Knowledge Center
GST Accounting Software
There are various reasons behind business development and its activities. One of them is the unsystematic method of accounting and monetary records of Income. It is necessary that every Company has to manage their Accounts in a proper and specific way for various other bad circumstances. Online GST Software will be helpful for you to handle your books and GST details with ease and run the business without any hassle. This is an Accounting Software that will fulfill anyone and everyone’s need. Be it a small business owner, Individual entrepreneur, CA, a commoner or an e-commerce seller, this GST Software has been designed to suit your needs. This GST Software has all the features right from GST Billing to GST Returns, Error Detections & corrections, and many more.
Functions of Online GST Software
- Simplify GST filing on Online GST software is absolutely free.
- Create and Manage customized professional invoices.
- Online GST software incorporates all necessities identifying with finance.
- There is an arrangement to deal with more than one financial balance.
- There is a framework to track every business or different offices under one specialty unit.
- The product gives you an online stage for various exercises, for example, online installments, checking records,
- It helps to keep an overview record on what do clients purchase, the amount they purchase, charge charged on it, and so on.
- Manage your stock, track items and deduct tedious procedure.
- Assurance of data security.
Why Businesses need GST Software?
Access account
Picking GST software that associates legitimately to your organization's ledgers gives you a chance to get to continuous data as required. Programming that associates legitimately to your bank additionally gives you a chance to run point by point reports rapidly. There's no compelling reason to sign into each record independently and track your exchanges by hand. Consider utilizing a cloud-based alternative to appreciate the capacity to get to your monetary data from any area which proves to be useful when you have gatherings with your bookkeeper.
Reminders
GST return filing isn't done once every year thing. As an entrepreneur, you face a few diverse GST due dates to submit required administrative work, for example, reports specifying your deals and buys. It's a great deal to recall, so pick a product alternative that gives you a chance to set up programmed suggestions to keep you over documenting diverse reports and administrative work.
Stock Management
Legaldocs Online GST software will help you to track your products or items, along with that manage stock with a short span of time.
Assurance of Data Security
Data security is the most basic part of the present computerized world. Regardless of how you store your information in the cloud and buy the most costly antivirus software, keen programmers at long last end up taking your information by pushing the whole framework into a threat. In this way, purchasing a sheltered online GST software is a splendid decision to maintain your business in the brilliant light of the new framework.
Flexibility
Several organizations are as of now utilizing some adaptation of an Enterprise Resource Planning (ERP) Software to deal with their business activities and record or report forms. Indeed, even little and medium organizations so far as that is concerned have bookkeeping devices for accounting. In such a domain, setting up new ace information in another application (GST Software) is certifiably not an achievable choice. The GST software must be sufficiently adaptable to incorporate with existing frameworks and give a consistent encounter. Various independent frameworks working in storehouses will just blow up the working expense of organizations.
LegalDocs GST Software Features
-
Absolutely Free
Legal docs Online GST Software helps you to provide the entire service with free of cost, which includes legal knowledge, help from our expertise, understand the procedure in detail, know what is happening in your account and detailed statistics about your business with daily reports.
-
Professional Invoices
Even though the people have stepped in the digital world, but not everyone is aware of the techniques of using accounting and GST registration Online software. So, Legaldocs has introduced a professional invoicing process where you can create and manage customize professional invoices.
-
Stock Management
Legaldocs Online GST software will help you to track your products or items, along with that manage stock with a short span of time.
-
Data Security
Get assurance of data security by keeping the data in your own hands and Legal Docs will make sure that the data is not shared with anyone. You can be able to take complete control of your own data.
-
User-friendly dashboard
Legaldocs introduces an user friendly dashboard which can be accessed by everyone. The dashboard will have detailed information regarding the GST and accounting details. The process to access the dashboard will be very lenient and easy.
Benefits of GST Software
- The GST software makes the entrepreneur mindful about the relevant expense rate they have to pay, to whom and where.
- On account of GST software, small and medium scale organizations can have now access to pre-plan the projects with an additional standard minimal effort.
- When charging and invoicing is mechanized, there is no space for oversights. A wide range of blunders and mistakes that can put your business in a bad position can without much of a stretch be kept away from by fusing GST Software.
- In the event that you are the doing the matter of sending out merchandise and ventures than with GST software you can appreciate more generation and can trade more products with no overwhelming charges.
GST Registration FAQs
What is GST (Goods & Service Tax)?
GST (Goods & Service Tax) the name itself defines that the tax is levied on Good and services. This tax will be levied from all stages from manufacturing till consumption.
What is the concept of a destination-based tax on consumption?
The tax would be received by the taxing authority which has jurisdiction over the place of consumption which is also termed as a place of supply.
Which of the existing taxes are proposed to be subsumed under GST?
A). Cetral Taxes:
a. Central Excise duty
b. Duties of Excise (Medicinal and Toilet Preparations)
c. Additional Duties of Excise (Goods of Special Importance)
d. Additional Duties of Excise (Textiles and Textile Products)
e. Additional Duties of Customs (commonly known as CVD)
f. Special Additional Duty of Customs (SAD)
g. Service Tax
h. Central Surcharges and Cesses so far as they relate to supply of goods and services.
B) State taxes that would be subsumed under the GST are:
a. State VAT
b. Central Sales Tax
c. Luxury Tax
d. Entry Tax (all forms)
e. Entertainment and Amusement Tax (except when levied by the local bodies)
f. Taxes on advertisements
g. Purchase Tax
h. Taxes on lotteries, betting and gambling
i. State Surcharges and Cesses so far as they relate to supply of goods and services
a. Central Excise duty
b. Duties of Excise (Medicinal and Toilet Preparations)
c. Additional Duties of Excise (Goods of Special Importance)
d. Additional Duties of Excise (Textiles and Textile Products)
e. Additional Duties of Customs (commonly known as CVD)
f. Special Additional Duty of Customs (SAD)
g. Service Tax
h. Central Surcharges and Cesses so far as they relate to supply of goods and services.
B) State taxes that would be subsumed under the GST are:
a. State VAT
b. Central Sales Tax
c. Luxury Tax
d. Entry Tax (all forms)
e. Entertainment and Amusement Tax (except when levied by the local bodies)
f. Taxes on advertisements
g. Purchase Tax
h. Taxes on lotteries, betting and gambling
i. State Surcharges and Cesses so far as they relate to supply of goods and services
What is the status of Tobacco products after GST?
Tobacco & tobacco products will subject to GST.
What type of GST is proposed?
GST is differentiated in three different types CGST (Central Goods and Service Tax), SGST (State Goods and Service Tax), IGST (Integrated Goods and Service Tax).
Which authority will levy and administer GST?
Centre will levy and administer CGST & IGST while respective states /UTs will levy and administer SGST.
What is IGST?
An Integrated GST (IGST) would be levied and collected by the Centre on the inter-State supply of goods and services. The GST on supplies in the course of inter-state trade or commerce shall be levied and collected by the Government of India and such tax shall be apportioned between the Union and the States in the manner as may be provided by Parliament by law on the recommendations of the Goods and Services Tax Council.
Who will decide rates for levy of GST?
The CGST and SGST rates will be levied by States and Central Government.
How will imports be taxed under GST?
Import of goods will be treated under IGST (Integrated Goods and Service Tax), The incidence of tax will follow the destination principle and the tax revenue in case of SGST will accrue to the State where the imported goods and services are consumed. Full and complete set-off will be available on the GST paid on import on goods and services.
How will exports be treated under GST?
Exports will be treated as zero-rated supplies. No tax will be payable on exports of goods or services, however, the credit of input tax credit will be available and same will be available as a refund to the exporters. The Exporter will have an option to either pay tax on the output and claim refund of IGST or export under Bond without payment of IGST and claim a refund of Input Tax Credit (ITC).
When did GST come into effect?
GST came into effect on 1st April, 2017.
Will B2B transactions be subjected to GST?
Yes, B2B transactions are subjected to GST.
What is an Input Tax Credit?
The taxes you pay on input goods/services can be used as an Input Tax Credit (ITC) against output tax liabilities.
How can Input Tax Credits be applied?
Input tax credits can be used as follows:
CGST input tax credits can only be used to pay CGST and IGST
SGST input tax credits can only be used to pay SGST and IGST
IGST input tax credits can be used to pay CGST, SGST, and IGST
CGST input tax credits can only be used to pay CGST and IGST
SGST input tax credits can only be used to pay SGST and IGST
IGST input tax credits can be used to pay CGST, SGST, and IGST
How and when should the returns be filed?
Returns will trigger a tax credit, however, replacement products will be subject to GST, so cash flow may be impacted by returns.
Can we claim GST interest refund after two years of payment?
No, we cannot claim GST interest refund after two years of payment.
How does GST apply to business?
GST regulations are applicable if your annual turnover is Rs. 20 lakh or above. In case of North Eastern states (Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura) and hilly regions i.e. Himachal Pradesh, Uttarakhand, Jammu & Kashmir, and Sikkim, the threshold limit is Rs. 10 lakh.
Is PAN required to apply for GST?
Yes, PAN card is required to apply for GST.
Is there any specific time period for GST registration?
Yes, GST is applicable from 1st July and the registration limit is until 31st Jan.
Who is a Casual Taxable Person?
If you occasionally make the supply of goods/services as a principal or agent or any other capacity, in a taxable territory, where GST applies but where you don’t have a fixed place of business. As per GST, you will be treated as a Casual Taxable Person.
Who are exempted from GST registration?
The following shall not be required to obtain registration and will be allotted a UIN (Unique Identification Number) instead. They can receive a refund of taxes on notified supplies of goods/services received by them:
Any specialized agency of UNO (United Nations Organisation) or any multilateral financial institution and organization notified under the United Nations Act, 1947 Consulate or Embassy of foreign countries
Any other person notified by the Board/Commissioner
The Central Government or State Government may be based on the recommendation of the GST Council, notify exemption from registration to specific persons.
Any specialized agency of UNO (United Nations Organisation) or any multilateral financial institution and organization notified under the United Nations Act, 1947 Consulate or Embassy of foreign countries
Any other person notified by the Board/Commissioner
The Central Government or State Government may be based on the recommendation of the GST Council, notify exemption from registration to specific persons.
Is there any provision in GST for the tax treatment of goods returned by the recipient?
Yes, section 34 will deal with such situations.
Are all goods and services taxable under GST?
All goods and services are taxable except alcoholic liquor. Petroleum crude, high-speed diesel, motor spirit (commonly known as petrol), natural gas and aviation turbine fuel shall be taxable with effect from a future date. This date would be notified by the Government on the recommendations of the GST Council.
What is meant by Reverse Charge?
It implies to settle Government obligation that is on the beneficiary of supply of goods and services rather than the provider of such products or administrations in regard to informed classifications of supply.
What is the registration process for GST in India?
GST registration can be done in three simple steps:
Application Drafting
ARN Number
Registered GST Number
Application Drafting
ARN Number
Registered GST Number
Can a person without GST registration claim ITC and collect the tax?
No, a person without GST registration cannot claim ITC and collect the tax.
What is an aggregate turnover?
An aggregate turnover for a business in a financial year exceeds Rs. 20 lakhs is bound to register under GST. For the North-Eastern and hilly states, it is set at Rs. 10 lakhs.
Can a person with no GST registration collect GST?
No a person with no GST registration cannot collect GST.
Can an unregistered dealer supply good to other states if his turnover is below Rs 20 lakh?
No, the unregistered dealer cannot supply goods to other states if his turnover is below Rs 20 lakh.
If I’m starting a new business today, do I still need to get TIN and then apply for GST? Or can I directly register with GST?
No, you can directly apply for GST registration with the help of LegalDocs.
A firm dealing exclusively in exempted products has GST registration. Does it need to file a return?
In case you have registered, then you need to file GST returns or else you can also choose to cancel the registration.
Is GST registration mandatory for small retailers to buy from dealers/wholesalers?
No, there is no such requirement for small retailers to buy from dealers/wholesalers.
After the implementation of GST, will the EOU scheme continue or not?
GST has no implementation for EOUs (Export oriented units). As to whether they exist for any other purpose may be seen from the FTP.
Is there any format for invoice under GST?
No, there is no particular format for invoice under GST.
Can tax pay in one State be used as ITC by the same firm in another State?
No, if a firm is registered in more than one State, then each such registration will be treated as a separate registered person. Cross-utilization of credit available with two different registered persons is not allowed.
Who is the person liable to take a registration under the Model GST law?
Any supplier who carries on any business at any place in India and whose aggregate turnover exceeds threshold limit as prescribed above in a year is liable to get himself registered. However, certain categories of persons mentioned in Schedule III of MGL are liable to be registered irrespective of this threshold.
What is the annual turnover threshold limit for GST registration?
The annual turnover should be above 20 lakh rupees.
Is GST registration necessary for bookseller?
Yes, if you are eligible under every criteria for GST registration then you need to do the GST registration.
How to get GST registration for new business?
Visit LegalDocs website, where you can complete the registration process easier.
Is a current account necessary for GST registration?
No, it depends on the business. It not necessary for a business to have a current account for GST registration.
Is two GST registration possible under one PAN card?
No, It is applicable for only one registration but you can add multiple businesses while registration.
Is GST mandatory for selling online?
GST is not mandatory unless the annual turnover exceeds 20 lakh rupees.
Can I raise GST invoice before GST registration?
No, you can raise GST invoice before GST registration.
Is GST registration required for an E-commerce startup?
Yes, GST registration is required for an E-commerce startup.
When can be GST registration canceled?
The GST registration can be canceled in a few cases such as when the business is terminated or the business constitution is changed and not updated.
Is GST registration mandatory for a startup advertising firm?
No, for startup advertising firm GST registration is not mandatory.
Can a GST registration be canceled?
Yes, a GST registration can be canceled.
Is GST registration compulsory for an optical shop that has a turnover of under 10 lakhs?
No there is no requirement for GST registration if the annual turnover is below 20 lakhs.
How can I sell without GST?
If the annual turnover is below 20 lakh then you sell the product without GST and in case it exceeds 20 lakh rupees then GST registration is mandatory.
Is VAT registration required for GST registration?
VAT registration is not required for GST registration.
Does candle making business requires GST registration?
It does not matter what the business is, GST registration needs to be done if the business annual turnover exceeds 20 lakh rupees.
Is GST mandatory for rental properties?
If the income is above 20 lakhs then you need to register under GST for rental properties.
Do part-time bloggers need to apply for GST?
Until and unless the annual turnover is 20 lakh rupees you don’t need to apply for GST registration.
What is GST registration online procedure?
Visit LegalDocs website and know the entire procedure to do GST registration.
Does a transporter requires GST registration?
If the transportation is done outside your state then you need to do GST registration.
Is it compulsory to take GST registration in multiple states?
If you have introduced your business in other states then you need to apply for GST registration in multiple states.
Is GST registration required for recharge coupon shop?
It depends on the annual income, if it exceeds 20 lakh rupees then you need to apply for GST registration.
Is GST registration necessary for importing equipment for personal use?
No GST registration is not required if the equipment is imported for personal use.
Is account number mandatory for GST registration?
Yes, the account number is mandatory for GST registration.
One mobile number is required for one registration?
Yes, one mobile number is required for one GST registration.
Is GST registration compulsory for cloth commission agent or brokerage received from a supplier?
Yes, if the annual turnover exceeds 20 lakh rupees the GST registration is compulsory for cloth commission agent or brokerage received from the supplier.
