How to prepare and file GST return?

There are lots of confusion about how to prepare and file a GST return. After Announcement of GST many cloud based companies started web application claiming to help business in filing their return. Everyone claims that they are best from other.

Role of windows based GST accounting software

 

Next in line is the GSTN Suvidha provider who will work as intermediary between your accounting software and GSTN portal. First your data will be validated at the server of the GSTN Suvidha provider before finally it will be pushed into GSTN portal. GSTN Suvidha provider will charge separate fee to access their service.

In India most of accounting work was taken care by Charted Accountant. In new era you can call them Charted Accountant cum GST Practitioner. Do you think that all online activities in filling return will lower down the importance of CA?  

Answer is No, still CA will be an important part of your business in filing tax return. Before you will file your GSTR-1, it needs to be manually validated, for error and correction and that can be only done by your CA or by you. Software literacy and reliability of the internet are two discouraging factors apart from the fact that many Indian cities haven't experienced even the internet. So if you are using a cloud based web application, then in the case of internet failure your data might isn't pushed correctly and one needs to correct this manually. For a big company that is not a big challenge because they will have dedicated accounting staff to handle such situation.

What is best for small business?

So for most of small business Windows based application is suggested accounting tool. It will also save your money as you do not need GSTN Suvidha provider and you can upload your data by logging into GSTN portal directly.  Like many existing software BOKAS do nothing different but record your GST transaction in format as specified for

  • Business to Business (B2B) – In this transaction GSTR-1 will have separate record for each invoice along with business detail.

  • Business to small customer (B2CS) - In this transaction, all outward sales will be appended based on tax rate and separate invoice is needed. In short it will be total and not bill by bill.

  • Business to large customer (B2CL) – This is quite similar to B2B. In this transaction GSTR-1 will have separate record for each invoice along with customer detail.

In BOKAS, as soon as you save the transaction, your relevant GSTR automatically get updated. In case if you cancel your transaction, its entry will be removed from GSTR. In case of Debit and credit note, it will push data into other relevant GSTR. So, once you are ready to file GSTR-1,

  • Go to Administration->Balance Sheet.

  • Select date range and business type

  • Export data in XLS

  • Do modification if you wish

  • Provide your CA for further processing.

 

You are done. You or your CA can validated GSTR-2 which is auto populated in your GST portal.

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