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About This service

GST is India's largest tax reform since Independence. With GST being a technology-driven tax regime, Tally is at the forefront of making compliance simple for businesses and tax consultants. GST implementation will have deep and far reaching consequences on the operations of a business – requiring a total overhaul of the business, finance, financial reporting and accounting systems. Under GST business person and service provider needs to file a number of returns around the year and accurate filling of returns are basically depends upon the accounting records we maintain. For small business persons having turnover up to Rs. 2cr, it is very hard for them to find a knowledgeable person in the budget who can maintain proper books of accounts for your business and venture. With every new changes in GST, Consult MyTax will guide you through to make your GST experience faster and simpler.

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Includes/exclude

in service

  • Online GST Accounting (up to 1000 transactions)
  • GSTR Filing for 3 months for ONE GSTIN
  • Filing for B2B and B2C invoices
  • Valid for businesses with turnover less than 2 crores

Whom

it’s beneficial

  • This plan is designed to address the accounting needs of businesses and professionals operating as:
  • Goods Traders
  • Professionals & Consultants
  • Share Market Traders
  • Individual Freelancers
  • Whether it’s newly set up businesses or existing businesses looking to scale up operations and desirous of outsourcing bookkeeping to comply with return filing requirement.

Process

  • Purchase Plan
  • Provide inforamtion and details of business transactions
  • Explanation of transactions (If needed) to understand business properly
  • Get the financial statement (statement of profit and loss and balance sheet)

Information/Documents

needed

  • The documents needed shall depend on the service you need at a particular point of time. The same shall be communicated to you by our experts based on your requirements.

Other Information

The Ministry of Finance has issued the Correction Slip Numbers from 845 to 857 dated 19-06-2017 for opening of new Major, Minor and Sub Heads for accounting of Goods and Services Tax (GST), in the list of Major and Minor Heads of Account (LMMHA) of Union and States' Government. Maintain books of accounts and Filing the returns on time is important to avoid interest and penalties. This plan is designed to help you stay on top of all your business compliance's.

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Who must maintain accounts under GST?

It is the responsibility of the following persons to maintain specified records-
• The owner
• Operator of warehouse or go down or any other place used for storage of goods
• Every transporter
Every registered person whose turnover during a financial year exceeds the prescribed limit (2 crore) will get his accounts audited by a chartered accountant or a cost accountant.

What records must be maintained under GST?

Every registered person must maintain records of-
• Production or manufacture of goods
• Inward and outward supply of goods or services or both
• Stock of goods
• Input tax credit availed
• Output tax payable and paid
• Other particulars as may be prescribed

What are the accounts which must be maintained under GST?

Under GST, a trader has to maintain the following a/cs (apart from accounts like purchase, sales, stock)–
• Input CGST a/c
• Output CGST a/c
• Input SGST a/c
• Output SGST a/c
• Input IGST a/c
• Output IGST a/c
• Electronic Cash Ledger (to be maintained on Government GST portal to pay GST)

What is the Period for Retention of Accounts under GST?

As per the GST Act, every registered taxable person must maintain the accounts books and records for at least 72 months (6 years). The period will be counted from the last date of filing of Annual Return for that year. The last date of filing the Annual return is 31st December of the following year.
For example: For the year 2017-2018, the due date of filing the annual return is 31.12.2018. The books & records of 2017-2018 must be maintained for 6 years, i.e., 31.12.2023
If the taxpayer is a part of any proceedings before any authority (First Appellate) or is under investigation then he must maintain the books for 1 year after the order of such proceedings/appeal has been passed.

What are the Consequences of Not Maintaining Proper Records?

If the taxpayer fails to maintain proper records in respect of goods/services, then the proper officer shall treat such unaccounted goods/services as if the taxpayer had supplied them. The officer will determine the tax liability on such unaccounted goods.
The taxable person will be required to pay the tax liability calculated along with penalty.

What are the conditions for Trader 140(3) Deemed Credit?

•Used or intended to be used for taxable supply
•Eligible for credit under GST
•Goods should be excisable and not exempt or nil rate
•Pass on all the benefit to customer
•Documents evidencing procurement is available
 Entry to be passed for sale of such goods
Party Account A/c Dr XXX
Transitional Discount A/c Dr XX
To Sales @ 12% A/c XXX
To CGST Liability ledger A/c XX
To SGST Liability ledger A/c XX
 Entry to be passed for taking credit
CGST Credit Liability A/c XX
To Transitional discount A/c XX

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