Ever since the vinyl records became popular, one of the most asked questions is what to use, turntables, or record players. Well, people have often confused them with being the same, but there is a huge difference between the two. It is here that you may become confused about what you should buy. Well, you shouldn’t be worrying because there are a lot of options available to you.

These two may be the same, but they are different. The turntable is a combination of platters that helps spin the records, and the music is carved into the discs and is eventually changed into an electric signal. Amusing, isn’t it? The turntable needs to be connected to different devices such as PHONO pre-amp, speakers, amplifiers, and more.

The record player, however, is often considered to be an all-in-one device. It won’t need any external device to be connected to it for playing. The record players consist of everything a turntable needs, such as an amplifier, speakers, and more. All these components are connected as one unit, which further proves to be extremely efficient. Unlike the turntables, the record player is a portable device.

Which one is better?

Well, the different qualities of each play an essential role in determining which is the best. The best often varies depending on the person’s requirements. However, it is necessary to determine that both of them are quite effective. Every person has different quality requirements. So, the categories under which the person chooses whether to get a record player or turntable include.

Build quality

Turntables have far better build quality as compared to a record player. The turntables are built to suit the long term requirements. However, the record players are easy to hold, light, and are portable as well. Although record players with higher build quality are available in the market, they aren’t really available.

Sound quality

The best turntables at Electronique hi-fi have excellent sound quality. The sound quality produced by a record player is usually of lower quality. However, with turntables, it is pre-amp and efficient. The record players are built of low cost and different components that do not suit many requirements. High-quality ones are costly and far more than the agreeable price. Since the record player is inbuilt, you won’t have many options to customize, but with a turntable, you always have that option.

Well, it totally depends upon you what you want to purchase, the turntables or record player. It all comes down to your requirements, so you need to be precise about it.

Filing the tax return before the deadline every year is an essential exercise for every taxpayer. Apart from bringing a financial discipline, it also comes with other benefits such as carrying forward losses and saving up penalty/late filing fees.

GST returns, in particular, is a complicated exercise where a taxpayer registered under the Goods and Services Tax (GST) law has to file for each registration separately.

Since the number of GST returns and gst tax rate to be submitted is based on the type of taxpayer (regular, e-commerce operator, TDS deductor, composition dealer, non-resident taxpayer etc.), it becomes essential to stay updated with your tax filings including the dates and overall process.

So, how can you stay updated on your GST filings in 2020? Given below are the top five methods to do the same:

Upload Complete and Accurate Data In GSTR-1

A return is essentially a document having all the income details which a taxpayer is required to file with the tax authorities. Under GST law, a registered dealer has to file GST returns that include sales, purchase, output GST, and Input tax credit (GST paid on purchases). To file GST returns, taxpayers need all the GST compliant sales and purchase invoices.

There are several GST returns to be filed as prescribed under the GST law including GSTR-1, GSTR-3B, GSTR-4 and more. There are many fields to be filled-in while filing the GSTR-1 return, and GSTN does not allow for any amendment of a return once it is submitted.

It is, therefore, of paramount importance to be extra cautious at the time of data-entry to make sure that no rectifications and reconciliations need to be done in the returns at a later stage.

Make Sure to Maintain Proper Documentation

Although maintaining proper documentation is an essential prerequisite for GST audit, not all businesses are eligible for the same. However, every business irrespective of this requirement should have a practice of maintaining proper records under GST.

This includes maintaining purchase and sale registers, payment challans, e-way bills with proper gst bill format and more. Staying updated on your documentation also helps at the time of closure of books of accounts and reconciliation process.

Do a Thorough Comparison And Reconciliation Between Returns

Ensuring a detailed comparison and reconciliation between returns (GSTR-3B returns filed with GSTR-1 for data matches) is a crucial exercise for taxpayers that helps both in the process of recording the annual return and also in case of GST audit.

While GSTR-3B discloses supplies made during the month, purchases on which reverse charge is applicable, and input tax credit claimed, GSTR-1 is a monthly or quarterly return filed to disclose details of their outward supplies for the month and the tax liability.

Overlooking this comparison and reconciliation between GSTR 3B and GSTR 1 may hamper the accurate calculation of the Input Tax Credit (ITC) you have claimed. Further, settlement of GSTR 3B before filing returns also allows you to avoid show-cause notices from tax authorities.

Rectify And Amend Your Returns Before Filing The Annual Return

It is essential for GST return filers to ensure that all pending amendments are made to the monthly returns, on a regular and timely basis. Failing this could lead to a difference or mismatch between the GST returns filed during the year and the annual return.

This makes it essential to do all reconciliations with complete accuracy, and any discrepancy should be rectified before the filing of the annual returns.

Inform the Authorities Of Any Changes In Your Business

Every person registered under the GST law is liable to inform the GST authorities of any changes made in the particulars furnished concerning their registration.

Further, make sure that the authorities are intimated within 15 days of such changes. Once done, the application should be submitted on the GST portal along with all the necessary documents.

Bottom Line

For the overall success and financial health of an enterprise, all the statutory systems and dues of the enterprise must be appropriately managed.

Using the above methods, a tax filer can ensure to stay GST-compliant and remain updated on their tax filing status. It is vital to stay updated on all GST-related news so that you are always in track with the latest changes.