While GST simplifies the tax structures, it increases the compliance burden significantly on all entities.
There are minimum of 37 returns that a Housing Society coming under GST purview need to file in one financial year. If the housing society is not regular in maintaining books – there will be significant issues due to non-compliance.
Following are the various returns to be filed for GST:
- GSTR-1 : Outward Supplies of Goods / Services – to be filed by 10th of following month
- GSTR-2 : Inward Supplies of Goods / Services – to be filed by 15th of following month
- GSTR-3 : Monthly Return to be filed by 20th of following month
- GSTR-9 : Annual Return to be filed by 31st December of the following financial year
Without managing your accounts using a software like ApnaComplex, it becomes really tedious to manage the compliance norms.
You will typically need two softwares to comply – (1) billing & accounting software like ApnaComplex and (2) GST filing software which connects to GSTIN to upload data related to above 4 returns. You auditor should be able to assist you with GST filing and hence that software may not be very relevant for Society unless Society itself is filing the returns without the help of an auditor.