GST Filing and LEDGERS Accounting Software

Select Package

3 month GST return filing with Accountant support for uploading return and LEDGERS GST Software.

6 month GST return filing with Accountant support for uploading return and LEDGERS GST Software.

12 month GST return filing with Accountant support for uploading return and LEDGERS GST Software.

All Inclusive Pricing - No Hidden Fee

Pay as you go grow pricing

Basic
3 month GST return filing with Accountant support for uploading return and LEDGERS GST Software.
  • Personalised GST Accountant
  • LEDGERS Accounting Software
  • GST eWay Bill Software
  • Unlimited Estimates
  • Unlimited Invoices
  • Unlimited Purchase Invoices
  • Unlimited Purchase Orders
  • GSTR-3B Return Filing
  • GSTR-1 Return Filing
  • Input Tax Credit Reconciliation
  • GSTN API Connect to File Directly
  • Import or Export to Excel
  • Import or Export to Tally
  • Phone, Chat & Email Support
  • GST Payment Support
Standard
6 month GST return filing with Accountant support for uploading return and LEDGERS GST Software.
  • Personalised GST Accountant
  • LEDGERS Accounting Software
  • GST eWay Bill Software
  • Unlimited Estimates
  • Unlimited Invoices
  • Unlimited Purchase Invoices
  • Unlimited Purchase Orders
  • GSTR-3B Return Filing
  • GSTR-1 Return Filing
  • Input Tax Credit Reconciliation
  • GSTN API Connect to File Directly
  • Import or Export to Excel
  • Import or Export to Tally
  • Phone, Chat & Email Support
  • GST Payment Support
Premium
12 month GST return filing with Accountant support for uploading return and LEDGERS GST Software.
  • Personalised GST Accountant
  • LEDGERS Accounting Software
  • GST eWay Bill Software
  • Unlimited Estimates
  • Unlimited Invoices
  • Unlimited Purchase Invoices
  • Unlimited Purchase Orders
  • GSTR-3B Return Filing
  • GSTR-1 Return Filing
  • Input Tax Credit Reconciliation
  • GSTN API Connect to File Directly
  • Import or Export to Excel
  • Import or Export to Tally
  • Phone, Chat & Email Support
  • GST Payment Support
  • GST Refund Support
  • 8 Years GST Data Storage on Clouds
  • GST Registration

  • Premium LEDGERS Accounting Software with GST Portal Integration and eWay Bill Software.
  • Business Current Account and Payment Gateway powered by ICICI Bank Limited. Subject to terms and conditions of ICICI Bank Limited.

What is a GST return?

1.4 Crore organizations have acquired GST enlistment since its origin in July 2017. All substances acquiring GST enlistment are needed to record the GST restores each month. GST return is a record which contains subtleties of the pay that a citizen is needed to file.This is utilized to compute the expense risk i.e., the measure of assessment payable by the business.

The profits are to be documented independent of business action, deals, benefit and different measures. A lethargic business which has not given any receipt is likewise needed to record its GST returns.

GST Return Filing

Enrolled substances are needed to record 2 month to month returns and 1 yearly return, for a sum of 26 returns in a year.

Elements need to record the GSTR-3B return each month giving subtleties of deals and buys made in a month. Notwithstanding the GSTR-3B return, organizations enlisted under GST must document GSTR-1 returns. GSTR-1 return must be documented each month by organizations having a yearly income of over Rs.1.5 crores.

In the event that a business has a yearly income of under Rs.1.5 crores, GST returns should be documented each quarter. Yearly GST returns should likewise be recorded by all elements notwithstanding the abovementioned.

GST-Return-Filing

Important due dates

When an engagement is received, a dedicated GST advisor will be assigned to the business. The advisor would contact you each month, collect the necessary information, prepare the GST return and help you file the same.

Some of the advantages of outsourcing your GST return filing to Bizcruise are given below.

Dedicated GST advisor
Collection of purchase and sales invoice returns prepared using LEDGERS GST Software
GSTR-1 and GSTR-3B return filing
Input Tax Credit reconciliation
Full stack accounting and cloud storage of records for easy retrieval and usage
Monthly accounts report

 

The average time taken to file a GST return is about 1 – 3 working days, subject to the government processing time and client document submission.

LEDGERS GST Software

In addition to the GST advisor support, LEDGERS GST Software will be provided to the client for GST invoicing, payments, returns filing and accounting.

Some of the features of LEDGERS are:

  • Customer management
  • Supplier management
  • GST Invoicing
  • Estimate issuance & tracking
  • Accounts receivables tracking
  • Purchase register
  • Payments tracking
  • Payables management
  • Automated GST return filing (GSTR-1, GSTR-3B)
  • Automatic Input Tax credit reconciliation
  • GST eWay bill generation & management
  • ICICI bank integration
Penalty-for-late-filing

Penalty for late filing

Punishments and scratch-off of the GST enrollment will result if an element neglects to document GST returns on schedule. In the event of rebelliousness for over a half year successively, the substance would be not able to acquire another enlistment notwithstanding dropping until all the punishments are taken care of in full.

The punishments for substances having no turnover is distinctive when contrasted with elements having a specific turnover. NIL returns must be documented in the event of no turnover and inability to do so will bring about a punishment of Rs. 20 every day.

Set up organizations will be required with a punishment of Rs. 50 every day for the time of late-recording. A punishment of Rs. 50 every day will be relevant for late GSTR-3B return and Rs.50 per for GSTR-1 return. Altogether, a punishment of more than Rs.3000 every month would be brought about. Notwithstanding the above late documenting expenses, the substance would likewise need to pay revenue at the pace of 18% on GST installment dispatched late.

*As per 40th GST gathering meeting, the punishment for late documenting has been postponed off.

Important due dates

GSTR-1 (Monthly)

10th of every month

Monthly GSTR 1 returns must be filed by taxpayers having a turnover of more than Rs.1.5 crores. For example, filing for the month of December is due on 11th of January.

GSTR-1 (Quarterly)

15th of every quarter

Quarterly returns must be filed by taxpayers having a turnover of less than Rs.1.5 crores. For example, GSTR-1 quarterly returns for the months of October to December is due on 31st January.

CMP-08- Quarterly-Composition Scheme

18th of every quarter

CMP-08 must be filed by taxpayers registered under the GST composition scheme having a turnover of upto Rs.1 Crore. For example, the statement cum challan for the September to December quarter is due on 18th January.

GSTR-4- Annual-Composition scheme

30th April

GSTR-4 returns filing for the financial year is due on 30th April. Quarterly returns must be filed by taxpayers registered under the GST composition scheme having a turnover of upto Rs.1 Crore.

GSTR-9- Annual returns

31st January

Annual GST return filing for the financial year is due on 31st January. This is mandatory for all entities.

Composition Scheme Filing

All elements enrolled under the organization plot are needed to record structure GSTR-4A each quarter through the GST entryway or through a GST help focus.

GST returns for those enlisted under the structure plot is expected on the eighteenth of the month each quarter. Henceforth, GST return petitioning for the creation plan would be expected on April eighteenth, July eighteenth, October eighteenth and January eighteenth.

The profits recorded must incorporate subtleties of the accompanying:

  • Between State and intra-State internal supplies got from enrolled and unregistered people
  • United subtleties of outward supplies

Regardless of whether an element selected the structure plot beginning April of that year, it must keep documenting month to month GST returns until September of the very year.

Composition-Scheme-Filing
Composition-Scheme-Filing

Composition Scheme - Due dates

While recording the GST organization restores, the citizen is additionally needed to pay all liabilities towards charge, interest, punishment, expenses or some other sum payable under GST.

GST creation charge is imposed at the accompanying rates:

  • Producers, other than makers of such merchandise as might be informed by the Government – 1%.
  • Providers making supplies – 2.5%
  • Some other provider qualified for structure demand – 0.5%

Its critical to take note of that any citizen who has settled on the GST organization plan won’t be qualified to benefit input tax reduction on receipt of solicitations or charge notes from the provider for the period preceding selecting the arrangement plot.

General questions (7)

Bank Account Opening

Opening a current account for a private limited company is easier when compared to opening of current account for a sole proprietorship firm as a company is a registered legal entity – recognized by law. Therefore, once a company is incorporated, a bank account can be opened in the name of a company with the incorporation certificate of the company and identity/address proof of the Directors.

Who should file GST Returns?

Under GST, every person or entity registered under GST would be required to file a GST return for the prescribed period. Even those entities having a GST registration but no activity would be required to file a GST Nil Return to stay compliant with GST regulations.

How often would I have to file GST Returns?

Regular taxpayers would have to file GSTR-1 (details of outward supplies), GSTR-2 (details of inward supplied) and GSTR-3 (monthly return). GSTR-1 would be due on the 10th of each month, GSTR-2 would be due on the 15th of each month and GSTR-3 would be due on the 20th of each month. Compounding taxpayers must file GSTR-4 every quarter, on 18th of the month next to the quarter.

In addition to the monthly or quarterly returns, an annual return must be filed by all persons or entities registered under GST. The due date for filing of annual GST return would be 31st of December following the end of financial year. In case of assesses having to complying with auditing requirements, the GST reconciliation statement must be duly certified by a Chartered Accountant.

What is GST ITC?

Input tax is the central tax (CGST), state tax (SGST), integrated tax (IGST) or cess paid by a person having GST registration on supply of goods or services. GST input tax also includes tax paid on reverse charge basis and IGST charged on import of goods.

Can GST Return be Revised?

There would be no procedure or revision of a GST Return. All unreported invoices of the previous tax period must be included in the return for the current month and interest, if any would be applicable.

What is penalty for not filing GST Returns?

All GST Return non-filers will be tracked by the GST Department and a list of GST return defaulters will be provided to the respective GST authorities for followup and enforcement action. The GST law would also include an imposition of automatic late fee for GST Return non-filers and late filers.

Who should file GSTR1 return?

Under GST, all taxpayers, other than an input service distributor, a non-resident taxable person, casual taxable person and a person paying tax under the GST composition scheme are required to file GSTR1 return.

Know more about GSTR1 return filing.

Registration Process (7)

How to file GSTR1 return?

GSTR1 return can be filed online in the GST portal. You can also file GSTR1 return using  LEDGERS GST Software, to file GSTR1 return using LEDGERS, create an account, update details of sales made during a month and click on upload GST return to file.

What is GST LUT ?

Letter of Undertaking is commonly known as LUT. The Letter of Undertaking (LUT) is prescribed to be furnished in form GST RFD 11 under rule 96A, whereby the exporter declares that he/she would fulfil all the requirements prescribed under GST while exporting without making IGST payment.

What information is required to be filed in GSTR1?

In GSTR1 return, the following information is filed by the taxpayer:

  1. Basic details of the taxpayer with GSTIN.
  2. Period to which the Return pertains.
  3. Invoice level information
    • B2B invoices
    • B2C invoices over Rs.2.5 lakhs in value
    • B2C invoices less than Rs.2.5 lakhs in value
    • Export invoices
    • Summary of Documents Issued
    • HSN Code wise summary of sales

What is the meaning “details of outward supplies”?

Under GST, the expression “details of outward supplies” means information pertaining to sales transaction in a month like invoices issued, debit notes, credit notes and revised invoices.

Can GSTR1 return be rectified?

Yes, any registered taxable person, who has filed GSTR1 return can rectify the return if there is a discovery of any error or omission. The rectification can be filed in the tax period in which such error or omission is noticed. In case there is any short payment of tax, the payment of tax and interest can also be made during the period of discovery of error or omission.

What is the time limit for filing GST return rectification?

GST return can be rectified by a taxpayer until the month of September following the end of the financial year to which the details pertain or furnishing of the relevant annual return, whichever is earlier.

What invoices should be uploaded to GST Portal?

For all B2B supplies (whether inter-State or intra-State), invoice level details like customer GSTIN, the item-wise value of supply, amount of tax applicable, place of supply, date of invoice and invoice number should be uploaded.

For all B2C supplies (including non-registered Government entities, Consumer/person dealing in exempted/NIL rated/non-GST goods or services), the suppliers should upload invoice level details similar to B2B invoices, when the value of supply is more than Rs.2.5 lakhs.

For invoices with a value of less than Rs.2.5 lakhs, State-wise summary of supply statement should be filed. The address of the buyer has to be mandatorily reflected in every invoice having a value of Rs.50,000/- or more.