GST migration has several challenges in reality. GST accounting entry is one of the major shift we need to undergo. You have no other option but to follow the new GST regime. It is the new way of handling taxes and a new way of taxation. In this post, we will discuss the list of changes one has to undergo and ways to do it.
Accounts and Records under GST
GST eliminates all the excise, VAT, and service taxes. According to the GST, all the registered persons have to maintain a set of records about the goods or services provided to the customers. www.savemygst.com insists you to keep few important accounts and records to maintain under the GST law.
- Input and output record of CGST account
- Input and output record of SGST account.
- Input and output record of IGST account.
- Electronic cash ledger (cash ledger and credit ledger).
In GST accounting the traders can easily maintain their sales and service records. They can also be able to match both input tax with the output tax sale. Electronic ledger used to manage the online payments like internet banking, credit card, debit card, etc. they are namely electronic cash ledger and electronic credit ledger. All the accounts and records under GST have to maintain for 60 months from the date of filing last annual return. So it’s important to maintain all the record books under GST properly to file the tax payment for goods and services.
Are you Ready for GST?
Many Businesses are still in confusion on GST migration. Thus many queries regarding this are flowing online. Recently the update was that Commercial rental income beyond RS.20 lakh to attract GST. Also the gifts above RS.50000 per year by an employer is subject to GST. Save my Tax provides some ways to help offline and manual suppliers to jumpstart with GST.
Example: We got a call from small traders in a remote small district where the entire staff does physical bill entry and are not comfortable in shifting to GST so quickly with any electronic process.
Here is what Save My Tax is proposing for such organizations:
- Create Bills using a GST format Bill Book (paper).
- Maintain the details of the bill a GST Register.
- End of the month, send the GST register to the Accountant.
- The Accountant will get the data entry done in an Excel Sheet.
- Save My Tax GST software tool will read and point mistakes (if any) in that Excel Sheet data for correction.
- Once done, file your return with easily.
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