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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.

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how to record transactions under gst

How To record transactions Under GST

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,

under GST:

input cgst a c output cgst a c input sgst

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)

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

bookkeeping software.