One Solution for GST Ledger & eFiling
The Indian GST regime comes into effect from 1st July 2017, requiring every business taxpayer to report GST collected and paid at least three times on a monthly basis if annual turn over is more than Rs. 1.50 crores and or quarterly if annual turn over is less than Rs. 1.50 crores. With state based registration and cost centre for state based assessment, it will be challenging for business to comply with their current system as desktop software and its upgrades generally are not built to accommodate the required digitalisation process for data matching and or automatically apply multiple tax rates for intra states (SGST), inter states (IGST) & union territories (UTGST) along with central tax (CGST) obligation at the same time handling the frequent changes in government policies and guidelines evolving GST.
As a web based application, GovReports GST Ledger enables business taxpayers with or without existing accounting software to meet GST compliance obligations easily by simply data entry details of the GST report onto the online system if not using compatible software or not using software at all. If the business uses GST compliant accounting software, simply upload GST report file in xml or csv to review, reconcile and get ready for direct electronic filing.
The GovReports Ledger enables business to maintain its individual business ledgers including GST ledgers for Sales, Purchases, Cash and ISD.
With inbuilt automatic reconciliation feature of sales/purchases/cash/tax made and entered in the business management or accounting software when prefilled for GST reporting in GovReports system.
Once the accounting ledger are prefilled and completed with GST report data, GovReports electronic filing feature comes in handy to enable you to submit the report
direct to GSTN portal and for the business taxpayer to authenticate and making payment accordingly.
The authentication process requires the business taxpayer to authorise for the GST preparer via the automated and customisable GovReports client engagement workflow procedures (TRP6) and update the details directly to GSTN prior to submitting the compliance reports.
On submission, the business taxpayer receives the request to confirm the GST report to be filed by their GST preparer from the Tax department and make payment
accordingly, if any.