasks shall save a lot of time, and claiming eligible Input Tax Credit won’t be as difficult as it seems when done manually.

Consequences of GST notices

Frequent errors in the GST return filing and claiming of ineligible ITC may put your business under the radar of the GST department. In addition, many taxpayers are receiving GST notices in 2022 for their irregularities in GST return filing in FY 2018-19. Hence, businesses must adhere to the GST laws, but even if they do attract a GST notice, they should have all the supporting documents to reply to the GST notices.

If a satisfactory reply is not furnished to the GST notice, the GST official has the complete authority to suspend or even cancel your GST registration after due scrutiny. Reputational loss to your business can affect your goodwill and take a toll on your profitability.

GST filing ecosystem can protect your business

GST return filing and other allied activities are closely dependent on each other. Therefore, when businesses opt for a GST return filing software product suite they are at a lower risk of non-compliance with GST laws.

To stay compliant with the dynamic GST laws, businesses must have an efficient technology infrastructure that enables taxpayers to perform all the related GST activities in one place whilst staying 100% compliant with the GST laws.

Mitigating risks at an earlier stage

Risk Mitigation is not left optional anymore for the stable sustenance of your business; it has become more essential than ever.

With the increase in the number of dubious transactions, counterfeit invoices and growth in the volume of transactions, it can be challenging to stay 100% compliant with all the GTS laws & regulations.

Hence, it is helpful when businesses have a GST service provider in place to identify the red-flagged areas and take positive actions upon them to minimise the impact as much as possible.

GST – Way ahead

GST is a complicated affair with multiple intricacies, but this is the taxation system that will lead India towards a better tomorrow. It’s the taxpayer’s responsibility to make their GST return filing infrastructure as user-friendly as possible. Bringing in more and more automation in your GST return filing process will ease the return filing processes and keep a check on the GST defaulting suppliers.

GSTHero’s GST returns filing automation suite has helped thousands of small & medium-sized businesses to 100% comply with the GST laws and claim eligible Input Tax Credit without any hassle. GSTHero, a Government-appointed GST Suvidha Provider (GSP), has complete transparency and authenticity in the GST data fetched directly from the GSTN portal.

Stay aware; stay compliant!

GST defaulting suppliers can cost you a fortune& make your ITC claims more painful

About the Author– GSTHero– Making GST Simple! GSTHero is the best GST filing, ITC reconciliation, e-Way Bill Generation, e-Invoicing and GST notice management software in India. GSTHero is a government authorized GST Suvidha Provider. Both Businesses and Tax Practitioners can file GSTR 1, GSTR 3B, GSTR 9 and GSTR 9C with all supporting reports. 1 Click Auto Reconciliation & report-matching feature helps you in claiming up to 100% ITC and finds your GST Defaulting Suppliers. GSTR2A vs GSTR-3B, GSTR-1 vs GSTR-3B, ‘GSTR-1, GSTR-2A & GSTR-3B’ annual report matching is also provided by GSTHero.

Tags: e-Invoicinge-Way Bill GenerationGSPGSTGST notice management softwareGST noticesGST return filing softwareGST returns filingGST Suvidha ProviderGSTHeroGSTHero's GST returns filing automation suiteITC reconciliationPune
Money Mania

Money Mania

Related Posts

JBSG Consultancy Services: Taking Care of Your Hiring Needs & Financial Support Services Since 2019
Company News

JBSG Consultancy Services: Taking Care of Your Hiring Needs & Financial Support Services Since 2019

by Money Mania
March 22, 2023
Two unstoppable Indians are changing the world
Company News

Two unstoppable Indians are changing the world

by Money Mania
March 21, 2023
ART Housing Finance Wins Three Prestigious Awards
Company News

ART Housing Finance Wins Three Prestigious Awards

by Money Mania
March 11, 2023
ART Housing Finance (India) Limited is Great Place to Work Certified™ for 2nd consecutive year
Company News

ART Housing Finance (India) Limited is Great Place to Work Certified™ for 2nd consecutive year

by Money Mania
February 20, 2023
Dubai-based, Global Market Insights IT Services LLC, subsidiary of Pressure Sensitive Systems (INDIA) LTD bags 35 crore deal from Laddu Gopal Venture LTD
Company News

Dubai-based, Global Market Insights IT Services LLC, subsidiary of Pressure Sensitive Systems (INDIA) LTD bags 35 crore deal from Laddu Gopal Venture LTD

by Money Mania
February 18, 2023
  • Trending
  • Comments
  • Latest
Now our E-store India has become an international company

Now our E-store India has become an international company

November 1, 2022
Nilesh Jedhe –Cryptocurrency trainer and founder of Digicorp Pvt Ltd rising high by imparting trading knowledge

Nilesh Jedhe –Cryptocurrency trainer and founder of Arweave Digicorp Pvt Ltd rising high by imparting trading knowledge

June 4, 2022
Archana Jain Talks About Her Biggest Project of 2023

Archana Jain Talks About Her Biggest Project of 2023

January 30, 2023
Incomet Learning Private Limited, Incomet learning, Stock Entrepreneurs Program, Share market, Price Action Trading courses, financial education, Kanishk Gupta, Share market preparing Fundamental examination, Stock Market Training courses, stocks and tradings

Willing To Master Stock Market? Incomet Learning Program Is Here For You

June 6, 2022

PrivateCourt is all set to revolutionize the concept of Online Dispute Resolution

1

FTV brings their First Beauty Pageant to India

1

Maxworth Realty Reviews – Impact of Covid In Real Estate Sector

1

Nine Mantras for Happiness And Success

1
Custom home construction company jade homes

Founder of Jade Homes Arnab Ghosh made home construction easy and in your control

March 30, 2023
Elante Group Launches USD 5 mn premium housing project in Gurugram

Elante Group Launches USD 5 mn premium housing project in Gurugram

March 30, 2023
Kingston Technology Tops List of Supplier Channel SSD Shipments in 2022

Kingston Technology Tops List of Supplier Channel SSD Shipments in 2022

March 29, 2023
Sakif Shamim Person of the Year

Sakif Shamim Person of the Year

March 27, 2023

Categories

  • Agriculture & Allied Industries
  • Artpreneurs
  • Auto Sector
  • Aviation
  • Banking
  • Bollywood Business
  • Business Events
  • Chemical Industry
  • Company News
  • Corporate
  • Cryptocurrency
  • E-Commerce
  • Economy
  • Education & Training Industry
  • Edupreneur
  • Energy Sector
  • Engineering Industry
  • Entrepreneur Couple
  • Entrepreneurial Network
  • Finance/Money
  • FMCG
  • Gems & Jewellery
  • Healthcare
  • Heritage Entrepreneur
  • Homepreneurs
  • Hospitality
  • Industry Updates
  • Inspirational
  • Insurance
  • Interviews
  • Investments
  • IPO News
  • IT and Services
  • Kids Entrepreneurs
  • Marketing
  • Markets
  • Ministry of Finance
  • MSME
  • Mutual Funds
  • Opinion
  • Petroleum Industry
  • Pharmaceutical Industry
  • Professional Sports
  • Railways
  • Real Estate / Infra
  • Social Media
  • SocialPrenuers
  • Software Industry
  • Start-ups
  • Technology
  • Textile & Fashion Industry
  • Transport Business
  • Travel & Tourism
  • Tribal Entrepreneurship
  • Women Entrepreneurs
  • Young Entrepreneurs

Recent News

Custom home construction company jade homes

Founder of Jade Homes Arnab Ghosh made home construction easy and in your control

March 30, 2023
Elante Group Launches USD 5 mn premium housing project in Gurugram

Elante Group Launches USD 5 mn premium housing project in Gurugram

March 30, 2023

Calendar

March 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Feb    

Menu

  • About Us
  • Advertise
  • Contact Us
  • DMCA
  • Privacy Policy
  • Follow on Google News

1moneymania.in is a digital platform that brings you the news, articles, stories, success mantras and opinions of entrepreneurs from various sectors like Markets, Corporate Sectors, Industry, start-ups, finance, money, Banking, Technology, Real Estate, etc.

We are also highlighting the start-ups’ stories and encouraging the new and small entrepreneurs.

  • About Us
  • Advertise
  • Contact Us
  • DMCA
  • Privacy Policy
  • Follow on Google News

© 2022 Money Mania

No Result
View All Result
  • About Us
  • Advertise
  • Contact Us
  • DMCA
  • Home
  • Privacy Policy

© 2022 Money Mania

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In