Indian government issues GST on 1st July 2017. It became mandatory for any type of Indian business to pay GST within due date. Consumers, salesman, small business owners, everyone have to pay their GST (Goods and Service Tax). GST was implanted with a goal to erase various indirect taxes like sales tax and service tax.
Any sorts of individual business person can use 4 different forms, each one of them has different regulations and duration. These 4 forms in the order are known as the return for supplies, purchase returns, monthly return an annual return. There are different forms; each one possesses a different value. For example, there is GSTR-1, which contains all the details of the taxpayer regarding the external supplies of taxable goods, the duration is to file the return on 10th of the following month. On the other hand, GSTR-4 contains the details of a composition supplier; taxpayer has to submit the GST return filing on 18th of the quarter month. There are many other forms too like GSTR-9, GSTR-11, GSTR-10, and GSTR- 5, etc. GST returns filing procedure has become easy due to the digitalization of tax filing, also known as e-filing. A taxpayer can visit www.gst.gov.in to pay their due GST and then submit a GST return. There are also numerous websites helping their clients to pay GST online. To pay the GST online, one should have the required document like GST registration number, adhaar, PAN, etc.
Before the GST, the tax system was complex, GST simplified the system. As soon as GST came on the market, GST accounting started growing rapidly. There are different courses to do regarding GST accounting. It’s a separate part of accounting which helps to calculate the total GST of a business enterprise. There are also varieties of accounting software available on the market with GST features enabled on it. Accounting software like this helps us to maintain GST and other financial related services in one place. GST accounting needs some records to be maintained. For example, production or fabrication of the goods, availed input tax credit, internal and external supply, payable output tax, etc. There are also many accounts which must be maintained under GST accounting like Input and Output CGST, SGST and IGST. Every registered taxpayer has to maintain three ledgers under GST. This ledger generates automatically on the time of the registration.
Hence from a business point of view due to the software, the billing of various products and services, as well as the return filing as per the law, has been made much simpler. One needs to enter the product only, and the rate of the product, as well as the GST which is applied to the concerned product, are taken care of by the software. Those who do not know how to operate the software can also get the billing and return filing easily with the availability of this software which is the biggest advantage for any business in the current era.