Some accountants are worried about detailed reporting in GST Returns. Only to say if foundation is strong you can build a building of 100 floors, but if foundation is not strong even building 4 floors would be a risk.
In accounting foundation is accounting transaction. Many accountants have habit of doing ad-hoc accounting. No narration, No Full Invoice No, No Cost Centre, No linking with PO/SO/Advances. In such cases, work will be increased manifold.
There are Eight types of transactions in any business:
B2B
B2C
C2B
C2C
B2E
E2B
B2G
G2B
In GST B2B is most important because Recipient have to claim ITC. In all returns/forms these transactions would be reported in detail. If there are less number of transactions, you may even generate report manually but if Sale/Purchase Transactions are more than 250, do automate as much as possible. Start with Chart of Accounts. Create different groups for different type of Customers/Vendors. Use HSN/SAC Code even you are exempted based on turnover as many buyers are forcing their suppliers to avoid any dispute relating to tax rate in future. And most important utility file for GSTR-1 is available on GST Portal. Don't wait for last date, keep updating file on daily/weekly basis, as in September you won't have much time due to July/Aug Returns. Thanks. #GST
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