GST Tax & Accounting
GST or Goods and Services Tax was recently introduced in India by the current government. It is a form of an indirect tax which replaced the earlier existing multiple forms of taxes imposed by the central and the state government.
Every individual who is a taxpayer must get registered under the GST and one should try to maintain all the records and files associated with his/her business. It is the responsibility of the owner, every transporter, and operator of a warehouse to maintain a Tax account under GST. Also, a business whose turnover is more than 2 crores should get their GST account evaluated by a certified Chartered Accountant.
Following are the records which must be maintained under the GST-
- Record of stock of goods one produces and manufactures
- Record of outward and inward supply of goods and services
- Record of tax paid and output tax payable, etc.
GST is sought to bring a lot of clarity in the accounting arena of every business. Thus the business owner must try to follow all the rules related to it, thoroughly.
Since, the concept is new so business- men/women, working individuals often end up being clueless about the accounting process under GST. Don't you folks worry, as Legal-N- Tax Law Office is at your service. Our highly trained professionals who have expertise in GST accounting are there to help you at every step. Just contact us and leave the rest of the work on us.