Goods and Service Tax

GST Accounting

GST Accounting

  • Overview
  • Points to remember
  • Process

GST Accounting and GST Return Filing Quarterly

Keeping track of GST return filings and maintaining books of accounts can be a headache for businesses. Not anymore! This unique quarterly subscription plan, will address all your accounting and return filing requirements helping your business stay compliant and GST ready!

Frequently Asked Questions

Taxcomate taps into its professional network of CAs, CSs & consultants and puts you in touch with a qualified expert. These professionals bring a combined experience of 40 years in direct and indirect taxation and other other statutory registrar compliance.

Apart from the services covered in the plan, you will need below services to name a few, depending upon nature of your operations and specific business needs
• Government Registrations under GST
• Periodic GST return filing
• Other one time registrations like TradeMark, Copyright etc
Talk to our experts or write to us at Taxcomate . Our experts will advice you on the next move required

    • Government Registrations under GST
    • Periodic GST return filing
    • Other one time registrations like TradeMark, Copyright etc

Talk to our experts or write to us at Taxcomate . Our experts will advice you on the next move required.

The registration is mandatory on crossing the limit of Rs.19,00,000 in previous financial year( for special category states it is Rs. 9,00,000).

Note: If you are selling your goods through online platforms like amazon, Flipkart etc, GST registration is mandatory.

The minimum compliances applicable for a private limited company include
• Preparation of books of accounts as per sec 44AA(Balance Sheet, P&L, Cash Flow statement)
• Appointment of first Auditor
• Statutory Audit of Accounts
• Filing of Annual Return & Financial Statements
• Preparation of Directors’ Report
• Holding Annual General Meeting (once every year by 30th sept)
• Board Meetings(1st within 30 days from the date of Incorporation and at least 4 in a calendar year)
• Maintenance of Statutory Registers and Records
• Income Tax Quarterly Payment of Advance Tax and return filing
Others shall be event based compliances like ROC filing on addition of director to board, increase in authorized capital etc.

    • For claiming input of the tax paid on purchase from supplier
    • If your supplier is registered under GST and wants to claim the credit of his purchase, he can do so only if you are able to issue a GST invoice, thus GST registration becomes mandatory in the case

An accountant understands the fundamentals of accounting. The proper classification of expenses as capital in nature(eg. Fixed assets) or revenue in nature(eg. purchases) is important. Incorrect accounting can lead to financial losses. Though various accounting tools have come up over the time but the human intelligence is irreplaceable.

The accounting services will be done remotely using online softwares. We do not support in-person visit by our accountants. Our experts will be available on call and email to address any queries.

    • Central Excise
    • Service Tax
    • State Sales Tax or VAT (except exclusive liquor dealers if registered under VAT)
    • Entry Tax
    • Luxury Tax
    • Entertainment Tax (except levied by the local bodies)

Sure, as long as your software can be accessed remotely we can use it. Once you provide us with the access to your software, our experts will login and prepare your accounts.

Online GST Return Filing Procedures – A detailed filing process

In total, there are 3 steps to be followed in the GST return filing work for every Indian Business Taxpayer.

STEP 1: DOCUMENTS AND MONTHLY RETURNS INVOLVED IN THE GST RETURN FILING PROCESS

All registered taxpayers can follow the filing format and upload their annual return invoice on the GST portal. To do that, you will have to maintain electronically all the records of the invoice. We help you with filing process in the GST portal by setting up simplified versions of excel templates. It will aid you in maintaining the records with ease.

STEP 2: PREPARATION FOR GST RETURN FILING PROCEDURE

  1. We collect all the information and documents needed to start preparing for your GST returns first.
  2. Taxcomate will maintain the invoice records of registered taxpayers and by month end, you can easily file the GST returns using our exclusive team of experts.
  3. Once you do the filing process in GST portal, from then on, our expert affiliate will remind you about the filing date so that you won’t forget the date and end up paying tax penalties.

STEP 3: STEPS REQUIRED TO COMPLETE THE RETURNS FILING PROCESS

  1. The first step before filing your GST will be to review the GST filing before submission. We, at Taxcomate, give you an opportunity to do the same.
  2. The second step is your approval.
  3. After your approval, we will be filing your online returns
  4. Our GST experts will file the GSTR returns using a challan. The ARN number generated will be shared with you.
  5. Once the process is completed successfully, we will mail you an acknowledgment about the same to the registered email id provided by you.

Lets see the process

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Task Completion

GST Accounting

₹3,999.00

To make tax compliance easier, the income tax department has categorized taxpayers into many groups based on income and its source. So, you need to file your returns accordingly. Registers with GST Accounting plan and enjoy the benefits

Benefits of GST Registration ?

  • The GST will consolidate Central Excise Duty, Service Tax, VAT, Central Sales Tax, Customs Duty, Central Surcharge & Cess, Octroi, Luxury Tax, Entertainment Tax, Purchase Tax and a few other indirect taxes. The GST will apply on all goods and services. Even petrol and petroleum products will eventually be subject to it.This would make tax collection and compliance easy for businesses across the country.

  • The GST council has decided on a four-tier structure. The GST rate will depend on the type of goods and services. Currently, the slab rates are 5%, 12%, 18% and 28%

  • Currently various businesses like restaurants, computer sales and services businesses have to deal with both VAT and Service Tax regulations resulting compliance burden on the business, as they have to calculate taxes for the transaction based on different rates for different items. With the Implementation of GST Business will be made easy

  • Since in some states under the VAT regime, businesses are required to comply with VAT regulations once they cross an annual turnover of Rs.5 lakhs. Under GST regime, GST liability occurs only if an entity crosses an annual turnover of Rs.10 lakhs in northeast or hill states, whereas for rest of India, the threshold is set at Rs.20 lakhs.