GST Return Filing Process- Understanding Challenges and Solutions

GST Return Filing Process- Understanding Challenges and Solutions

Rithu Rajdevan Ezhuthachan

Under the guidance of Dr Sujata P Deshmukh

Indira School of Business Studies PGDM Tathawade, Pune – 411033

Executive Summary

During my internship at Chaudhari Associates, I was tasked with a range of responsibilities centred on financial analysis and compliance, particularly related to Goods and Services Tax (GST). I organized and input bank transaction data into Excel, ensuring accuracy and completeness in financial records, ensuring accuracy and completeness in financial records.

Conducted a comprehensive study on the impact of GST on the Indian construction industry, exploring its benefits to the economy, businesses, industries, and consumers. Challenges Identified were managing a high volume of transactions. Compatibility issues with accounting software and GST portals. Technical glitches and reconciling discrepancies. Adapting to frequent updates in GST regulations. Limited access to dedicated GST expertise for small and medium-sized businesses. Strict filing deadlines and the impact of consultant engagement on operational costs. Potential legal issues arising from non-compliance.

Proposed Measures was Specialized training programs for stakeholders in the construction industry, Regular review and analysis of GST policies, Implementation of educational campaigns to enhance GST understanding, Regular updates to business policies and procedures, Timely filing of GST returns and rigorous compliance monitoring, Active participation in feedback mechanisms to improve the GST system. These measures aim to address the challenges identified and enhance the efficiency and effectiveness of GST compliance and management within the industry.