There has been a steep rise in the number of GST notices being issued by the GSTN lately. And businesses are going through a tremendous pressure of facing GST Audits and litigations in the past few months.
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Need of the hour
1 Evolving GST Law:
The GST law has been evolving since its introduction. There have been due date changes, discontinuation and introduction of new forms and returns, introduction of new compliances like e-way bill and e-invoicing, inter-linking of various compliances, provisional ITC introduction and gradual removal and a lot more.
2Businesses are not prepared:
For all these years, businesses were busy saving ITC and are clearly not prepared for this. Businesses need to prepare for every GST notice keeping in mind the changes over the years and also understand every minute detail pertaining to departmental Audits and Litigation under the GST umbrella.
3Huge repercussions of slippages:
Companies need to ensure they are well-prepared to defend their case. It is imperative to collate, maintain and validate data required for departmental audits on a proactive basis because any slippage here can cause heavy penalties and loss of critical working hours.
4 What needs to be done now?
Businesses need to keep track of all the actionable – notices, due-dates, cases, hearings etc., monitor the preparedness and progress of the litigations on a regular basis and maintain all the information/documents at one source to face litigations