Online GST filing and Acounting

01/05/2024

REVOLITIONIZING RECORD KEEPING .AI EMPOWERS GST COMPLIANCE AND ACCOUNTING EFFICIENCY

*"The Goods and Services Tax (GST) has transformed the accounting landscape by consolidating multiple indirect taxes into a unified framework. This has significantly impacted the way businesses maintain their accounting records. Here's an overview of how GST affects accounting records, with a focus on the role of AI in streamlining the process:

**GST and Accounting Records:**
Under GST, businesses are required to maintain detailed records that include information on production, inward and outward supply of goods or services, stock of goods, input tax credit availed, and output tax payable and paid. These records are crucial for compliance and facilitate the accurate filing of GST returns such as GSTR-1, GSTR-2B, and GSTR-3B¹.

**Role of AI in Accounting:**
Artificial Intelligence (AI) plays a pivotal role in enhancing the efficiency and accuracy of accounting processes. AI-powered systems can automate data entry, categorize transactions, and reconcile accounts with minimal human intervention. This not only saves time but also reduces the likelihood of errors.

For instance, AI can analyze large volumes of invoices and receipts, extract relevant data, and classify it under appropriate GST categories. It can also predict cash flow trends and suggest optimal input tax credit utilization strategies.

**AI-Driven GST Compliance:**
AI systems can be trained to understand GST regulations and assist in ensuring compliance. They can alert businesses to discrepancies in records, predict filing deadlines, and even generate draft returns. Moreover, AI can assist in maintaining the Electronic Cash Ledger and Electronic Credit Ledger, which are essential components of the GST framework¹.

**Long-Term Record Keeping:**
As per GST regulations, businesses must maintain their accounts and records for at least 72 months (6 years). AI can help manage and store these records securely, providing easy retrieval and analysis when needed¹.

**Conclusion:**
The integration of AI in accounting under GST not only simplifies the record-keeping process but also enhances compliance and strategic decision-making. As AI technology continues to evolve, its role in accounting and GST compliance is expected to become even more significant.

Read about GST accounting and GST Records for transactions. Know how to record inter-state sale of goods, utilisation of input tax credit and more.

05/11/2021

Services Offered

Level 1 Services

1. GST Registration

2. GST Certificate

3. GST Migration

4. GST Book-keeping

5. GST Reconciliation

6. GST Return Filing

7. GST Surrender

8. Opting GST Composition Scheme to Regular Scheme

9. Eway Bill

Level 2 Services

1. PAN Card

2. BIOMETRIX DEVICE

3. DSC Class

4. DSC Token

5. Accounting

6. Trademark Registration

7. ITR (For Salaried Person)

8. ITR (Proprietor Business)

9. ITR ( Other Business)

10. TDS Return Filing

11. CA Certification of ITR

12. Balance Sheet & Profit Loss Account

13. CMA Report

14. CA Certification of Balance Sheet

15. Tax Audit

16. Udyog Aadhar

17. Partnership Registration

18. Company Registration

19. LLP Formation

20. LUT File

21. Amendment or Correction in Any Application

22. IEC Registration Including Govt Fees

23. Proprietorship Registration

24. Society Registration

Level 3 Services

Travel

1. Flight ( Domestic/International)

2. Bus

3. Hotels ( Domestic/International)

Recharge

1. Mobile

2. DTH

3. DATACard

Bill Payment

1. Water Bill Payment

2. Mobile Bill Payment

3. Insurance Bill Payment

4. Gas Bill Payment

5. Electricity Bill Payment

6. DTH Bill Payment

7. Landline Bill Payment

8. Internet Bill Payment

Money Transfer

Send money to any one account using our Money Transfer system for your clients & Earn Commission.

29/07/2019

19/01/2019

*9 Facts You Must Know about the New GST Limit of Rs40 lakh*

*1. Next Year:* This limit is applicable from FY 2019-20 onward, i.e., for financial year starting from 1 April 2019.

*2. Goods, Not Services:* The limit is applicable only for sale of goods. For service providers limit continues to be Rs20 lakh for all states except for special states where it is Rs10 lakh.

*3. Not for Interstate Sales:* The limit is not applicable if you are selling goods inter-state, i.e., from one state to another.

*4. Amendments:* GST being a dual tax (Central and state), the limit for turnover will have to be changed in both the Acts. This will have to be done for each state in Central Goods and Services Act, 2017 as well.

*5. Registration:* Section 24 of GST Act makes it compulsory to register in certain circumstances, and this Section is not amended. Hence, if a small businessman is registered due to that, he will have to continue with the registration. Exporters and those selling on websites like Flipkart, Amazon, Snapdeal will have to continue with their registration.

*6. No Clarity on Service Income:* If a person, who is selling goods, has even small service income like rent for neon signs or product placements at his shop, it is not clear whether the limit of Rs20 lakh or Rs40 lakh will apply to him. For example, a person may have sales of Rs25 lakh and rental income of Rs5 lakh, will he be covered by the new exemption limit? Since increase in limit is for goods only and there no separate limit for goods and services for aggregate turnover, once registered, GST has to be charged on all outward supplies whether goods or service.

*7. Turnover Calculation:* Section 22 of GST Act uses the word aggregate turnover (taxable goods plus taxable services plus exempt/nil rated goods plus exempt/nil rated services) while describing persons who are liable for registration. Hence, small shop-owners will have to see their turnover in totality before deciding. Even for as basic an issue as the limit for registration , what was the need to have so much complications.

*8. GST Paid Becomes Cost:* All GST paid on purchases will become cost to the person and he cannot charge any GST on outward supplies, i.e., sales.

*9. Draconian Consequences:* On top of all this, please remember Section 17(5)(i), which says that if you decide that tax is not payable but GST department asks for tax and you lose in appeal, you may not be eligible for input tax credit on purchases.

01/08/2018

GST Filing fees start with Rs.199
Income tax filing fee start with RS.799

27/07/2018

GST Filing fees starts at Rs.199
Income tax filing starts at RS.500