A Complete Guide to GST Registration

GST registration has become an important aspect for any business. The full form of GST is Goods and Services Tax, which is a comprehensive indirect tax charged on the supply of goods and services within Indian territory, and GST registration is compulsory for businesses with a certified annual turnover that differs from business to business. 

The Goods and Service Tax Act was introduced by the Indian government on July 1, 2017. The introduction of GST aimed to simplify the indirect tax system in India by merging multiple taxes into one and improving the tax collection process.

Types of GST 

In order to know the GST tax liability of a business, it is essential to know the type of GST:

State Goods and Services Tax (SGST): It is the tax charged on the sale of services and products within a state. It eradicated earlier taxation that included entry tax, state sales tax, entertainment tax, surcharges, and others. 

Central Goods and Services Tax (CGST): It is charged by the central government on the supply of intra-state products. It replaced many taxes like service tax, central excise duty, and customs duty. 

Union Territory Goods and Services Tax (UTGST): It is applicable to the sale of products and services in Union Territories like Andaman, Nicobar, and Chandigarh, among other union territories. 

Integrated Goods and Services Tax (IGST): This tax is charged on the sale of interstate products and services. 

Applicability of GST Registration 

According to the GST Act, any business that fulfills any of the below-mentioned criteria is bound for GST registration. 

Businesses that cross the annual turnover threshold of Rs. 40 lakh are liable for online GST registration. 

Any individual selling goods through an e-commerce platform is also liable for GST registration. 

Non-residents and casual taxable persons should also file GST.

To ensure the smooth functioning of GST registration, it is important for the above-mentioned people or firms to file for GST and comply with the related eligibility and documentation to avoid any penalties and future hurdles. 

List of the Top Benefits of GST Registration 

There are various benefits of GST registration that you, as an individual or business, can avail of. Below are some of the top benefits of GST registration: 

Eradication of the cascading effects: The introduction of GST removes the cascading effects of earlier indirect taxation, causing dual taxation at every step. GST registration has reduced the tax liability of business entities. 

Easy registration procedure: The process of GST registration can be easily done through the GSTN portal, making it time-efficient and easy. 

Lesser compliance: Earlier businesses had to file several returns accorded with different indirect taxes like VAT, excise, and service tax. But GST is a single tax regime, so it lowers the number of filings, making it less problematic for businesses to file a return. 

Transparency: Registration under GST consists of various provisions such as compliance, payment of taxes, and perks of input credit, ensuring clarity in the tax collection system. 

Regulation of the unorganized sector: GST registration also helps to regulate the unorganized sector, like construction sites. 

Final Words Whether you are a small business owner or a large business owner, or freelancer the GST registration services can help you gain certain benefits. You can easily track your registration process through GSTIN on the GST portal. If you are looking for reliable GST billing software that assists you with GST registration and compliance requirements, then consider Eazybills, as it is a one-stop solution for all the billing requirements, as it is easy to use software that doesn’t require any additional training.

GST Billing Management Software

There is a huge demand among all the business owners in India for reliable GST solutions, with the help of a robust infrastructure of IT including advanced GST Billing Management Software, businesses aim to achieve compliance as returns, registration, and payments can be done at the click of a single button. Nowadays organizations whether it is big or small, require technical support to stay at withholding trends of the market and be ahead of the competition.

The Best Accounting Software in India would offer support for the management of ledger, accounts, inventories, and other kinds of financial operations. The accounting software offers a gamut of benefits that includes the convenience of filing data, cost-effectiveness, easy access to data, speed, accuracy, and also the option to customize. The Best GST Accounting Software in India also supports the business in keeping track of their financial data, calculating different types of taxes, and generating invoices and bills as per the guidelines of GST.

The accounting software also helps in reducing the chances of errors and maintaining the accuracy of data using the GST accounting software program, all the financial operations from tax filing to invoicing or payment to filing reports are done with the help of a single button. This also helps in avoiding the paperwork and manual efforts as well as saving the cost.

The GST Billing Management Software also automates the tax and rates by the process of business. The GST accounting software also provides customizable options as per the specific business requirement. Different organization requires GST accounting software as this helps in simplifying the accounting function and help them focus on providing customer service. It remains cost-efficient and a super easy way to increase the productivity of the business as it can manage from any device.

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Why E-Invoicing is in Focus nowadays

The government has initiated the trial of the e-way bill system from 15 January 2018 for the generation of e-way bills for intra-state and Interstate movement of goods but the system is expected to be rolled out soon and make it mandatory for transporters and organizations to generate the new e-way bill online according to the law of GST and in compliance with rules of the CGST rules. 

Every taxpayer or every registered person who transferred his goods or causes to the movement of goods of value exceeding ₹50,000 concerning supply or the reasons which are other than supply or for inward supply from an unregistered person then e-way bill generation is necessary.

The relevance of GST E-invoicing software plays a role, as it is well known that E-invoicing is not a new technology but its relevance has grown multiple folds in recent times.

For choosing the best E-invoicing software india, users must keep an eye out for one of the features for choosing E-invoicing software is its ability to integrate with an accounting system.

This software allows the users to see where your operating funds were channeled and for that, you can also determine where your business finances are headed and in which direction.

E-way bill portal has also released the e-way bill APIs to license GST Suvidha providers for helping large transporters or large organizations automate the entire process by integrating their solution within an ERP taxpayer or an existing e-way bill system for generating new e-way bills online in real-time.

A user can generate the bulk E-way bill from the system by using software or when the user needs to generate multiple bills available in one shot they can generate the bulk E-way Bill by adopting touchless technologies of e-invoicing.

The concept of an E-way bill to generate online under GST was to abolish the Border Commercial Tax post to avoid the evasion of tax in India.

So it is crucial to know every aspect related to the E-way bill system under GST. The E-way bill system is very much important for both parties whether it would be for the government or the business industry.

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Efficient Business Operations with Online GST Billing Software

Efficient business operations are vital for any company, whether big or small. Organizations often face challenges in managing their accounts, finances and taxes, which can be overwhelming. Thankfully, with the advent of technology, managing these tasks has become much simpler. One such tool that has revolutionized the business industry is online GST billing and bookkeeping software. In this blog, we’ll discuss how online GST billing and bookkeeping software can make your business operations more streamlined and hassle-free.

Accurate Billing and Invoicing

One of the key benefits of using online GST billing software is its ability to generate accurate bills and invoices. The software automatically calculates tax and generates invoices as per the GST invoice rules and regulations. It also ensures compliance with all the mandatory fields and formats required by the GST system, so you can be assured that your invoices are error-free. Moreover, the software allows you to track all your invoices and payments in one place.

Free Online Accounting Software

Another advantage of using Go Gst Billis it’s free online accounting software. This software enables you to track your expenses, manage inventory, generate reports, and keep track of your profits and losses. You can also use the software to create a balance sheet, profit and loss statement, and cash flow statement. This integration saves time and effort by eliminating the need for manual bookkeeping.

GST Challan Format and Purchase Order Format

The software offers ready-to-use GST challan format and purchase order format templates that can be easily customized according to your business needs. This helps to streamline your operations by automating the process of creating and managing GST challans and purchase orders. The purchase order format ensure that all the necessary information is captured and recorded, eliminating any chance of errors or discrepancies.

Automatic Reminders and Notifications

The software also sends automatic reminders and notifications for GST compliance deadlines. This feature ensures that you never miss a deadline and remain compliant with all the tax regulations. You can also customize the notifications according to your preferences, making it easier for you to stay on top of your business operations.

Easy Accessibility and Mobility

Online GST billing and bookkeeping software is accessible from anywhere, anytime, making it perfect for businesses that operate remotely. You only need an internet connection to access your data and manage your operations. This flexibility also means you can keep track of your business on the go, ensuring that you are always up-to-date with the latest information.

BOOKKEEPING SOFTWARE

The terms bookkeeping and accounting are often used interchangeably, however, accounting is the general practice of managing a companys or individuals finances, whereas bookkeeping software more specifically refers to the tasks and practices involved in recording financial activities. While both bookkeeping and accounting are concerned with financial transactions, bookkeeping is focused on organizing and recording the financial transactions, whereas accounting analyzes these financial transactions and the effect they have on your business. Bookkeeping involves the recording of all the financial transactions of your business, including expenses like materials, services, and payroll, and revenues, like payments from customers or clients for goods and services. Where accounting software involves physically recording transactions into the businesss books, accounting is the practice of reviewing books to understand and make recommendations about a companys financial condition.  

 

Bookkeeping is the process of recording the financial transactions in your business on an organized account on a day-to-day basis. Bookkeeping software involves checking receipts, putting payments in your bank account, and keeping clean records to make sure that all financial information is readily available if needed. Essentially, keeping books means recording and tracking numbers involved with the financial aspects of the business in an organized manner. Tracking a businesses financial activities is the real goal of bookkeeping, meaning that it allows for keeping up-to-date records on current amounts coming and going, amounts due from customers and from the business, etc.    

Whereas bookkeeping deals with physically recording and organizing the financial transactions of a business, accounting is a larger discipline focusing on using financial data to make better decisions. Whereas bookkeeping concepts focus on recording that financial data, accounting organizes and analyzes it, typically providing recommendations for accuracy and cost-benefit improvements. While a bookkeepers job is typically focused on recording transactions, an accountants role is to analyze information recorded by a bookkeeper using accounting principles.    

Then, an accountant may generate financial reports based on the information recorded by the bookkeeper. Bookkeepers also reconcile company accounts to make sure the financial information recorded on the accounting software that they are using is consistent with that recorded in the bank statements, credit statements, and the income statements of the business. An accountant will also assist businesses in financial projections, tax planning, and filing. To record financial transactions accurately, a bookkeeper will need to keep an accurate record of all transactions made and costs involved.   Bookkeeping is part of a complete accounting process that prepares gst invoicing software the  for the business, starting from initial financial transactions recording to filing of tax returns, and, for businesses that are incorporated or limited, preparation of the annual accounts by the accountant. The term bookkeeping really comes from the initial practice of recording debits and credits transactions on a bookkeepers ledger in order to keep an account of a businesses financial condition. There are even some individuals, just like you, who have made careers out of being a bookkeeper, working with companies or starting bookkeeping businesses. In short, a bookkeeper covers the administrative aspects of the financial transactions in a company, recording them accurately. When a bookkeeper takes care of your revenue and expenses, those numbers remain organized, making it easier to scrutinize your financial assets and the money flowing through your business accounts.

A Complete Guide to GST Return Filing (GSTR-9) 

A GSTR-9 filing is a form that a taxpayer has to file for every GSTIN to which he is registered. In this blog, we have provided various critical questions surrounding GST return filing. 

Let’s get started.

What are GST returns? 

Every taxpayer has to file a GST return. There are around 22 varieties of GST forms. So the number and type of GST you have to file depend on the type of taxpayer you have registered. 

While you understand what GST returns are, it is also important to know the types of taxpayers. There are seven types of taxpayers: 

Regular taxpayer 

Composition of taxable persons 

TDS deductors 

Non-resident taxpayer 

Input Service Distributor 

Casual taxable persons 

E-commerce operators 

It is also worth knowing that you can begin the GST return filing process quarterly, monthly, or annually. And you can also check your GST return filing status. 

Meaning of GSTR-9 

GSTR-9 is an annual return to be done by taxpayers who are registered under GST. Following is the information contained in GSTR-9: 

Details of outward supplies made 

Inward supplies received 

Summary of supplies received under HSN code 

Details of tax payable and paid 

Benefits of the GST return filing online 

GST is one of the biggest tax reforms in India till now. The Goods and Services Tax (GST) is an initiative by the Indian Government that aims to ease the process of managing online payments and regulatory compliance. By accessing the GST portal, you can easily check your GST return filing status. Below are the benefits of filing the GST return online: 

The Elimination of a Wide Range of Different Taxes: Since the introduction of the GST, there have been fewer restrictions placed on the different types of taxes that may be applied to goods and services. Various taxes come under this category, including the Central Excise Tax, Sales Tax, Service Tax, Luxury Tax, and Special Additional Duty charged by Customs. 

Eliminating the Cascading Effect: The most important benefit of the GST return filing process is eliminating the cascading effect, sometimes known as removing a tax on top of another tax (double taxation). Before the Goods and Services Tax (GST), there was no other method for offsetting the value-added tax (VAT) on output against the service tax that was paid on input services. 

The Control and Supervision of Unorganized Businesses: Earlier, the disorganized and uncontrolled sectors in the country, like the textile and construction industries, were subjected to regulation and are now held accountable for their actions. 

Efficient Economy: The Goods and Services Tax (GST), which will eventually improve long-term economic development and efficiency, is unchanged by company types, methods, geographic location, and organizational structure. The ratio of taxes paid to GDP in India has increased due to the introduction of the Goods and Services Tax (GST). 

Final Words 

The Goods and Services Tax (GST) was first introduced in India on July 1, 2017, and its introduction was a game-changing reform that changed how businesses were managed in the nation. Because of the benefits of the GST return filing process, many businesses are moving into the official sector. You can get in touch with Eazybills if you are searching for a reliable and one-stop solution for billing software.

UniBillApp is the GST Billing Management Software for Small Business that manages sales, purchases, expenses, inventory, and many more. This is one of the very easy-to-use software for online billing and user management, inventory management, and all business reports.

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Why small businesses need cloud-based GST Billing Software

GST Billing Management software is exactly what you need to manage the returns and filings, cloud-based software is nothing but a new way of filing GST returns without installing any software. It is a platform where you can access the business data anywhere and at any time hence knowing how your business is doing in real-time. GST Billing Software helps the business to manage their financial operations and automates the process. Most Businesses use simple accounting software to cope with all the requirements.

It stores all the documents with ease and also helps in classifying those based on their types and then storing those in different folders. As we all know that data security is one of the most important things at this time because there is a high chance of breaching the data. GST Billing Management Software helps in overcoming this situation. Small businesses need cloud-based GST billing and accounting software because of various advantages. 

Free GST Billing Software makes GST easy because it is convenient compliance as the cloud-based GST software enables all types of businesses to file their returns, reconcile their mismatches, manage inventories, calculate taxes, and prepare invoices as per the guidelines of the government. GST Billing Management software is useful for supporting the business in saving time and eliminating errors complying with the provisions of GST easily securely and quickly.

A better cloud-based GST software can help the users to do the auto-matching, purchases, and returns reconciliation. Along with this cloud wise GST software has made GST compliance so easy that business owners can access their data anytime from anywhere. It also helps in making better financial decisions as the owners would be aware of up-to-date current financial position.

Role-based access control is also a great feature provided by cloud-based GST software. This role-based access control is a simple and authentic approach where you can restrict the access of your system to authorize users. Now the owners can simply assign the task to an authorized person only to fulfill their requirements of the business.

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Reliable & Complete E-Invoicing Solution 

Electronic invoicing or GST e invoicing software in India is a method for creating invoices and it enables the invoices created through one software program that is accessible by the other software, it has also reduced the need for further data entry and the labor-intensive manual process.

It is an invoice that has been produced using a single standard format so that others can share the electronic data or ensures information consistency.

E-invoicing software provides a reliable and complete invoicing solution, it provides the features for generation, tracking, or managing the invoices.

Unibill App is an GST e invoicing software in India that helps in generating the E invoices in a single click, also it automatically prints IRN or invoice reference number and QR code with the invoicing software.

It is certified software which means your invoices can be directly uploaded to the IRP portal to generate the E invoices seamlessly.

There are so many benefits of the Unibill App, the best GST e-invoicing software as it reduces the reporting of the same invoice details multiple times, it helps in real-time tracking of invoices, confirms the ITC eligibility, it prevents errors and fraud, it saves time and effort to file returns or it helps in reducing the reporting of same invoice details in multiple times.

There are some key factors to be considered while choosing a GST E-invoicing software like whether it can generate bulk E-way Bill invoices seamlessly whether it can generate E-way Bills along with E invoices as applicable or whether it has the flexibility to use the offline mode to generate the E invoices that deals in possible network issues.

Electronic invoicing is a system in which all B2B invoices are uploaded electronically and then authenticated by the designated portal.

Post authentication, a unique invoice reference number is generated along with the QR code and that needs to be printed on the invoice.

Electronic invoices apply to all the businesses that are registered under GST and those that issue B2B invoices in a phased manner as notified by the central government.

Therefore there are many benefits of E-invoicing, first, it can curb tax evasion and with this the chances of editing invoices are low.

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Your new and improved accounting experience begins here

Dear user,

We hear you, and we've been there for you forever.

The news of NoAccountant products being discontinued in India came as a surprise to the financial community. As accounting solution providers for over a decade, the NoAccountant team knows the time and effort customers invest in choosing, personalizing, and growing alongside a product. We understand it is challenging when you’re left back at square one, but you can count on us to help you power through this transition.

Check out this surprise we have in store for NoAccountant India users to cheer you up and make you feel right at home!

In addition to being a powerful cloud accounting platform that is GST compliant and provides end-to-end accounting, NoAccountant goes above and beyond to manage all your financial operations.

There’s no better judge than you. Before making your pick, we’d like to address your concerns and show how NoAccountant can help you breeze through this shift.

Visit our accounting service

Use Our Free Online Accounting Software to Manage Your Business Account

We are excited to offer our free online accounting software to help businesses manage their financials. Our software is easy to use and can be accessed from any device. We hope this helpful tool will make managing your finances easier than ever! Are you looking for a way to send GST invoices and receive payment in multiple currencies? Look no further than our online GST billing software. Our software makes it easy to bill your customers in their preferred currency, and our secure payment gateway ensures that your payments are always processed quickly and securely. Contact us today to learn more about our software and how it can help streamline your business operations.

Attractive and well-structured GST Invoice Template

If you're a business owner, then you know the importance of purchase orders (POs). POs help businesses keep track of their inventory and ensure that they're only ordering what they need. However, many businesses don't use purchase order templates to create their POs. Why not? Here, we'll discuss the benefits of using purchase order template and explain why they're so important for businesses. We'll also provide a few tips on creating effective purchase order templates. Stay tuned! If you're looking for an easy way to create GST invoices, the GST Invoice Template is the perfect solution. You can customize the template to match your specific needs, and then share it with your customers in a matter of minutes. Plus, the template is attractive and well-structured, making it a great choice for any business.

Why A Cloud Based Accounting Software Important?   

Why A Cloud Based Accounting Software Important?   

Whether you are a growing company or global enterprise, switching to cloud-based accounting software systems can improve efficiency and give you real-time visibility into your financials. Compared with off-the-shelf accounting systems, which cost a small fortune, cloud-based bookkeeping software is tailored for the needs of your company. One of the most notable benefits of using cloud-based accounting software is that you can automate the whole process and free up your time to do other things important to your business. Cloud-based accounting automates the manual processes of accounting and bookkeeping, which can be a time-saving and a money-saving proposition for businesses.   

Unlike the traditional accounting software, cloud-based accounting stores data in the cloud-based platform, which is accessible by using an Internet connection only. Cloud-based accounting software reduces the business requirement of data storage and management, as well as maintaining costly computer equipment. Since company information is now on-line, always available with cloud-based software, one can access the software services, and carry out different accounting practices, from any internet-connected computer around the world.     

With cloud-based computing, you can access your crucial financial data from anywhere, anytime. Cloud-based accounting systems solve this issue by providing access to your centralized financial data in real-time. gst invoicing software software is a great option for businesses as it amounts to accessing information in real-time, crucial to making decisions in an intelligent manner.  

Applications running on the cloud provide not just greater data security, but also an entire suite of processing features, making accounting a lot easier. Cloud-based gst billing software are also continuously updated, with automatic installation of improvements and updates to software happening behind the scenes, requiring almost no intervention on your part. Access your accounting information anytime, from anywhere: The most obvious advantage of cloud-based accounting software compared with any traditional accounting system is that cloud-based accounting software allows you to see your data anytime, anywhere, on whatever machines you prefer.    

With an integrated enterprise management system, not only are all of your employees able to access the accounting details at once, they are able to communicate using the system. With the help of cloud-based small business accounting software, they can work from anywhere in the world, without necessarily meeting with their team members in-person.    

An increasing number of businesses, particularly new and start-up businesses, are opting for using a cloud-based accounting software like MYOB Business Accounting Software in order to handle an increasing amount of day-to-day transactions for businesses, to manage their cash flow, as well as track purchases and payments. You would not believe that more than 78% of the small businesses and enterprises are now using cloud-based bookkeeping software and enjoying benefits like lower costs, increased efficiency, better data security, and enhanced availability.    Instead of spending significant dollars on servers and IT assets, administrators can focus on various aspects of their businesses when running their bookkeeping software in the cloud infrastructure. While a traditional IT infrastructure may hinder the capacity for the accounting company to operate effectively, the customized cloud provisioning may ensure proper security privileges, data backup, and better controls, helping accounting firms to diversify their business initiatives.