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Managing GST Return Payments Across Multiple Business Units: Best Practices
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GST payment management for multiple business units requires tedious tasks such as keeping financial records and complaining about strict deadlines. With an organised approach and the help of the available technology, you can do it without much hassle.
GST bulk filing means submitting multiple returns in one go instead of submitting individual returns.
The Maker-Checker facility has a two-step transaction process - the first is initiating the transaction, and the second is confirming. Both require you to stay logged in to your Kotak Net Banking account. The two-step authorisation process makes it highly secure.
Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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GST, or Goods and Services Tax, was introduced in India as a replacement for indirect taxes, like excise duty, VAT, and services tax. The act came into effect on July 1, 2017. Since then, all businesses operating in any state or Union territory have been assigned a unique GST Identification Number, which we popularly call GSTIN. While the separate GSTIN for each business and digital facilities make GST return hassle-free, managing the same for multiple business units can be difficult.
A business can have a multi-state operation and have dedicated units for each state. It simply means handling various locations, multiple documentation procedures, and a lot more effort and time overall. All said you can efficiently and smoothly manage GST return payments for multiple business units with the right strategies and practices; this article aims to guide you through the same!
The Do’s and dont’s of GST Return Filing for Multiple Business Units
Taking a step-by-step approach from the very beginning is one of the best practices you can follow. The integration of technology into the taxation system has made it easier. Here are some the strategies and suggestions that you can follow to make the process completely hassle-free:
Systematic Financial Data Organisation
Organising financial data in a systematic way involves separately categorising and storing the financial documents, records, and receipts of all the business units. Keep a consistent file naming system and dedicated organised folders to access information quickly when needed. You can create categories based on the transaction type, such as sales, purchases, expenses, and so on.
This way, you will have a well-structured overview of the finances of all your business units and have an easier time monitoring the financial performances throughout the year.
Utilising Bulk GST Return Filing Technology
Filing separately for each GSTIN is mandatory, but it can be a daunting task. It will require you to go through the same procedures many times, creating the scope of multiple errors. Bulk GST filing can be the much-needed solution here. Is that possible? Very much so with available technology.
It refers to the process of submitting multiple returns for multiple GSTINs in one go. It is highly beneficial for businesses with multiple GSTINs or businesses handling high transaction volumes. With bulk filing, a business can streamline tax compliance, reduce required time and manual work, and minimise errors.
Enhancing Payment Security
Relying on a secure online payment mode is crucial, especially when you are filing GST return payments for multiple business units. The payments should be authorised correctly, there should be no risk of unauthorised payments, or there should be no risk involved. For instance, you can check out the Maker-Checker facility when making your GST payment.
This advanced tool allows you to cross-check all your online transactions and, thus, prevent your business from facing any errors or fraud. The tailor-made features let you set transaction limits. It is available 24*7 to ensure maximum convenience when you are in a hurry to fulfil your GST liabilities.
The Maker facility is for initiating the transaction with the respective payment details, and the Checker facility is for reviewing and authorising the transactions. How do you get started with the Maker-Checker facility?
The steps to follow for initiating the Maker facility are:
The steps to follow for initiating the Checker facility are:
Maintaining a Compliance Calendar
Non-compliance with GST can turn out to be an critical mistake. As much as we try to remember important dates, forgetting something is easy. Since you cannot afford to miss out on your GST filing dates, a compliance calendar becomes a significant tool. Keep all the deadlines for all your GST payments, payment schedules, and any other information marked on the calendar. Set up reminders. This calendar will ensure you complete all transactions and meet your tax obligations within the deadlines.
Summing Up!
Use smart strategies to streamline GST return payments for multiple business units, saving your effort and time. Take advantage of Current Account features like Kotak’s Maker-Checker facility to secure your payments. Stay on top of the deadlines and keep a close eye on any updates on GST regulations.
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