Goods & Services Tax

Bookkeeping And Filing

GST bookkeeping involves keeping records of all transactions related to sales and purchases of goods and services, and maintaining accurate financial records. GST filing involves submitting GST returns and paying the tax liability on a timely basis to the government.

What is GST Returns?

GST returns are periodic statements that need to be filed by registered taxpayers with the government. The returns contain details of all the sales and purchases made during the period, as well as the GST collected and paid.

What its types?

There are several types of GST returns that need to be filed by registered taxpayers depending on their business activities and turnover. Here are the different types of GST returns:

GSTR-1

GSTR-1 is a monthly or quarterly return filed by registered taxpayers to provide details of all outward supplies made during the period. It includes information such as the invoice details, the value of supplies made, and the amount of GST collected. The return must be filed by the 11th of the following month.

GSTR-2B

GSTR-2B is an auto-generated return that provides the recipient with a summary of all the inward supplies received from registered suppliers. It includes details such as the name of the supplier, the invoice number, the date of invoice, and the amount of input tax credit available. The recipient can use this return to reconcile their input tax credit and ensure its accuracy.

GSTR-3B

GSTR-3B is a monthly return that needs to be filed by registered taxpayers to provide a summary of all outward and inward supplies, along with the tax liability and input tax credit claimed. It is a self-assessed return that needs to be filed by the 20th of the following month.

GSTR-4

GSTR-4 is a quarterly return filed by taxpayers registered under the Composition Scheme. It contains details of all the sales made during the period, as well as the tax liability. The return helps the government in keeping track of the tax paid by businesses registered under the Composition Scheme.

CMP-08

CMP 08 is a GST return that needs to be filed by taxpayers registered under the Composition Scheme. It contains details of all the inward and outward supplies made during the period, the tax liability, and the tax paid. CMP 08 needs to be filed on a quarterly basis and helps in the compliance of the Composition Scheme.

GSTR-9

GSTR-9 is an annual return that needs to be filed by regular taxpayers providing a summary of all the outward and inward supplies made during the year, along with the tax liability and input tax credit claimed. It helps the government in ensuring tax compliance and enables taxpayers to reconcile their accounts.

GST Non-Compliance & Penalities?

The penalty for late filing of GST returns is Rs. 50 per day (Rs. 25 for CGST and Rs. 25 for SGST/UTGST) for each return that is not filed. The maximum penalty that can be levied is limited to 0.25% of the taxpayer's turnover in the relevant state or union territory. In case of deliberate suppression of information or fraud, the penalty can be higher and may also lead to prosecution. It is therefore important for taxpayers to file their GST returns on time to avoid penalties and legal consequences.

What is GST Bookkeeping?

GST bookkeeping refers to the process of recording all financial transactions related to GST (Goods and Services Tax) accurately and systematically. This includes tracking GST paid on purchases as well as collecting GST on sales made. Proper bookkeeping is crucial to ensure compliance with GST regulations and to file accurate GST returns. It involves maintaining detailed records of all transactions, reconciling accounts, and preparing financial statements related to GST. GST bookkeeping can be done manually or through the use of accounting software, and it is important for businesses to stay organized and up-to-date with their GST bookkeeping to avoid penalties and errors.

What services it Contain?

GST Bookkeeping

GST Bookkeeping involves accurate recording and management of financial transactions related to GST, including sales, purchases, expenses, and tax payments.

Bank Reconcilation

Bank Reconciliation is the process of matching and balancing the transactions recorded in a company's bank account with its financial records.

GST Invoicing

UniTax Cloud Invoicing provides easy and efficient GST invoicing with automatic tax calculations and GST-compliant invoices.

GST Reconcilation

GST Reconciliation involves matching and rectifying discrepancies between the GST returns filed by businesses and their financial records.

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