GST declaration

GST-registered businesses are required to submit monthly GST returns. There is often an option to submit quarterly GST returns if turnover is below a specific limit. In addition to periodic returns, an annual summary GST return is required.

India specifics

GSTN has a common GST portal providing front-end services for registration, returns, and payments for all taxpayers. GSTN includes the backend IT modules for certain states that include processing of returns, registrations, audits, assessments, appeals, etc. States, accounting authorities, the Reserve Bank of India and other banks, and software providers are preparing their IT infrastructure for the administration of GST

Returns and other statements or reports must be filed online. Most returns are self-assessed. The returns must be filed with the transaction data.

The buyer and vendor data are matched based on the returns that are filed. For any mismatches, the portal notifies the difference to the buyer or vendor or both who, in turn, must respond accordingly. All mismatched returns are auto generated, with no requirement for manual interventions.

How Infor meets the requirement

FSM tracks the tax amounts, both input and output tax. Use the GST ANX1 and ANX2 reports from LSP.