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Alignbooks is one of the best and simple bookkeeping software which can be easily manage your transaction records, accounting entries, and computing taxes etc.
Since Good and Service Taxes or GST came into existence with the agenda ' One Nation One Tax',
business owners have faced confusions and challenges in the realm of transaction and keeping the
records of financial details. Whether it is a small business or a large one, every business have to
keep the details of each business transaction. You have to record each sales invoice and purchase
invoice systematically. And under the GST, one has to submit the summary of sales and purchases
along with tax due and input tax credit on monthly basis to the Government. The process of keeping
these records manually a cumbersome and required doubling of the efforts but, thanks to the
bookkeeping business software, one doesn't have to worry about recording the details of all the
transactions one has made. With the simple bookkeeping software, you can easily accomplish
the the data that required in respect of sales, purchases, tax due and input tax credit for the purpose
of e-file your GST returns.
What was the old Scenario?
Under the pre-GST regime one has to deal with so many separate laws like excise, VAT, CST and
service tax and certain other taxes. And for every laws separate compliance procedure needs to be
followed that has multiplied the work of business to several fold and moreover the business those
who have spread in multiple states have to follow even more tough regime handling with multiple
state tax authorities.
Under the GST Regime
Under GST all the indirect taxes are merged in to one and the businessman has to apply this one
tax on all its sales and purchases. Now, the businessman need to maintain following accounts,
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)
Though now the businessman is to deal with one tax however they have to keep the separate track
of interstate (IGST) and intrastate (CGST+SGST) supply and have to pay the applicable tax
accordingly. One have to understand why it is so important to pass accounting entries for the
correct GST head. And as GST is a completely new way of taxation it would be difficult initially
to understand the concept of interstate (IGST) and intrastate (CGST+SGST) supply,. However
here the GST basic bookkeeping software will help to pass the right accounting entries under
GST, successfully. In fact, with the complexity involved it is desirable for the registered business
owners to buy the license of accounting software for calculating their correct GST liability under
different head and for filling their tax returns.
How Can Bookkeeping Software Help In Accounting Entries Under GST?
An accounting software will make you free from the stress of maintaining transaction
It will help you in generating tax invoices, maintaining the guidelines of GST.
It will assist you in e-filling of your GST returns.
With an accounting software, no longer you will need to prepare the tax invoice or pass
accounting entries manually. It will help you to manage your ledger or account book with
the happening of transactions like issuing of invoice and registering a purchase.
Therefore, instead of losing your temper in the midst of maintaining transaction records, managing
accounting entries, and computing taxes, it would be a smart decision, if you get the easy