Understand GST Billing &

Accounting

Maintain and update books of accounts as per rules and regulation of GST

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Goods and Service Tax Accounting

With GST subsuming a large number of indirect taxes and GST being a destination-based tax on consumption of goods or services, proper and appropriate accounting needs to be done. Also, every person registered under GST is required to maintain books of accounts for five years from the due date of filing an annual return for the relevant year. With GST subsuming a large number of indirect taxes and GST being a destination-based tax on consumption of goods or services, proper and appropriate accounting needs to be done.

Tax Ledgers to be maintained under GST :

  • Input GST
  • Output GST
  • Input SGST
  • Output SGST
  • Input CGST
  • Output CGST
  • UTGST in lieu SGST (if entity is based in union territory)

Impact of GST on Profit & Loss Statement and Balance Sheet

GST being a tax component is neither an expense nor an income for the business. So, profit & loss statement is not affected by passing GST ledger. But, wherever input credit is not allowable, its added in the cost of purchase of goods or services reducing profit or escalating loss. In balance sheet input GST is shown under current asset and output GST under current liabilities. In the case of fixed assets, if input credit is allowed, value is shown a net of GST.
Composition dealer is barred from selling outside the state as well as from charging GST from customers. Hence, they are not required to maintain input & output ledger. Rather GST paid by them is included in the cost of goods & they pay at a fixed rate on supplies made.

Advantages & Benefits of GST Accounting

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Claim Input Tax Credit correctly

Never miss an input credit if accounting done properly.
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Be compliant

Mitigate the risk of violation
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Accuracy

Ascertain effect of transaction and eliminate errors

Documents for Online Registration of GST Accounting

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PAN of Directors/Subscribers to Memorandum

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ID Proof of Directors/ Subscribers to Memorandum – DL/Voter ID/ Passport (Any one)

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Address Proof of Directors/ Subscribers to Memorandum – Latest 2 month – Telephone/Mobile/Electricity bill/Bank Statement (Any one)

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Photo of Directors/ Subscribers to Memorandum

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Email ID of Directors/Subscribers to Memorandum

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Mobile Number of Directors/Subscribers to Memorandum

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Place of Business Address Proof with NOC (Ownership/ Rent Agreement/ Lease deed/ Consent Letter

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Electricity bill of place of business (Latest 2 months)

FAQ

Why is supply under GST?
No, new company registration is a fully online process. As all documents are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.
Is GST applicable on advance tax?
If you have all the documents in order, it will take no longer than 15 days. However, this is dependent on the workload of the registrar.
When input can be claimed on advance?
No, new company registration is a fully online process. As all documents are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.