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What is a GST-BOOK KEEPING?
What to know about GST Book Keeping Service
GST bookkeeping refers to the process of maintaining accurate and up-to-date financial records of goods and services tax (GST) transactions of a business.
Under the GST regime, businesses are required to maintain proper records of all transactions, including sales, purchases, and input tax credits. These records must be accurate and up-to-date, and businesses must file regular GST returns based on these records.
GST bookkeeping involves recording all GST transactions in the books of accounts, maintaining accurate records of input tax credits and output tax liabilities, reconciling the GST payable and receivable accounts, and generating GST reports and returns as per the regulations.
GST bookkeeping services can be outsourced to a third-party service provider or handled in-house by a trained bookkeeper or accountant. Accurate GST bookkeeping is crucial for businesses to comply with GST regulations, claim input tax credits, and avoid penalties and fines.
What to know about GST Returns Filing Service?
GST returns filing refers to the process of submitting the GST returns to the government on a regular basis. Under the GST regime, registered taxpayers are required to file various types of GST returns based on their business activities and turnover.
The different types of GST returns that businesses may have to file include:
GSTR-1: This return contains details of all outward supplies made by the business during the month.
GSTR-2A: This return contains details of all inward supplies received by the business during the month, based on the information uploaded by the suppliers in their GSTR-1.
GSTR-3B: This is a summary return that contains details of the total sales, purchases, and input tax credits for the month, along with the amount of tax payable.
GSTR-4: This return is filed by businesses registered under the composition scheme, which allows small businesses to pay tax at a lower rate.
GSTR-5: This return is filed by non-resident taxpayers who are registered under GST.
GSTR-6: This return is filed by input service distributors who receive invoices from their suppliers and distribute the input tax credit to their branches.
GSTR-7: This return is filed by businesses who deduct tax at source (TDS) from payments made to their suppliers.
GSTR-8: This return is filed by businesses who collect tax at source (TCS) on behalf of the government.
The frequency of filing the GST returns depends on the turnover of the business. Generally, businesses with an annual turnover of up to Rs. 5 crores are required to file returns quarterly, while businesses with a turnover above Rs. 5 crores have to file returns monthly.
It is important for businesses to file their GST returns on time to avoid penalties and interest charges. The GST returns can be filed online through the GST portal or through the help of a GST service provider.
Documents required FOR GST FILING + BOOK KEEPING
List of Documents Required
The documents required for GST bookkeeping and filing may vary based on the nature and size of the business. However, here are some of the common documents that businesses need to maintain for GST bookkeeping and filing:
Purchase Invoices: These are the invoices received from the suppliers for purchases made by the business. They should contain details such as supplier’s name and GSTIN, invoice number, date, description of goods or services, quantity, and value.
Sales Invoices: These are the invoices issued by the business to its customers for sales made during the period. They should contain details such as customer’s name and GSTIN, invoice number, date, description of goods or services, quantity, and value.
Payment Vouchers: These are the vouchers used to record payments made to suppliers for purchases. They should contain details such as payment date, supplier’s name and GSTIN, payment mode, amount, and relevant invoice number.
Receipt Vouchers: These are the vouchers used to record receipts from customers for sales. They should contain details such as receipt date, customer’s name and GSTIN, payment mode, amount, and relevant invoice number.
Bank Statements: These are the statements received from the bank, which show the transactions made through the business bank account during the period.
Credit/Debit Notes: These are the documents used to record adjustments to the sales or purchase invoices. They may be issued in cases such as returns, discounts, or errors in the original invoice.
Input Tax Credit (ITC) Registers: These are the registers used to record the input tax credit claimed by the business on purchases made during the period.
Output Tax Liability Registers: These are the registers used to record the output tax liability of the business on sales made during the period.
E-way Bills: These are the electronic documents generated for the movement of goods from one place to another, which are required for transportation of goods above a certain value.
Having these documents readily available and organized can make the process of GST bookkeeping and filing easier and more efficient. Additionally, it is always recommended to consult with a tax professional or GST service provider to ensure compliance with GST regulations.
NILL FILING
FOR ZERO TRANSACTIONS
₨499
₨
199
+ GST -
TIMELY FILING OF GSTR-1
-
TIMELY FILING OF GSTR-3B
-
GSTR - 9
-
BOOK KEEPING
-
ACCOUNTS
-
GST E-WAY BILL
-
LEDGER ACCOUNTING
-
ACC. RECONCILIATION
-
RECEIVABLE/PAYABLE
-
BANK RECONCILIATION
-
INPUT TAX CONCILIATIONS
CLICK TO PAY
**Pricing Mentioned Above Is Based on Monthly Basis
Popular
BASIC
Upto a TurnOver of Rs. 50 Lacs per year.
₨1999
₨
1499
+ GST -
BOOK KEEPING
-
GST - 1
-
GST - 3B
-
GSTR - 9
-
ACCOUNTS
-
GST E-WAY BILL
-
LEDGER ACCOUNTING
-
ACC. RECONCILIATION
-
RECEIVABLE/PAYABLE
-
BANK RECONCILIATION
-
INPUT TAX CONCILIATIONS
CLICK TO PAY
**Pricing Mentioned Above Is Based on Monthly Basis
ADVANCE
Upto a TurnOver of Rs. 50 L- 1 Crore per year.
₨3999
₨
2999
+ GST -
BOOK KEEPING
-
GST - 1
-
GST - 3B
-
GSTR - 9
-
ACCOUNTS
-
GST E-WAY BILL
-
LEDGER ACCOUNTING
-
ACC. RECONCILIATION
-
RECEIVABLE/PAYABLE
-
BANK RECONCILIATION
-
INPUT TAX CONCILIATIONS
CLICK TO PAY
**Pricing Mentioned Above Is Based on Monthly Basis
Popular
PROFESSIONAL
Upto a TurnOver of Rs. 1-2 Crore per year.
₨7999
₨
4999
+ GST -
BOOK KEEPING
-
GST - 1
-
GST - 3B
-
GSTR - 9
-
ACCOUNTS
-
GST E-WAY BILL
-
LEDGER ACCOUNTING
-
ACC. RECONCILIATION
-
RECEIVABLE/PAYABLE
-
BANK RECONCILIATION
-
INPUT TAX CONCILIATIONS
CLICK TO PAY
**Pricing Mentioned Above Is Based on Monthly Basis
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