Bengaluru-based fintech platform ClearTax has announced a 'Quick GSTR-9' product for GSTR-9 compliance
It has been two years since GST has been implemented in India. The deadline for filing GST annual returns is approaching fast. To file the GST return with less complexity, Bengaluru-based fintech platform ClearTax has announced a 'Quick GSTR-9' product for GSTR-9 compliance. This product is tailored for less complex businesses to help them finish filing GSTR in just 10 minutes. it can populate the GSTR-9 returns form using the GST portal's auto-computed GSTR-9 summary and the data from GSTR-3B filed by business; resulting in 5 times more productivity improvement as compared to the portal itself.
As per ClearTax, tax consultants have more than 50 businesses for which they need to prepare and file GSTR-9. It is a complex and time-consuming return form, and tax consultants are struggling to put together the information required for their clients. Since the deadline is approaching fast, businesses and tax practitioners are pressed for time to finalise their GST return. They need to focus on current financial year compliance as well. Smaller businesses have fewer transactions and their filing should be simple and less complex. Hence to file GSTR-9 quickly for complex businesses, ClearTax has launched a new product in its GSTR-9 module.
The Quick GSTR-9 product helps to claim ITC as per GSTR-3B and by comparing with GSTR-9 auto computed values. The ITC amount automatically captured in the Quick GSTR-9 form. The values computed under GSTR-9 is taken from GSTR-1.
Another additional feature that the 'Quick GSTR-9' provides is that it has specifically tailored a reduced version of Cleartax's 5-point checklist to help a faster review for a CA or tax consultant.
The due date for filing GSTR9 for the financial year was extended to June 30, 2019, by the government.
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