#1 siness transactions that w by DMT11 30.08.2019 04:50

ment and the tax payers to facilitate the data matching process. The tax system with intended data matching functionality however will not efficiently work with existing desktop software where majority of businesses previously use to manage their sales and purchases even with the GST compliant upgrades due to the direct and vigorous online data matching required in the reporting process. Business will either need to use cloud based GST preparation software which has inbuilt connectivity with GSP services for continuous mismatch data download to perform online data correction and reconcile the ledger or risk the opportunity to identify for all data mismatch Cheap Thomas Vanek Shirt , attend to reconcile the errors and the books, consequently facing heavy penalties imposed as a negligence to comply with GST legislation.

India to date has over 70% of businesses utilising desktop accounting software to manage their business transactions and records and most if not all of these businesses have over the last few months upgraded their desktop accounting software to GST compliant versions in preparation for GST reporting deadline with their accountant鈥檚 support. Unfortunately, these businesses will soon find out the inefficiencies of the desktop accounting software when handling data mismatch and electronic filing process.

The possible consequences for these business if maintaining their existing desktop GST compliant accounting software nope for them to accept any data mismatch on GSTN thus maximising the likely GST payable instead of correcting them. The issue with this action is that the business GST ledger will not reconcile with the details filed with GSTN and again data mismatch if an audit is later found.

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