Running a business is not easy. With the economy on a downward spiral, it has become even more challenging to make ends meet. Every penny spent needs to be turned over twice before it is paid out. The goal of any business is to make money. Keeping tight reins on your business and the…
Invoices or invoice creation are mandatory by the Government of India under GST laws. While making these invoices you have to take a lot of things under consideration. One of these key elements is- The invoice payment terms and conditions. When it comes to starting a business or managing an existing business effectively, the…
Here is a quick guide on how to file GSTR 1 from ProfitBooks. GSTR 1 return is used to upload your sales data to the GSTN portal. Every tax payer needs to report following things: Invoice summary (Types of invoices, Credit Notes, Advance Receipts, etc) Summary of documents issued (Documents such as invoices, credit notes…
In earlier articles, we’ve covered various aspects of Goods And Services Tax, how to create a GST invoice and finally how to file GST Returns. Now, once you file the returns, it becomes little tricky to make changes to the transactions of that particular month – specially Invoices. But we are humans and changes…
Every month suppliers will be required to upload their invoices to GSTN portal and those will be matched with the purchases from customers. So, invoice matching is going to be a monthly affair for businesses. Use of IT systems for bookkeeping and tax compliance work will be seen even in many small and medium…
Goods and Services Tax (GST) is considered the biggest reforms in India. However, one thing that has become the talking point is the mechanism of input credit under GST. In simple words, Input Credit means at the time of paying tax on sales, you can reduce the tax you have already paid on purchases. In…
Goods And Services Tax, whether you like it or not, is a structured approach in detailing the transactions that happen in India and further, reporting them on a line item basis. There are supposedly 8.4 million assessees registered with GST, 6.2 million are already registered in the GST portal. These assessees are expected to file…
GST has rolled out and paved the way for a uniform and systematic reporting system that is seldom found anywhere else. This transaction-wise, destination-based reporting system provides for a much effective credit flow, removes chances of corruption and illegal transactions. To achieve this, the government has come up with an effective form-based reporting system that…
GST is all about a smooth flow of funds and compliances till the end. To facilitate such a smooth flow, it is imperative for the Government to provide for a hassle-free refund process. The current tax structure is cumbersome, and it takes months and sometimes years to get refunds from the Governments kitty. GST provides…
Being a destination-based, transaction-wise tax, Goods and Services Tax or GST, ropes in strict compliance procedures for all taxpayers. Since every transaction is recorded and tracked between the source and destination, the taxpayers must maintain and declare information with utmost accuracy. To have a crystal clear movement of goods intra-state or locally, reduce corruption, and…