It’s been almost a year since GST was implemented. GSTN validation and tax claim have been, so far, proved the two such challenges with which business fraternity is struggling. Even CBIC member John Joseph admitted that not only SME, but big and multinational companies also making mistakes in return filing. Thanks to IT companies which have, finally, found the solution for GSTN validation and input tax credit claim. Now it would be easy to validate the GST Number as well as claim your input tax credit.
Putting more light on it Rajesh Gupta, CTO Busy InfoTech, said, “Still many small entrepreneurs themselves manage their accounts. The biggest challenge, they have faced during one year of GST implementation, is GST validation. Every month when they file return, they found some of the GST numbers invalid.”
GST number can be shown invalid due to certain reasons. One obvious reason is spelling error. It is difficult to differentiate between English vowel I, O and numeric 1 and 0 (zero). Mr. Gupta informed,” To deal with this problem Busy bring the new feature in its software. Now you can validate any GST number through this software easily. You have to just enter the GST number in this software and it will tell you whether the number is correct or not. Not only this if the number is valid, it will also show that when and by whom that GST number has been taken.”
The second big challenge is related with Input Tax Credit Claim. At the end of the month when you go for input tax claim and face rejection, you will obviously feel embarrassed. In many such cases it has been found that your vendor or supplier has charged GST from you, but he didn’t deposited the same in his return. If you are dealing with multiple vendors than it is really become a big task to find out which vendor haven’t filed GST in his return.
Now this task has also been made easier through Reconciliation feature in Busy software. What all you have to do, mere enter the GST number of your vendor in Busy and download the summery. And it will show you whether that vendor has filed his return or not.