The All-in-One Automated Accounting & GST software to meet the upcoming changes in GST and budget 2019
New Delhi, July 05, 2019: The All-in-One Automated Software HostBooks announces the inclusion of a GSTR-9 product for GSTR-9 filing.
GSTR-9 is an annual summary of all the sales, tax paid thereon, purchases, input tax credit (ITC) claimed, ineligible credits, demands, and refunds. Compulsory for all regular taxpayers under GST, GSTR 9 is consolidated return for the information furnished in monthly/quarterly GST returns during the financial year for every GSTIN. Similarly, GSTR-9A is to be filed by a Composition Dealer, GSTR-9B is required to be filed by E-Commerce Operator and GSTR-9C is the Annual Audit Report.
As, GST council chaired by Finance Minister NirmalaSitharaman decided in its 35th meeting to extend the deadline to file forms GSTR-9, GSTR-9A and GSTR-9C till August 30, 2019. HostBooks is all geared up to serve as compliance platform from where normal taxpayers can file their Annual returns in Form GSTR-9 and composition taxpayers file their returns via Form GSTR-9A.
As this is the first time after the introduction of GST that traders and businesses will be filing the (annual) returns, there are various issues cropping around this return filing.To ease the efforts of its users, HostBooks has developed a remarkably simple procedure where with the help of a simple tool, one can sort and render seamless GST return filing and billing experience. HostBooks is a cloud-based and NSDL approved GST Application Service Provider, has simplified the whole process of GST return filing including the GSTR -9.
The multi-tenant app which is essential for customer management can easily identify mismatches, duplication of entries or match credit/ debit notes against respective invoices, and so on with the help of automation.
The present government is working as the watchdog to flag out the defaulting filers. Fulfilling Centre’s hope to create a transparent mechanism for taxpaying, HostBooks serve as a tool to bring out accurate transactions details for every taxpayer, it ensures input data validation at the sources. Through real-time updates, customers can access the latest changes made within GST, minimizing the efforts being put to meet the new changes as a later stage.
HostBooks GST is also capable of generating self-invoices in case of GST under RCM without much hassle, reducing the time spent on accounting by at least 50% resulting in an overall improvement in business finances.
This is evident that the government is about to bring certain changes in the current GST trend in the upcoming budget on July 5, 2019. This budget, to be presented for the first time by a women finance minister will coincide with the second year anniversary of GST. The government is expected to take up many unfinished agenda, reforms, simplification of compliance procedures, rationalisation of the GST rates in the budget 2019. A lower GST expected on automobile sector and bringing petroleum products under the ambit could effectively push demand and provide necessary boost to the sector. The e-invoicing system for certain segment of Tax payers proposed by the government will lay down a roadmap for the GSTN platform for its smooth transition and implementation.
Along with the GSTR9 portal, the GST and Accounting compliance software will comprehend with all the major changes that will come up in budget 2019 with an advanced feature which reflects any GST change in 24 hours on the client’s dashboard.
KapilRana, Founder & Chairman, HostBooks says, ‘Since the government has extended the deadline for filing GSTR-9, it is essential that taxpayers file their GST returns on time and avoid penalties. The GSTR-9 format consists of various parts in which the details of supplies made, received, ITC claimed, ITC utilized, refunds, tax deposited, amendments made and supplies made to unregistered dealers during the period of July’17 to March’18 need to be obtained. Considering that Form GSTR-9 cannot be revised after filing once, HostBooks GST software minimizes any risk of miscalculations or errors. The combination of Accounting and Technology amalgamated in HostBooks ensures elimination of every possible means of errors of filing GSTR-9.’
Corporate Comm India (CCI Newswire)
