Compliances GST & Income Tax

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