GST Software that simplifies billing & accounting

All about GST

What is GST?

GST stands for Goods and Services tax. It’s a new tax structure introduced in India. The taxes applied in this new regime are supply based and depends on the destination. Taxes are applied at every stage of value addition. The best part of GST is the overall tax paid in the entire value chain is a fixed percentage of final value, that means at every stage of value additional the taxes are essentially applied on the incremental value and not on overall value.

Why is GST implemented?

GST is the biggest tax reform in India. It is a single tax levied on supply of goods and services produced in the country. GST is implemented to do away with the complex tax structure that plagues the economy and restricts growth. It will help simplify tax structure and will improve compliance. GST will replace all the taxes levied by center and state government like VAT, CST etc., All the business, both manufacturing and services will come under this regime.

Who should enroll for GST?

Any individual or entity that carries out business in India and satisfies the criteria mentioned in Section 19 , sub-section (1) of the GST law needs to enroll. Please note, any business that supplies goods or services that are not taxed under GST are exempted from enrolling.

How to enroll for GST?

Very simple. Just visit the gst software portal of government (gst.gov.in) and apply online for goods and services tax identification number (GSTIN) by filling out basic details and uploading documents. The process is online and simple. Also, the turnaround time is just a few days.

What is composition schemes?

Under the composition scheme a business is required to pay a flat percentage of turnover as GST. This scheme is applicable only to small manufactures and traders dealing (turn over less than 75 lakhs) locally i.e., who do not supply outside their state. Services provider cannot enroll into the composition scheme.

What is input tax credit (ITC)?

The best part of GST is the input tax credit feature. A business can reduces it’s tax burden on the supplies/sales by claiming the taxes paid on the purchase of goods and services that are used for running the business. A business can track ITC by logging into the official GST software provided by commercial taxes department.

How to file GST returns?

GST returns are required to be filed online. There are various ways in which you can file GST returns. The GST department has a portal and every GSTIN holder is provided with login credentials, one can login to the portal and file returns. There are many other private software vendors like TopNotepad, who have GST accounting software for billing and return filing.

What is the GST return filing frequency?

Return filing frequency differs basis the scheme the GSTIN holder is in. If a business is under composition scheme, the returns needs to be filed on a quarterly basis. However for all the other business not under the scheme, 3 returns needs to be filed on a monthly basis. The first return is the GSTR-1 form before every 5th of the month. The second is GSTR-2 form before 10th of every month and the third is GSTR-3 form before 15th of every month.

What is GSTR-1 form?

GSTR-1 form is consolidation of the supplies made by a business within a given month. The GSTR-1 form has a specific format in which it needs to be filled. All the supplies made under the month are required to be classified under different sections based on the criteria provided. If you are using TopNotepad, you need not worry, as the software automatically generates the form. You just needs to upload the same and file the returns.

What happens if I do not file GST returns?

If a business fails to file GST return for a month, then the business is not allowed to file the return in the following month. Also, punitive penalty charges are applicable in case of delay or failure to file the returns. Even if the taxes are zero, the business is required to file nil returns, the return filing part cannot be skipped. In case returns are skipped, the business needs to file the skipped returns first, pay the penalty and then proceed for filing the returns for current month.

What is HSN code?

HSN stands for Harmonized System of Nomenclature. It a unique number developed by the world customs organization to classify the goods produced and sold across the globe for ease of international trade and tracking. India has adopted the same HSN code for its new GST tax regime.

What is SAC Code?

Like HSN, SAC is for services businesses and it stands for Service Accounting Codes. Again, these codes are used for classifying various services for ease of trade and taxation. SAC service codes are maintained and managed by ACES, earlier used by CBEC.

How to create a GST compliant invoice?

Invoice is the most critical document and is the first step towards being GST compliant. It’s is the invoice document through will input tax credit is tracked and the benefit of tax on input is passed from a supplier to client. GST Invoice contains details of supplier, client and description & value of product or service along with taxes. Using TopNotepad It is very simple to create a GST compliant invoice.

Is there a GST accounting software?

Any accounting software that lets you create a GST complaint invoice and has option to generate GSTR-1, 2 and 3 forms for filing returns can be referred as a GST accounting software. TopNotepad is a GST compliant billing and accounting software. All you need to do is create invoices and log your purchase bills, the software will generate the forms automatically for you.

What is GST rating?

This a unique concept under GST, where a business filing regular returns is rewarded by higher rating for being compliant and the business that do not file regular returns are penalized and tagged lower in ratings. This impacts the reputation of business as well as hurts the business financially as these ratings are available in public records and any prospective business client would want to avoid dealing with a business which is not rated well.

How can TopNotepad help?

TopNotepad is the best GST billing software, that lets you create GST compliant bills and help you file GSTR-1 form on a monthly basis in just 2 simple steps. It also has features such as expenses tracking and leads management that makes it an indispensable tool for a small business for being GST compliant as it simplifies the complex GST rules and makes GST billing and filing super easy. Stop worrying about the GST rules.

Is TopNotepad a secure GST Software?

TopNotepad has bank level security and the critical data is encrypted. Also, TopNotepad would never ask you, your GST login credentials. It simply gives you GSTR-1 form in a format that can be uploaded directly in the GST portal.

Where can I get most updated information on GST?

gst.gov.in is the best portal for getting up to date information about GST. And this is the most exhaustive GST software for all types of businesses.