ClearTax, a Bengaluru-based fintech that offers tax, finance & compliance solutions, has launched a new ‘GST Health Check’ tool.

This tool generates a detailed report of a business’s GST health and provides data-backed GST insights to businesses which could be used to claim an accurate input tax credit, reduce the risk of penalties, avoid late fees and government notices.

The tool was created to capture the market’s need for a comprehensive GST compliance report and developed primarily to simplify the process of identifying gaps in GST returns for the financial year.

The ‘Health Check’ tool generates various reports that will help simplify the GST filing process. It will show the user the filing status of the GST returns for the previous 6 months. Apart from this exhaustive history, it will also provide a comparative analysis between the various reports such as GSTR-3B vs GSTR-1 (tax difference on monthly basis), GSTR-3B vs GSTR-2A (ITC difference for every month). With these comparative analyses, the user will be able to discover discrepancies and save valuable time and money.

Commenting on the announcement, Archit Gupta, Founder, and CEO, ClearTax said, “Awareness and education are critical to getting more businesses to comply with GST. That's why we have launched the ClearTax GST compliance health checker open to all for free.”

Published On : 16-04-2019

Source : Money Control