Dealing with GST compliance and accounting is not easy. Therefore it is recommended to outsource compliance and accounting in order to avoid any fault that can lead to legal issues. Nowadays the law involves quite complexity and even a small mistake can cause heavy penalties and fines. Besides this, an individual under GST must upload each supporting document and they also require filing three monthly returns. Each return should pass through verification and therefore the job becomes difficult. So doing compliance every month is time-consuming and this will prevent you manage your business appropriately.
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According to GST rule, there are two types of invoices :
A bill of supply –
When a registered dealer offers goods or services that are exempted from GST, a bill of supply is issued. It is also applicable for any type of sale where the supplier is incorporated under the composition scheme.
A tax invoice –
When a registered dealer offers taxable commodities or services, a tax invoice is issued. It is compulsory to claim input tax credit.
Name, address and GSTIN of the supplier –
In the GSTN portal, these are vital to match your outward supplies with inward supplies of the customers.
The type of invoice –
It is important to show whether the issued document is a debit note, a tax invoice or a credit note.
Name, address and GSTIN of the recipient –
The same as supplier details, the recipient details is used to match and reconcile various transactions.
Invoice serial number –
Invoice serial number should comprise a part of consecutive series that contain alphabets or numerals. This is mandatory to be unique for a financial year.
Name of destination state –
Destination state name must be there in the invoices for inter-state transactions.
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Following is the process for registration for GST system website :
1. Paperless Process : The entire system of registration will be paperless therefore no hard copies shall be taken by the department. Besides, all the aforementioned registered taxpayers are required to visit the GST website.
Besides, it is compulsory for each unit to execute GST registration, if the turnover crosses Rs. 20 Lakhs which is the exemption limit.
2. Provisional ID and password - Business units requires obtaining provisional ID and passwords that are offered by the associate state authorities.
3. Necessary Documents and Information - These are important to prepare before proceeding to get GST ID.
In order to make the method accurate and free of hassle, it is suggested to ensure that the following information is useful.
Provisional ID as
Valid email Address
Legitimate Mobile Number
Bank Account number
Please ensure the following documents are available with you in digital format according to mentioned specification.
Proof of formation of Business :
Partnership deed - In the case of Partnership deed
Registration Certificate of the business unit - In the case of others
Photograph of Promoters/Partners/Karta of HUF
Evidence of appointment of authorized signatory
Photograph of authorized Signatory
Opening page of Passbook/Statement that includes the following information :
Bank account number
Address of branch
Address of account holder
Details of few transactions
Documents may slightly differ so it is recommended to check according to the registered company
OPC (One Person Company) :
Email Address and Mobile no of Applicant Director and Nominee Director
Memorandum of Association/Articles of Association and Certificate of Incorporation of Company
Private Ltd Company/Public Limited Company :
Memorandum of Association/Articles of Association and Certificate of Incorporation of Company
Partnership Firm :
Partnership Deed of Firm
Trust/Society/Section 8 Company :
Bye laws / Moa of Organization
LLP (Limited Liability Partnership) :
LLP Agreement and Certificate of Incorporation
1. It is recommended to realize business procedure in GST aspects and classify which transactions are applicable and effective.
These transactions will be affected by GST mostly. Integrated Goods and Services Tax (IGST) model of taxation has been accepted for interstate transactions where IGST will be levied that would be CGST plus SGST. You need to understand thoroughly and perform your transactions accurately. This will help you to realize the general impact of GST on your business.
2. Transactions should be classified according to goods and services, and place of provisions
Once goods and services related transactions are classified, it is important to distinguish which provisions will be appropriate to them. GST is a broad subject that includes many provisions for a variety of goods and services. These provisions differ with industry, location, and kind of commodity. Therefore, it is important to identify what will be appropriate for your business approaching for GST compliance.
3. Identify the alteration in business in its pre, during and post formation stages
GST is going to change almost all the procedure – It may be trade, manufacturing or supply chain. Reorganized warehouses and manufacturing plants would reduce the primary freight charges. GST would eliminate the penalties on interstate sales transactions and help the consolidation of suppliers and vendors. Before setting GST, it is important to make a calculation of how several functions are going to modify and function.
4. Realizing Logistics model – depot and branches
GST is a tax, based on destination. There will be a larger impact on logistics and the taxes/ charges levied. After implementing GST, warehousing and logistics decision will depend on economic effectiveness like costs and location benefits of important customers. You may have to manage your supply management techniques in a way to reduce effect of cash flow.
5. Sales policies must be defined – discounts, schemes and returns
Should GST be charged on offered items or services? Would pricing still be competitive? All such queries affect the selling price of goods and service, discounts and returns provided to customers and other pricing policies. Defining sales policies conforming to GST will assist managing profit levels and customers.
6. Review contracts – Alteration to present POs
While GST is still few months away, it is important to make the necessary corrections in present POs and contracts. It is suggested to identify the terms and conditions to satisfy GST needs will ease your work in the future.
7. Review suppliers – place of supply, nature of goods, contractual terms
Contract terms with both your customers and your suppliers require to be modified. The supply chain network pattern would be more flexible with GST rule. GST would club a lot of small, bigger, and highly competent warehouses. Therefore, changes require to be made in contracts with your present suppliers in a variety of places. Your suppliers need to be reviewed in the point of their supplied commodities and services and the mutual contracts.
Detailed working of closing stock as on 30th June 2017 – ensure to file the return for the tax period ending on 30th June, by the appointed time
Allocate closing stock into quantity and rate
Categorize stock consistent with purchase type, rate, (interstate or intrastate), duty paid or exempted
Comparison of books with values demonstrate debtors/ creditors as on 30th June 2017
Filing the form TRAN-1 by 28th September, and TRAN-2 on a monthly basis until December
Get Form-C, Form-H, and Form-I for the stocks on which ITC needs to be claimed
Finalizing books of accounts with stock details offered to banks/ financial Institutions
Provide GSTIN to all suppliers and get GSTIN from all customers
If incorporated as centralized service provider, application for migration should be done for such states where the business may operate
Make a list of rates under GST for all goods that are to be dealt with
A list of all those on which reverse charge will be applied
Make sure that all debit/ credit notes are numbered serially
Existing accounting software must be integrated with GST return filing software
Invoicing solution must be in line with the formats and rules for invoicing according to GST. Furthermore it is a must to check invoicing series related to product
Make sure a tax invoice is sent for supplying taxable goods and services and a bill of supply nil-rated, for exempted and non-GST goods and services
Making a list of place of supply for all business activity