Why does GST return compliance matter?
Filing GST returns is essential as non-compliance and delay will end in fines and affect the compliance rating and convenient returns. GST Return Compliance is a report comprising of details of income which a taxpayer is obligated to file with the tax administrative authorities. This is handled by tax authorities to determine the tax obligation. Under GST, a certified dealer must file GST returns that cover: • Purchases • Sales • Output GST (On selling) • Input tax credit (GST gave on shopping) To file GST returns compliance , GST compliant business receipts are needed. Importance of GST returns compliance When you have a low rating, other prospective business partners may not want to enter into a business relationship with you. This may lead to a missed opportunity. For example, a dealer who is considering a purchase from two different vendors will definitely favour the one who has a higher rating as they could incur more expenses in the long run, when dealing with a