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Who Provides the best GST Services in Mumbai?

Best GST Services in Mumbai 

What are GST Services?

Goods and Services Tax is an indirect tax used on the supply of goods and services. It is a comprehensive, multistage, destination-based tax that is levied at every point of sale. Central GST and State GST are charged for intra-state sales, whereas Integrated GST is charged for inter-state sales.

Types of GST Forms

A GST return is a document that a taxpayer is required to file for each GSTIN he possesses. There are 22 distinct types of GST returns listed in the GST Rules. Only 11 GST returns are currently operational, with three being suspended and eight being view-only. This article will tell you more about it. In other words, the kind of taxpayer enrolled determines the quantity and types of GST returns a firm or professional must file. Regular taxpayers, composition taxable individuals, e-commerce operators, TDS deductors, non-resident taxpayers, Input Service Distributors (ISD), casual taxable persons, and others are instances of this kind.

GST (Goods and services tax)

A tax levied on a consumer who buys goods or services are known as GST. It is meant to be a single, comprehensive tax that will subsume all the other smaller indirect taxes on consumption like service tax, etc. It is a single tax levied on goods and services from the manufacturer to the last consumer. Currently, there are a number of services that provide ease.

Under the law of GST, the government will collect the CGST, SGST, and IGST depending upon the transaction. Both CGST and SGST will be collected if the supply of goods and services happens within one state that is intra-state. However, if the supply of goods and services happens between two inter-state states, only IGST will be collected by the government. GST is the kind of destination-based tax that is not received by the state where goods are manufactured but received by the state who is consuming those goods and services.

Some of the Salient Features of GST:

One tax for manufacturing, trading & service

Reduction in cascading effect

Inverted duty structure resolved to a great extent

More revenue to government + lower burden on existing taxpayers: both are possible

Multiple registrations

Different points of taxation

Online matching of all invoices

Uniformity among states

Integrated Goods and Service Tax (IGST):

IGST Governed by the IGST Act. Integrated GST is a type of GST levied on the inter-state supply of goods and services as well as the import and export of goods and services. IGST is collected by the central govt. and then further distributes this to respective states. The collections made through IGST are shared by both the Central and the State Governments.

GST Registration in Mumbai:

GST registration is a process where businesses whose turnover goes more than 40 lac Rs. need to be registered as a normal taxable person. For some businesses, registration under GST is mandatory. If any of the organizations are doing their business without registering themselves under GST, this will be considered an offense and the penalty will be applied for such type of act.

Documents Required for GST Registration:

PAN of the Applicant

Aadhaar card

Proof of business registration

Identity and Address proof of Promoters/Director with Photographs

Address proof of the place of the business

Bank Account statement/Cancelled cheque

Digital Signature

Letter of Authorization/Board Resolution for Authorized Signatory

GST Return

A GST return in mumbai is a document containing all the details of the purchase, sales, tax collected on sale, and tax paid on the purchase that is output tax and input tax. After GST returns filing in mumbai, an amount will be paid for the resulting tax liability.

Types of GST returns

For Regular Businesses

GST Returns

Purpose

GSTR1

Tax return which is for outward supplies made.

GSTR2

Monthly return for inward supplies received.

GSTR 2B

Act as an Input Tax Credit (ITC) statement for taxpayers.

GSTR3

Consolidated monthly tax return (which contains The taxpayer’s basic information (name, GSTIN, etc), period to which the return pertains, turnover details, final aggregate-level inward and outward supply details, tax liability under CGST, SGST, IGST, details of other payments such as interests, penalties, and fees).

GSTR3B

Temporary consolidated summary return of inward and outward supplies.

GSTR9

Tax return that contains the taxpayer’s income and expenditure in detail.

GSTR 9C

Filled by every taxpayer whose aggregate turnover exceeds Rs. 2 crores in a financial year.

For Businesses registered under the Composition Scheme,

GST Returns

Purpose

GSTR4

A quarterly return that needs to be filed by a taxpayer.

GSTR 9A

Annual composition return form has to be filed by every taxpayer who is enrolled in this scheme.

For Other types of business owners and dealers,

GST Returns

Purpose

GSTR5

Variable return for Non-resident foreign

GSTR6

Monthly return for ISDs

GSTR7

Monthly return for TDS transactions

GSTR8

Monthly return for eCommerce operators

GSTR 9B

Annual return form that has to be filed by e-commerce operators who collect tax at the source.

GSTR10

Final GST returns before canceling GST registration (filled after the termination of any services).

GSTR11

Variable tax return for taxpayers with UIN

We at Viser, help our clients with our well-structured yet customized GST tax services. Opt for the best GST Services in Mumbai.

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Best Account Payable Software for Businesses

Wondering "What is account payable" and What are its benefits?

In this blog, we will share everything that you need to know about accounts payable.

Let's Jump in!

What is an account payable?

Account payable or AP is a term used in accounting that refers to the money that your company owes to third parties such as suppliers or creditors. This money is typically owed for goods or services that have been received but not yet paid for. When a company has an outstanding account payable, it means that it has not yet made payments on these invoices.

Outstanding accounts payable can create issues for a company, as creditors may start to demand payment or may refuse to extend further credit. This can put a strain on the company's cash flow and may lead to financial difficulties.

Companies need to keep on top of their account payable and make timely payments. This ensures that suppliers and creditors are happy and that the company does not experience any financial difficulties.

Most businesses have a separate AP department to process the bills/invoices received, as well as payments made to vendors. The AP department also handles in-house payments for business expenses, travel, and petty cash. Departments that have questions about the preparation of a payment request for submission to Account Payable, the payment status of the request, or other Account Payable-related questions are encouraged to contact AP personnel, who will be pleased to assist. Accounts Payable, sometimes abbreviated to A/P, is tracked monthly for many small businesses, but as a company grows, it is best to make it a weekly task to benefit from the discount of making payments earlier and resolving any backlogs from returning inventory.

Why Accounts Payable management is important?

Accounts payable management is necessary due to the following reasons:

Poor Financial health: If you don't have clarity on how much money you owe to vendors and suppliers, it will become impossible for you to track your company's overall financial health which will make doing business challenging for you.

No Penalty or late fees: AP management makes it easy for you to pay money that you owe to vendors or suppliers on time so that you can avoid late fees or penalties.

Good Business Relationship with suppliers: Managing AP will help your company to make good business relationships with your suppliers and vendors. This will help your business run smoothly.

What Does the Accounts Payable Department Do?

The accounts payable department is in charge of providing financial and administrative support to the company: This team oversees the entire accounts payable process. This position entails the approval, payment, and reconciliation of vendor invoices.

The account payable department ensures that the payment process is as smooth as possible and that payments are made on legitimate and accurate bills and invoices.

With automation capabilities, AP teams can easily decide when to pay invoices (to avoid late fees or take advantage of early-pay discounts) and how to pay them (via paper check, ACH, or through virtual cards where you earn cash-back rebates). As a result, organizations gain greater control over their outgoing cash and can transform AP from a cost center to a profit center.

What is meant by account receivable?

Account receivable is a financial asset that represents the value of goods or services received by a company from its clients. This means that the company has to pay money to the client when payment for goods or services has been made.

Account receivable is usually recorded on a company's balance sheet as an asset and not as a liability because it represents the value of goods or services that have been provided to a client but have not yet been paid for by them.

The difference between an account receivable and an uncollected invoice is that an account receivable is an asset whereas an uncollected invoice is a liability.

What is account payable software?

 Account receivable software is a type of accounting software that helps businesses manage their accounts payable. This software can help you track your cash flow, manage your inventory, and perform other important tasks related to your business. But it's not just about tracking and analyzing financial data. Our account receivable software also provides you with real-time information on when customers owe you money, including the amount due and the amount they've paid. You can then use this information to make decisions based on customer behavior, such as when to send out invoices or when to send out regular statements.

What is the difference between accounts payable and receivable?

Account payable is a term used in accounting to refer to money that a company owes to its suppliers or creditors. This money is typically owed for goods or services that have been received but not yet paid for. When a company has an outstanding account payable, it means that it has not yet made payments on these invoices.

Outstanding accounts payable can create issues for a company, as creditors may start to demand payment or may refuse to extend further credit. This can put a strain on the company's cash flow and may lead to financial difficulties.

Companies need to keep on top of their account payable and make timely payments. This ensures that suppliers and creditors are happy and that the company does not experience any financial difficulties.

What Is the Accounts Payable Process?

The accounts payable process entails the following steps:

Receiving bill: This bill indicates the number of goods purchased, the amount owed to vendors and suppliers, and the number of days required to complete the bill.

Examine bill specifics: Make sure that the bill contains the vendor's name, authorization, date, and verified and matching requirements to the purchase order.

Update ledger accounts: Once the bill is received, the ledger accounts must be updated, and an expense entry is usually required. With the approval hierarchy linked to the bill value, managerial approval may be required at this stage.

Making timely payments: All payments should be made before or on the due date on a bill unless otherwise agreed upon between a vendor and a purchasing company. The necessary documents must be prepared and verified. The information entered on the cheque, the vendor's bank account information, payment vouchers, the original bill, and the purchase order must all be scrutinized. A managerial approval may also be required at this point.

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Importance of Accounts Receivable For Business

What is account receivable or account receivable software?

Do these concerns arise when you think about accounts receivable?

You’ve come to the right place if you answered yes. This article will educate you on everything there is to know about accounts receivable.

What is an account receivable?

Account receivable is a financial asset that represents the value of goods or services received by a company from its clients. This means that the company has to pay money to the client when payment for goods or services has been made.

Account receivable is usually recorded on a company’s balance sheet as an asset and not as a liability because it represents the value of goods or services that have been provided to a client but have not yet been paid for by them.

The difference between an account receivable and uncollected invoice is that an account receivable is an asset whereas an uncollected invoice is a liability.

What is the example of an account receivable?

The following are examples of accounts receivable.

Example 1: Accounts receivable from a client for services rendered.

Example 2: Accounts receivable from a vendor for goods delivered.

Example 3: Accounts receivable from a customer for goods or services purchased.

Example 4: Accounts receivable from a customer for money lent to the business as security against future payments.

Why is account receivable important?

Accounts receivable are an important part of the business because it helps you predict how much money you can expect to make. If you have a large number of uncollected accounts, it may be hard to tell if your business is on the right track. You can use accounts receivable to track how much money your customers owe you.

The first step in collecting accounts receivable is to set up a system for receiving payments from customers and paying them back when they pay. A good system will track who owes what, when they’re supposed to pay and how much money they owe.

Once you set up this system, it’s important that everyone follows it consistently so that all your accounts are paid on time, every month. This helps prevent missed payments from turning into bad debts and prevents late fees from accumulating over time.

Does accounts receivable count as revenue?

Accounts receivable is a cash balance that an organization owes to a customer. Accounts receivable are not the same as inventory, which is an asset. Inventory is also known as raw materials and work-in-progress, whereas accounts receivable are the goods or services purchased for cash by customers.

Accounts receivable do not count as revenue in accounting because it’s a cash balance and not something that you can sell. It’s important to note that this doesn’t mean that you shouldn’t include it in your accounting records, but rather that you have to account for it differently than other assets on your balance sheet.

What is account receivable software?

Account receivable software is a type of accounting software that helps businesses manage their accounts receivable and accounts payable.

Accounting software can help you track your cash flow, manage your inventory, and perform other important tasks related to your business. But it’s not just about tracking and analyzing financial data. Our account receivable software also provides you with real-time information on when customers owe you money, including the amount due and the amount they’ve paid. You can then use this information to make decisions based on customer behavior, such as when to send out invoices or when to send out regular statements.

What are the different types of account receivable software?

There are two types of account receivable software:

1. Account tracking software — This type of software is used to track the financial transactions of an enterprise and its customers. It tracks all the payments that have been made by a customer, including late payments and bad debts.

2. Financial management software — This type of software can be used for budgeting, forecasting, reporting, and budgeting tools as well as field service management (FSM).

What is an account payable?

Account payable is a term used in accounting to refer to money that a company owes to its suppliers or creditors. This money is typically owed for goods or services that have been received but not yet paid for. When a company has an outstanding account payable, it means that it has not yet made payments on these invoices.

Outstanding accounts payable can create issues for a company, as creditors may start to demand payment or may refuse to extend further credit. This can put a strain on the company’s cash flow and may lead to financial difficulties.

It is important for companies to keep on top of their account payable and to make payments in a timely manner. This ensures that suppliers and creditors are happy and that the company does not experience any financial difficulties.

What is the difference between accounts payable and receivable?

Account payable is a term used in accounting to refer to money that a company owes to its suppliers or creditors. This money is typically owed for goods or services that have been received but not yet paid for. When a company has an outstanding account payable, it means that it has not yet made payments on these invoices.

Outstanding accounts payable can create issues for a company, as creditors may start to demand payment or may refuse to extend further credit. This can put a strain on the company’s cash flow and may lead to financial difficulties.

It is important for companies to keep on top of their account payable and to make payments in a timely manner. This ensures that suppliers and creditors are happy and that the company does not experience any financial difficulties.

What is the best accounting receivable software for 2022?

There are many different types of accounts receivable software. Some of these are designed to help businesses capture their customers’ credit card information before they leave the store, while others can be used to track customer purchases in real time.

Some of the more common types of account receivable software include:

Salesforce — This is one of the most popular tools for managing sales and leads. It allows you to create custom reports, manage your sales pipeline, track sales activities, and more via email templates and tools that integrate with other applications such as Salesforce Marketing Cloud and SalesforceIQ.

QuickBooks — This is a popular accounting software package that integrates well with other business systems such as Salesforce. It’s also widely used by small businesses because it allows them to manage cash flow by allowing them to reconcile their bank accounts through QuickBooks Online or QuickBooks Pro for Mac.

E Cruising — This program is designed specifically for eCommerce businesses looking to automate their billing process from order through payment. It integrates with Google Analytics, so you can easily track your sales performance over time.

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Are you looking for CFO services in Mumbai that can grow your business?

In this article, we will walk you through everything that you need to know before hiring CFO services in Mumbai.

What is CFO?

Cfo stands for Chief financial officer. It is the name given to the senior executive in a company who is responsible for managing the finances of the company.

The CFO's job is to ensure that a company's financial resources are used in a way that will provide maximum value to shareholders and make sure they are being efficiently managed.

To do this, the CFO must make sure that the company has a strong understanding of its current financial position, including its cash flow and debt levels, as well as any changes or trends in these areas.

What exactly does a CFO do?

A Chief Financial Officer (CFO) is the highest executive in a company and is responsible for overall finance and accounting. They are often the chief banker of the organization, which means that they are responsible for all financial matters related to the company.

The CFO oversees the organization's financial activities, such as budgeting, forecasting, and risk management. The position requires leadership skills, strong analytical abilities, and an understanding of business operations.

The CFO takes on many different roles over time. The first role is that of treasurer or controller where they are responsible for managing all financial matters within an organization. This includes tracking expenditures, forecasting future cash needs, making sure that all accounts are accurate, and reporting any issues with profits or losses to upper management.

As an organization grows and gains more clients, it will need a CFO who has experience in corporate accounting. These individuals take on additional responsibilities such as reporting on stock market performance, preparing annual reports for shareholders, negotiating contracts with vendors, etc.

Do you need a CFO?

You’ve got a great idea for a business. You’re an entrepreneur and you want to be successful. But the problem is that you don’t have any money.

You need cash to get started, but how do you get it?

The answer is to go out and raise some capital from investors or lenders. Those people are going to expect something in return for their investment, so it helps if you can show them that there’s a market for your product or service.

But what if there isn’t? What if everything is perfect but no one wants it? What if there are millions of other startups trying to do the same thing as yours and they have better products and services than yours?

That’s where your CFO comes in. Your CFO will be responsible for helping you get the money needed to grow your company and make sure that it doesn’t fail because of a lack of funding or resources. The role of the CFO is a big one — it includes taking care of all financial aspects of running a business, including taxes, accounting, and payroll.

What are the benefits of having a CFO?

There are many benefits of having a Chief Financial Officer (CFO) in your organization. They can help with financial control, budgeting, and forecasting, and they can be a great resource for employees on salary matters, benefits, and payroll.

Here are some of the most important reasons why you should have a CFO in your organization:

They Are Good Financial managers. A CFO will know how to manage your company's finances. They will ensure that you have all the information necessary to make decisions about how to spend money wisely. They also know how to keep track of it all so you don't overspend or underspend.

They Can Help Your Employees With Payroll Issues. A CFO is often responsible for payroll in large companies as well as small ones like yours. This means they will know what timesheets need to be filled out and when they need to be submitted so you don't miss any deadlines or penalties due to late paychecks or other mistakes made by employees on their time sheets. They'll also be able to help employees understand their paychecks more clearly by explaining them in detail and providing examples of what they should expect when they get their checks each week or month from their employers.

What services do CFOs provide?

The CFO is a position that exists in almost every company. The role of a CFO varies from company to company, but there are some common roles and duties that most companies use for their CFOs.

The main services that the CFO provides are:

Financial planning

Reporting and analysis

Budgeting

Accounting.

These services can be used for internal purposes or external purposes to other entities within the organization or even to other organizations outside the organization.

The CFO also provides advice on how to improve the company’s financial performance by helping with strategic planning and business analysis.

Does Viser provide CFO services in Mumbai?

We are a leading professional services company, which has been providing CFO services in mumbai to the corporate world across India. We have a team of highly qualified professionals who are professionally trained and experienced in CFO management services. Our services are affordable and affordable for any small or big business.

We provide our clients with complete guidance regarding their financial decisions and help them to make better business decisions by understanding their financial needs. Our team of experts will work closely with your team to understand the various aspects of your business and provide recommendations accordingly.

We offer a wide range of services including:

Accounting Services

Project Management Services

Tax Planning

Financial Forecasting

Things to keep in mind while outsourcing CFO services

There are many things to keep in mind while hiring CFO services. You should consider the following:

1. The company’s financial information

2. The company’s business structure and the role of the CFO

3. Experience and qualifications of the candidates

4. The reputation of the candidate

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Online Invoice Generation Solution

What is an invoice or online invoice generation?

Do these questions come to mind when you say the term invoice?

If you answered yes, you've come to the right place. This article will explain to you everything that you need to know about invoices.

What is an invoice?

 An invoice is a document that is sent to a customer by a company or individual to report on the services or products they have provided. It is usually made up of several statements and statements of work that have been completed, the total cost of which is stated. An invoice can be thought of as an official payment for services rendered, although it can also include other costs such as taxes and shipping charges.

What are the types of invoices?

There are 12 types of invoices:

- Standard Invoice

- Tax Invoice

- Proforma Invoice

- Sales/Regular Invoice

- Overdue Invoice

- Consolidated Invoice

- Retainer Invoice

- Timesheet Invoice

- Final Invoice

- Commercial invoice

- Digital Invoice

- E-invoices

What is invoice generation?

Invoice generation is the creation of a document that can be used to make an invoice. The most common form of invoice generation is PDF, but many other formats are also available.

Invoices are a crucial tool for businesses and organizations to keep track of their expenses. They allow for easy tracking of payments, shipping information, and other important details related to invoicing. Invoices are also used to track tax liabilities with vendors, customers, and other business partners.

As a result, it's important for companies to be able to generate invoices quickly and easily on their own or with the help of third-party providers.

What is an online invoice generator?

Online invoice generation is software that helps you to create professional invoices and statements. An invoice generator is used by many companies to create invoices on their own. The software has been developed by experts who know how to make invoices that are professional looking and easy to use. It is very simple to use and only requires the user to input the information needed for making an invoice.

Invoice generators are used in different industries such as retail, healthcare, logistics, manufacturing, and more. They can be used for any type of business that needs to send out invoices or statements. This includes businesses that want their customers to pay them on time or if they have any problems with the payment of their invoices then they can use an online invoice generator.

These days many people are using online invoice generators because it makes their lives easier when it comes to sending out invoices and statements because all they have to do is input the necessary information into their computer then press the “generate” button and they will receive one hundred percent accurate invoice within seconds!

What is bill generation?

Bill generation is the process of collecting payments from customers and then submitting them to your bank or credit card company. The process is similar to other types of billing in that you need to first create a customer record for each customer, but it also includes some additional steps.

The main difference between bill generation and other types of billing is that bill generation involves more manual work than most other types of billing. You will likely need to manually enter information into your system about each customer such as name, address, phone number, email address, and payment method (credit card).

What is the difference between invoice and billing?

Invoice and billing are two major parts of the sales cycle. An invoice is a document that is issued by a seller to its customer as proof of purchase. It contains information about the product, quantity, price, and other specific details. On the other hand, Billing is the process by which the customer receives payment from the seller.

The main difference between invoice and billing is that invoices are issued for services rendered and billing for goods sold whereas invoices can be issued either prior to delivery or after it whereas bills are only issued after goods have been delivered or services rendered.

What is the difference between an online invoice generator and an online bill generator?

 The difference between an online invoice generator and a bill generator is that the former is designed to generate invoices, while the latter is designed to generate bills. Some companies also use both models in their business processes.

Invoice generators are also called invoice templates, which are typically used when you need a new invoice quickly, but don't want to create it manually. They can be especially useful if you're doing a lot of work with invoices in your company and don't have time to do them manually.

Bill generators are also called billing templates, which are typically used when you need a new bill quickly but don't want to create it manually. Billing templates can help automate workflows for your business and make things easier for yourself by streamlining your billing system so that you never have to worry about running out of time or having any problems with your bills again.

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Professional GST Services in Mumbai

If you're feeling overwhelmed by GST and looking for GST Compliance services in Mumbai, it's time to sit back and relax. In this post, we will go over the fundamentals of GST and show you how we can assist you with GST through our services so that you can focus on your business without worrying about GST.

What is GST?

GST (Goods and Services Tax) is an Indian tax on the supply of goods and services. The concept of GST was introduced in 2017 and went into effect on July 1, 2018. It is an indirect tax that has largely replaced other taxes such as excise duty, service tax, and so on.

GST was first implemented in India to replace the Central Excise Duty (CED) on goods and services. It has been renamed "the biggest" tax reform since Independence Day in 1947! Except for gold, real estate, and luxury cars, the current GST rate is 5% on almost all goods and services.

What are the different types of GST?

In India, there are four types of GST:

Central Goods and Services Tax (CGST) (CGST)

In India, the Central Goods and Services Tax (CGST) is a tax on the supply of goods or services. CGST will be levied on all inter-state supplies, regardless of where they are manufactured. When a service is provided in any part of India, a service tax is levied.

The CGST percentage rate is high in comparison to normal custom duty rates, which vary by state. The CGST rate is 13.36 percent, but the actual amount charged may vary depending on the nature of the supply and other factors such as exemptions.

State Sales and Use Tax (SGST)

The State Goods and Services Tax (SGST) is a tax levied by a state's government on the sale or purchase of goods or services within that state. It is generally levied at a higher rate than the central Goods and Services Tax (GST).

Each state has its own set of tax rates for various goods and services. For example, all goods sold in Mumbai, Maharashtra state, are subject to a 5% sales tax. In Gujarat, all items sold in the state are subject to a 12% sales tax.

The Integrated Goods and Services Tax (IGST) (IGST)

The IGST is an interstate trade and commerce tax. The central government has proposed imposing IGST on all inter-state sales, supplies, and purchases of goods and services, which may include the transfer of property, provision of services, and other activities that result in the movement of goods between two or more states.

The IGST will be levied at a rate of 5% on all interstate sales, supplies, or purchases of goods and services. The levy will be levied both at the time of GST registration and when goods are delivered to the recipient. Suppliers will also be required to pay input tax credit (ICT) if they pay taxes on inputs used in production activities out of their own pockets.

Union Territory Goods and Services Tax (UTGST) 

The UTGST is levied on goods and services sold by a business in a Union Territory to another business or individual located outside of the Union Territory. Inter-state trade is taxed at 0%, while intra-state trade is taxed at 10%.

What is GST Registration?

GST registration is a certification from the Government of India that your business is eligible to collect GST. It is required for all GST-registered businesses and ensures that you are eligible to charge and collect tax on your sales.

Why is GST Registration Required?

Here are five reasons why GST registration is critical:

1) It will assist you in obtaining a refund for any taxes paid to date during the previous year.

2) You can claim an input tax credit for payments made on previous purchases.

3). You can claim an input tax credit for domestic supplies and services which were not taxable under other laws/inclusions before CGST came into effect on 1st April 2017.

4). It ensures that you are not compelled to pay service tax if your company does not provide any of the eight specified services.

5). You will be able to claim an input tax credit on import duties paid if you import goods subject to excise duty and subsequent value-added tax levy (VAT).

What types of GST services are available in Mumbai?

GST Registration:

GST Registration is the process by which a taxpayer registers for GST. After registration, the central government assigns a unique 15-digit registration number known as the Goods and Services Tax Identification Number (GSTIN).

However, any non-service business with a turnover of more than Rs 40 lakh or a service provider with a turnover of more than Rs 20 lakh in a given fiscal year is required to register under GST.

Viser's GST specialists will walk you through the registration process and ensure you are GST compliant.

GST Return Service:

A GST Return is a document that contains information about GST invoices, payments, and receipts for a specific period. A taxpayer is required to declare all transactions related to a business's revenue for the authorities to calculate the amount of tax that the business must pay.

Types of GST Return

GSTR-1:Information required for all outward supplies of goods and services. It contains the invoices and debit-credit notes generated by sales transactions during a tax period. Viser's GST specialists will walk you through the registration process and ensure you are GST compliant.

GSTR-3B: This is a monthly consolidated summary that includes all details of inward and outward supplies made, input tax credits claimed, GST liability calculated, and taxes paid.

GSTR-2A vs GSTR-3B match: Reconciliation of Input Tax Credit (ITC) as per GSTR–2A and GSTR–3B are required when filing form GSTR3B. It helps businesses to claim the full ITC and also helps to reverse any excess ITC claimed.

GSTR-9: This is the annual return that GST-registered taxpayers must file. It is an annual compilation of outward and inward supplies, tax liability, and input tax credit received during the fiscal year.

Why choose Viser for GST Registration Services in Mumbai?

The dedicated expert team is comprised of qualified Chartered Accountants, Company Secretaries, Legal Consultants, IT Experts, and a highly-skilled Accountant team to meet all compliances with high accuracy.

GST operations are being automated with user-friendly software to eliminate non-compliance and due date headaches.

Proactive support and maintenance from a team of experts who are easily accessible.

With the best security tools, you can provide data security and ensure the integrity of your data.

Budgeted solutions result in significant cost savings. With this, we at Viser Solutions say, 'Focus on what you do best, and be completely confident about the rest.'

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Best Financial Firm for GST Filing in Mumbai

Are you a business executive in Mumbai and confused about which GST Filing Company to choose for your business? In this article, we will understand Why GST filing is important, the consequences of late filing of GST, and the GST filing services in Mumbai.

Why it is Important to File GST?

In a world where the government is trying to weed out corruption and black money, GST has come as a boon. It is a tool that will increase transparency in the economy. The economy will become more integrated and efficient. Here are 8 top benefits of filing GST.

1. Ease of doing business:

The biggest benefit of filing GST: A common market is a big step towards ease of doing business. It will make it much easier for companies to do business in India because they will no longer have to deal with the various taxes levied by each state. The cost of compliance will decrease significantly, thus saving time and money for businesses.

2. Increased tax revenues:

The increased tax revenues from GST will enable the government to spend more money on infrastructure and development projects that are so desperately needed in India.

3. Reduced corruption:

GST will reduce tax evasion and, hence, corruption as well. As more people file their taxes, there will be less scope for corruption in the system.

4. Increased GDP:

The GDP of India to grow by at least 2% after filing GST returns because it will simplify trade across states and remove the cascading effect of multiple taxes levied by different states on goods and services

5. Reduce your costs:

By removing all indirect taxes from price and allowing you to claim input tax credits on all purchases, GST enables you to reduce costs significantly.

6. Increase cash flow

Since they subsumed all indirect taxes are subsumed into one becomes streamlined and easier. Also, since GST is input-credit based, your cash flow will be better as you won’t have athan blocked credits

7. Simplify your processes:

With GST being technology-driven, filing returns and making payments will be seamless. You no longer have to worry about collecting various forms like C Forms or F Forms, etc., as these are no longer required under GST.

8. Reduces the cost of compliance:

Filing multiple returns under different tax slabs and forms results in a huge compliance cost for any business owner. But on implementation of GST, businesses need not worry about that as they can easily file their return online within a few minutes with the help of GSTN software and other third-party applications. This significantly reduces the compliance cost to the business owner.

Consequences of late filing of GST

The GST, being an indirect tax levied on consumption, is paid by the end consumer. However, it is the responsibility of each GST registered business to collect and remit these taxes to the government. Therefore, it is important for all GST registered businesses to file their GST returns regularly.

The consequences of late filing of GST return are:

Late fee: If you cannot file your GSTR-1 by the due date, pay a late fee of Rs. 100 per day under CGST Act and Rs. 100 per day under SGST Act. The maximum late fee you would have to pay is Rs. 5,000 under CGST Act and Rs. 5,000 under SGST Act ( total late fee is capped at Rs. 10,000).

Interest: You will also have to pay interest at 18% p.a. on net tax liability from the next day onwards till the date of payment of tax with debt in an electronic cash ledger (i.e., from 1st-day post the due date till the date of payment).

Additional Fees: If you cannot file your GSTR-1 even after 6 months from the due date, then an additional fee of Rs. 50/- per day will be charged.

Why choose a company to file GST?

The most important advantage of filing GST through a company is the ease of doing business. A company has to have a GST registration, whether it provides services or goods, and it also makes it easy for businesses to do online transactions. With the GST registration, companies can get their taxes paid by banks and other financial institutions in time.

Another advantage of filing GST through a corporation is that it allows businesses to avoid double taxation on their products. The company does not have to pay tax on its own income and so the government does not double-tax the business with the income tax return.

Besides this, a corporation can use the services of a professional accountant who can help with accounting and bookkeeping as well as prepare your taxes. If you are looking at filing GST through a corporation, you find it will be easier to file your taxes because you don't have to worry about paying tax on your own income.

Companies also get benefits like exemption from paying sales tax in certain states and they can also apply for exemptions under certain circumstances such as bankruptcy or tax evasion. This means that you will reduce your tax liability incurring no penalties and if you want to take advantage of these benefits, then you should GST through a corporation.

Types of GST Filing Services in Mumbai

There are many companies that provide GST Filing in Mumbai. These companies allow the businesses to file their GST returns with no hassles. Here are some of the common GST filing services for businesses:

GST Returns

GST Returns, as the name suggests, involve the preparation, calculation, and filing of returns. It is a process that is done at regular intervals (monthly or yearly) as mandated by law.

GST Refund Filing & Processing

A refund is when the tax paid is more than what was due. In such cases, a refund can be claimed from the respective tax authority. This process involves the preparation and submission of refunds where applicable and also processing them until it is received from the authority.

GST Registration Services

These services include applying for GST registration, getting a provisional registration certificate, and finally getting the regular registration certificate from the authorities.

GST Input Tax Credit Reconciliation Services

GST input credit reconciliation/matching involves matching invoices with ITC eligibility status, which is available on the GST portal in form GSTR-2A. Only after verifying all details, ITC can be availed on the purchase invoice for subsequent GST return filing purposes.

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What is Taxation for Proprietorship? Why Taxation for proprietorship is important?

Want to know What is Taxation for Proprietorship? And Why is Taxation for proprietorship is important?

And how you can save taxes in Proprietorship. In this post, we will deep dive into taxation for proprietorship, why it is important, and how you can file an ITR for Proprietorship.

What is a Proprietorship?

A proprietorship, also known as a sole trader or simply a business, is a type of enterprise owned, managed, and run by one person, with no legal distinction between the owner and the business. The Owners of sole proprietorships are entitled to all profits generated by the business but are also personally liable for all obligations of the business.

The owner of the proprietorship has unlimited personal liability for debts incurred by the business. Creditors of a sole proprietorship can go after the personal assets of the owner of the business and cannot pay them. Its advantages include ease of startup and operation, potential tax benefits (because income “passes through” to owners or shareholders), and complete control over operations. However, disadvantages include personal liability for all business debts, difficulty raising capital, and a lack of continuity beyond the life of the entrepreneur.

What is Taxation for Proprietorship?

Taxation for a proprietorship is a term used to describe the taxation of a company that is owned by one person only. Proprietorships are taxed as if they were a person, meaning the income of the proprietorship is added to the personal income of the owner, and all profits are taxed at the same rate as if they were earned by an individual. A proprietorship can be taxed in this way because it is not considered to be a separate legal entity from its owner.

Taxation for a proprietorship is imposed on a proprietor for his/her business by the government. According to the Income Tax Act, 1961, all income earned or derived in India or from outside India is taxable in India. The income of the firm may be from profits and gains of business or profession or other sources like house property, capital gains, dividends, and so on. The amount of tax to be paid depends on the income category.

Taxation for a proprietorship is also known as income tax. This is a visible form of taxation. Its basis is on the annual profit or turnover of your business. When you file your income tax return with the concerned or designated authority, they will deduct this amount from your yearly profit.

Why Taxation for proprietorship is Important?

Taxation for proprietorship is a very important part of the business, as it is an avenue to get revenue that is used to cater to the needs of the citizens. However, some people believe that taxation is more of a burden than a blessing, but taxation has many advantages. Here are 5 reasons taxation for a proprietorship is important.

1. To Fund Government Projects

Taxes are one of the primary sources of revenue for the government and the funds gotten from taxes are used to fund government projects such as building schools and hospitals, building roads and bridges, etc. These projects are very important in ensuring that all citizens have equal access to education and excellent health care. We should therefore all support taxation because it goes a long way in improving our lives.

2. To Provide Security

Taxes collected from citizens fund security agencies in every country. Hence, without taxes, there would be no security for anyone and we would live in constant fear of attack from criminals and terrorists. Taxes help provide security for everyone living in the country so that they can go about their daily businesses without fear or worry about their safety or the safety of their families.

3. To Improve Living Standard of People

Taxes increase the standard of living of people living in that area or country. The funds are collected as they invest taxes in different sectors of the economy, which results in increasing the standard of living of the people.

4. Increase Employment Opportunities

Taxes help in increasing employment opportunities for citizens of a country and are used for investment purposes which results in higher production levels creating more job opportunities for individuals.

5. Improves economic stability

Taxes contribute to economic stability. The tax system helps keep our economy stable by helping maintain consistent levels of spending and investment in the economy. High taxes during boom times mean that consumers have less money to spend, which can help prevent inflation from getting out of control. Meanwhile, tax breaks during tough economic times help ensure people can afford necessities when things get tough.

How to file an income tax return for proprietorship?

Step 1: You need to register with the GSTN if you are a registered taxpayer.

Step 2: Log in to the GST portal and set up your business account.

Step 3: Fill in all the details of your business, including description, turnover, etc.

Step 4: Fill in all the details of your customers and suppliers, upload invoices, and make payment.

Step 5: At the end of every month, you must generate Form GSTR-1.

Step 6: Select a filing frequency and fill returns every month. Quarterly, file Form GSTR-4 (compulsory) and Form GSTR-3B (optional).

How to Save Tax in Proprietorship Firm?

To save on tax, the foremost thing that one can do is to declare all your income while filing your taxes. We have found that people often miss out on declaring some of their income to avoid tax liability. This could prove to be a costly mistake. If at all you have missed out on declaring some income by mistake, then it is better that you declare it now before the IT department catches you.

After paying your tax, you may not have much money left with you to spend as per your wish. But to avoid wastage of money, you can opt to plan your expenses during the year so that there are no unnecessary expenses that will put a hole in your pocket and make you regret them later on.

Those who are self-employed and earning from proprietorship firms, they can save tax by making use of Section 37 (1) of the Income Tax Act. In this section, the business expenses incurred by a person for the business purpose would be deducted from his total income earned from the business.

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9 Benefits of Outsourcing Accounting and Bookkeeping Services

Accounting and bookkeeping are major elements of any business. They are a company's transaction records that assist in decision-making. Having a trustworthy service provider handle your company's accounting and bookkeeping might make the difference between success and failure. Here are a few reasons why businesses should consider Accounting outsourcing companies that can manage your accounting and provide you with customized accounting solutions that your business requires.

9 Benefits of Outsourcing Accounting and Bookkeeping Services

1. Save time

Do you know how much time businesses spend on bookkeeping? Almost 40% of small business owners dedicate more than 10 hours per week to payroll and bookkeeping. You can free up time to focus on managing your business by customized accounting solutions that are designed for your business. It will help your company grow faster because you will be spending less time on administrative activities and more time on revenue generation whereas your accounting will be handled by the accounting outsourcing company.

2. Reserve Resources

Outsourcing  your company's accounting and bookkeeping tasks will free up valuable time and resources that can be used elsewhere in the business. By removing these responsibilities from your plate, you will have more time to focus on establishing new strategies to help your company expand and grow. 

3. Eliminate the Time and Costs Associated with Hiring Processes

Thinking logically, the recruitment process is a difficult one. It takes resources to manage it all, from developing a recruitment strategy to selecting candidates for interviews. The recruitment process consumes your company's time, costs money, and requires you to devote time to either yourself or the employee.

4. Saves money

By eliminating the expense of hiring full-time accountants, you can save money. Accountants are valuable employees who earn high wages. Unless your company has considerable accounting demands or multiple divisions or locations, hiring one or more full-time accountants may not be worth the cost. Outsourcing accounting may be a much more cost-effective choice. When you consider compensation, perks, office space, training, software fees, and so on, employing an in-house accountant may be very expensive. When you choose to outsource accounting and bookkeeping services in Mumbai, you only have to pay for the job done by the accountants or bookkeeping service company.

5. Better Financial Management

A professional accountant will provide you with daily updates on your company's financial condition and assist you in identifying anomalies in your financial accounts, such as expenses that may be decreased or eliminated. This can help you understand how to manage your funds better.

6. Access to specialized knowledge

Your outsourced accounting service company has professional accountants that have worked in a variety of industries and with companies of all sizes. They can offer experienced advice on accounting procedures. They can always assist you to scale your accounting process, no matter what business you are in and how small or large your company size is.

7. Peace of mind

One of the most essential advantages of outsourcing accounting services is that it provides you with peace of mind.  When you outsource your bookkeeping and accounting services, you don't have to worry about whether or not they're done correctly or on time every month because it's already taken care of for you. Also, that accounting service company will give you a weekly report so that you can know what is happening with your accounting department.

8. More precise results

Accounting and bookkeeping services are more accurate when you outsource them because they are provided by experienced accountants and bookkeepers. You can say that you are getting the finest for your company. Accountants with a degree in accounting and bookkeeping who have completed the relevant accounting exams are hired by outsourced organizations. As a result, they understand what to do with your company's books.

9. Additional scalability. 

Finally, outsourcing your bookkeeping allows you to grow or downsize your business in the blink of an eye. Whether you want to expand your business or reduce your spending, having a dependable team at your disposal, giving you various ideas and solutions, can help you reach your objectives.

When You Should Consider Outsourcing Your Accounting And Bookkeeping?

You devote more time to bookkeeping than you do to your actual business.

Your company's finances aren't doing so well.

You are dealing with tax issues.

Your accounting software is out of date.

You do not know financial analysis.

You Don't Have a Qualified Accountant on Staff

You have no idea where to begin with accounting for your business.

You're not sure how much of your income is profit.

Conclusion

In this article, we see how outsourcing your accounting and bookkeeping can elevate your business, save you a lot of time and money. So that you can focus on your business and let the experts handle their work. You can search for a local accounting company in your area that can handle all your accounting tasks and help you to achieve your business goals. Best accounting outsourcing companies in Mumbai are provided by Viser Solutions.

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Accounting and bookkeeping services

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What is bookkeeping and what are it's benefits?

Accounting can be confusing. However, bookkeeping is simple, easy, and enhances your business and personal decision-making. In this post, we will understand what bookkeeping is, why it's important, and the benefits of bookkeeping services.

What is Bookkeeping?

Bookkeeping is a process of recording transactions that involve income and expenses with a specific focus on tracking money. Bookkeeping refers to the management of the business records that are related to money, revenue, expenses, etc, and includes tasks such as making entries in accounts and preparing financial statements. Bookkeeping Services help you in tracking and Improving your business finances.

Why is bookkeeping Important?

Bookkeeping establishes accountability and provides financial information that helps to make business decisions. It makes tracking, reporting, and analyzing business data a lot easier and faster than manual records. It provides easy access to the past information of the business which shouldn't be overlooked by anyone in any type of business, big or small. 

What are the types of bookkeeping?

There are 2 types of Bookkeeping

Single-entry bookkeeping:

Single-entry bookkeeping is a system that works best for small businesses. It is much simpler than double-entry bookkeeping. However, that doesn’t mean it isn’t effective. It is actually very effective in keeping track of business transactions. The business owner will record all expenses and revenue sources in one place. This makes it easy to see how much money is coming in and how much money is going out of the business account.

Double-Entry Bookkeeping

Double-entry bookkeeping is the most popular form of bookkeeping because of its accuracy. The system requires recording every transaction twice, once as a debit entry and once as a credit entry. Transactions are placed into categories based on their purpose within the company, such as revenue or expenses.

It all depends on your business whether you need single-entry bookkeeping or double-entry bookkeeping services. If you are confused you can talk to the professionals who provide accounting and bookkeeping services which will help you to decide the best bookkeeping service for your business.

7 Benefits of bookkeeping services

1. Understanding your business financial situation

Bookkeeping services can help you in understanding your business’s financial position, which makes it easier for you to set goals and make informed business decisions. With bookkeeping, you can also keep track of your expenses and plan for your future.

Bookkeeping enables you to understand all the financial aspects of your business. It is an important task and should be done regularly because it helps in keeping track of all the financial transactions in your business.

You can get a better understanding of the position of your business with bookkeeping. This is because bookkeeping involves analyzing and organizing the financial records of your company for a particular period. The reports generated by bookkeeping enable you to see where your company stands financially. You can use this information to make important financial decisions regarding the future of your business.

With bookkeeping, you also get a better idea about how much money is going out and coming into your business each month. This helps you in managing cash flow effectively so that there are no problems in paying bills or purchasing raw materials.

2. Make Expenses tracking easy

Bookkeeping helps you to track your tax-deductible business expenses. It also helps you to keep track of your payments and receivables and helps you to do the payroll for your employees.

Bookkeeping allows you to properly keep track of how much money your business has earned and how much it has spent on various things such as marketing, advertising, and other expenses.

Bookkeeping not only helps in keeping track of the company's expenses but can also provide valuable information on how the company is doing financially. For example, it can give the company a detailed report on the amount of money that was earned during any given month or year and what was spent during those months and years as well.

3. Provides a clear view of your revenue streams

Bookkeeping provides a clear view of your revenue streams, so you can make more informed business decisions.

Keeping track of your finances is important, especially when it comes to managing your business. It helps you stay on top of your expenses and gives you a clear view of where your finances stand at any given time.

Bookkeeping can also help you spot potential problems early on so that you have enough time to fix them before they grow out of hand. Besides, having accurate and up-to-date records makes it easier for you to file your taxes — an important task that all businesses must complete.

4. It helps you create a budget

Bookkeeping helps you create a budget for your business by offering a solid foundation for estimating the revenues and expenses that the business will incur during the coming period. The bookkeeper can prepare financial reports based on transactions that have already been recorded. These reports can help you to form realistic estimates of what your business will earn, spend, or owe in the future.

5. Accurate Financial Statements:

Bookkeeping provides accurate financial statements because transactions are recorded as they occur and are easily accessible when needed. These documents provide important information and will give business owners a clear picture of their financial health. These statements can then be used as a reference when making future business decisions or if additional funding is needed from investors or banks.

6. Saves you money on taxes

Bookkeeping helps you save money on taxes by allowing you to make smart tax moves. If you don't know what your tax bill is going to be, you can't plan. Bookkeeping allows you to follow the financial health of your business every month so that you can estimate the taxes you'll owe each quarter and budget accordingly.

7. Gives you peace of mind

Bookkeeping, if done properly, can give you peace of mind and help your business in the long run. It will allow you to have a clear view of your business’s financial status, trends, and health. It will help you make decisions on what to do with the business. You will be able to identify any problems or risks in your business early on and come up with solutions or contingencies before it is too late.

Conclusion

In this blog post, we have shared the concept, importance of bookkeeping, and 7 ways how bookkeeping services can be beneficial for your business. However, if you have any doubt you can talk to professionals that specialize in accounting and bookkeeping services that can elevate your business. At Viser Solutions, we have customized Accounting Services that will fit your existing business model, saving your time and money. With our Bookkeeping Services in Mumbai, We help increase profitability by making your procedures more efficient by providing timely and accurate financial reporting.

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How is company registration beneficial for my business

Are you thinking about starting a business in India? 

If yes, then this is the article for you. According to recent statistics, more than 70% of companies in India are registered under company law. However, the majority of new entrepreneurs are unaware of the significance of company registration. As a result, we are here to provide you with information on how company registration in Mumbai can benefit your business.

13 Benefits of Company Registration

Protection of your company name:

The first and most important advantage of company registration is the protection of your company's name. When you register a company, it is protected from being used by others. It also assists you in the creation of your website, complete with your domain name. If you want to sell your products in another, having a registered company can assist you in obtaining trade deals and partnerships.

Potential of raising funds:

You can easily raise funds from various financial institutions or investors after company registration. Previously, only a limited liability partnership or a private limited company was assumed to be capable of raising funds from venture capitalists, angel investors, and others. But now, Private Limited and Public Limited Registered businesses can also raise funds for their company.

Easy to conduct international business:

If you want to do business in another country, it will be easier if you first register your company as a private limited or public limited in your own country. This makes it simpler to open bank accounts and obtain credit in other countries. You may also discover that your customers prefer doing business with a registered company over an unregistered one.

Enhanced credibility:

Registering your company as a private limited or public limited company adds value to the company and increases its credibility in the eyes of your customers. It increases the brand's trustworthiness in the minds of your customers, who generally prefer buying and engaging with registered companies only.

Considered as a distinct entity:

When you register your company, it is considered a separate entity from its owner. It has its own set of rights and responsibilities, making it easier to manage and conduct business. By registering your company your customers perceived you company as a brand

Limited Liability:

The most significant advantage of registering a private limited or public limited company is that it will protect you from losses through personal responsibility. Limited liability means that if your company fails or suffers a loss, the loss can only be absorbed by the funds in the company. Your assets and credit history are safeguarded against any debt incurred by your business.

Tax Advantages:

Numerous tax advantages fall into this category. The first advantage is that your company will be eligible for certain tax breaks when they are announced by the government for registered businesses. In terms of income tax, your registered business can claim tax breaks on a variety of expenses such as rent, electricity bills, infrastructure maintenance costs, and so on.

Response to Market Changes:

One of the primary advantages of incorporating your business is the ease with which you can change certain aspects of the structure, such as share ownership or appointing new directors. You will also have more flexibility in deciding how to reward yourself and other shareholders through dividends.

Better legal authority: 

Registered businesses have a higher legal authority than unregistered businesses. The government offers more assistance and benefits to registered businesses because they strictly follow all rules and regulations.

Liability security: 

In private companies limited by shares, each shareholder's liability is limited to their shareholding (which may be zero if all shares have been paid for). In other words, except for any unpaid shares, shareholders are not personally liable for the company's debts (if any). Members of private companies limited by guarantee are not personally liable for the company's debts. They may, however, be required to contribute an agreed-upon amount to the company's assets if it is wound up while they are members or within one year after they cease to be members.

Greater scope of expansion: 

Registering and Establishing a private limited company allows you to expand your business by providing more opportunities such as hiring employees, recruiting freelancers and consultants, and so on. As a result, by officially registering your business and making it more reliable for customers and investors alike, you can expand it on a large scale.

Free & Easy Transferability of Shares:

A company has a separate legal entity from its owners. Therefore, you can transfer shares of your company to any person without the need for consent from other owners. This provides flexibility and liquidity to the business.

Permanent Existence: 

A company has a perpetual succession, which means that it continues to exist even after the death of its members. Furthermore, the ownership and management of the company can be easily transferred. 

Conclusion

In this article, we learned about the 13 main benefits of registering your business as private limited and public limited company registration services. It provides your company credibility, gains your customer trust, and grows your busi

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What is GST Registration and what are its benefits?

It's only a matter of time until you come across the topic of Goods and Services Tax (GST) Registration if you own a business. Although the current GST rate in India is not particularly high (5 percent on most goods and services), there are numerous benefits to registering for GST as a business owner.

What is GST Registration?

On March 29, 2017, the Lok Sabha approved the Goods and Services Tax Act. The Act went into existence on July 1, 2017. The Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that would be collected on all value additions.

The Products and Services Tax (GST) is a single tax that applies to the delivery of goods and services from the manufacturer to the customer. Credits for input taxes paid at each level will be accessible at the succeeding stage of value addition, making GST a value-added tax at each stage. As a result, the ultimate customer will only pay the GST charged by the last dealer in the supply chain, with set-off benefits at all prior stages.

Who is eligible to register for GST?

GST registration is required for all businesses whose annual revenue reaches a certain threshold. The current GST registration criteria are 20 lakhs. It has been decided that the threshold limit would be reduced to 10 lakhs as of April 1, 2017.

Even if a company's annual revenue is less than 20 lakhs, it is not required to register for GST.

If an individual who is not registered under GST conducts a transaction with an individual who is registered under GST that exceeds 5 lakhs in a single year, he must register under GST.

However, independent of their sales, certain businesses are required to register. Lottery sellers, interstate traders, and service providers are examples of these enterprises (including restaurants).

Benefits of GST Registration

Faster business growth

GST was created to ensure a continuous and smooth movement of goods and services across the country. This is accomplished by making it easier for you to make deals with consumers in other states. This can result in faster growth for your company.

Increased consumer base

If your items are not subject to GST, you may find yourself at a competitive disadvantage when compared to businesses that have registered under the new taxation system. This is because consumers may prefer to conduct business with registered suppliers. As a result, they may decide not to purchase from you, limiting your consumer base and harming your business chances.

Ease of obtaining raw materials

As a registered supplier, you can easily purchase raw materials from other registered suppliers without paying intrastate GST (SGST). Instead, you can claim the tax paid on purchases as an input tax credit (ITC) against the GST collected on finished goods sales. This can significantly reduce your overall costs while increasing your margins.

A legally valid business

Once you have obtained GST registration, you do not need to be concerned about the legal status of your company. Even if obtaining a GST registration is difficult, there is no substitute for it. Only if you register for GST will your company be legally recognized.

Public Image and Goodwill

Customers gain trust and confidence in a registered business by demonstrating its seriousness, responsibility, and professionalism in dealing with customers. As a result of its market reputation and image, a registered entity does not shy away from taking on large-scale projects and catering to large accounts.

Achieving Input Tax Credit (ITC)

By registering under the Goods and Services Tax Act of 2017, businesses can claim ITC on all purchases, as well as input tax paid on inputs and input services used in their supply of goods or services. One of the most important advantages of GST registration for businesses is the ability to claim ITC. This can assist businesses in significantly lowering their costs and increasing their market competitiveness by eliminating tax ripple effects that existed before the implementation of GST in India.

Increased credibility

One of the most sought-after benefits of GST registration is that it increases the credibility of your business. When you register for GST, you will be assigned a unique 15-digit GST identification number. This number contributes to the development of your brand's image and increases the credibility of your company. The general public has more trust in dealing with a government-registered business. When compared to other businesses, a registered business has more credibility. Customers are likely to believe that such companies are dependable and trustworthy. As a result, you'll be able to attract more customers, increasing your sales and revenue.

Simple Accounting

When a business is registered under the GST regime, the accounting and tax compliance process becomes simpler than when it was registered under the previous indirect tax regime. Because GST is a destination-based consumption tax, any goods or services supplied by a registered person will be taxed concerning the place of supply, and this will be reflected in his GSTR 3B and GSTR 1 returns. This prevents any mismatches from occurring when filing returns, allowing one to file his return without error.

Enhanced Threshold Limit

On an aggregate turnover of Rs. 40 lakhs, the registered person gains access to a higher threshold limit (Rs. 20 lakhs for North Eastern and the Special States). This means that the registered person does not have to pay tax on goods or services supplied below a certain threshold, but can claim Input Tax Credit for taxes paid on goods or services supplied by his supplier.

Conclusion

In this article, I tried to highlight the reasons why GST registration is essential for you. There is no reason why you should not register right away. The earlier you register for GST, the greater the tax benefits you will receive. If you are looking for best GST Services in Mumbai, you can opt for Viser Solutions GST experts services.

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Are you looking for a Financial Services Company in Mumbai, get help From Our Financial Consultants to maximize your profits.

Planning is a part of everything, and every person, as well as a business organization, has some or other objectives, which they desire to achieve. Money plays a crucial role in getting things done, and with the help of the Financial Consulting Firms in Mumbai, one can achieve their target efficiently. With careful financial planning, it becomes easy to manage the assets as well as liabilities, under the guidance of experts. If you are looking forward to getting the assistance, then you don’t have to worry as we are the right place for you.

The financial consultants who are associated with us hold years of experience and advise the clients as per their requirements. The financial advice includes management of cash flow, investment, capital planning, and a lot more. Name the financial service you need, and we have got it all for you under one roof for both small and medium enterprises. As the Financial Advisory Firms in Mumbai, to date, we have served a wide range of organizations. We identify the target of our customers and then offer the typical solution for the same.

The best part about our service is that your money is safe with us, and you don’t have to worry about anything because we do fair practice, and professionalism is a top priority for us. Our motive is to educate the client regarding various investment opportunities, and how they can keep their money multiplying. So, if you want to use your money for achieving success, then with us, you can do it without any difficulty. We assure you that you won’t be disappointed because we do everything as per the financial norms. To avail our financial advisory, connect with us, and gain insights about it. We value the belief of the customers and make sure they are satisfied with the services.

Financial consulting firms hold a lot of importance in businesses because they assist SME’s in handling and increasing their wealth and assets. Their services are not limited to one function, they perform several tasks for the clients ranging from keeping up with the financial information, financial forecasting, investments, by keeping the short-term as well as long-term goals in mind. Viser Solutions is one of the leading Financial Consulting Firms in Mumbai, as it is offering all the financial services at nominal prices. We take care of every little detail because we value the trust of the client.

We have a team of professional finance experts, who do everything as per the guidelines and never fail to render satisfactory services to the client. We are also known as one of the Best Accounting Firms in Mumbai because the Chartered Accountants who are associated with us are knowledgeable and assist the client regarding the right financial decisions.

Benefits Of Financial Consultancy Services:

You can be more Objective

You can focus on the bigger picture

You can save valuable time

Tax Efficiency

Improved Cash Flow

Reduction in Mental Stress

Expert Advice

Unlimited Income Potential:

If you want to avail the perks of financial consultancy, then you don’t have to look for it any further, as we are right here to deliver you authentic services. The success rate of the consultancy is very high, and they always assure that the client knows about the dos and don’ts. We promise you that you won’t be dissatisfied with the service, because your money management is our duty, and that is the reason why we have become the top choice of the people. To know more about the service, schedule a call with us, and we will do everything as per your organizational goal, values, and discipline.

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What are the benefits of maintaining accurate accounting and bookkeeping

The importance of accounting and bookkeeping in keeping a business a float cannot be stressed enough. Maintaining your bookkeeping records in a proper manner can help you to meet with tax obligations perfectly and provide a lucid depiction of your organization’s financial wellbeing. Further, it may also aid you in evading several penalties and making proper judgements while coping up with different challenging facets of your business.

We, at Viser Solutions, are rendering the Corporate Tax Services in Mumbai, as we understand the role of accounting and maintaining accurate books behind the success of a business. Thus, to help out our partner corporations in this aspect, we do offer customized accounting services in Mumbai, solutions that perfectly fit with the existing business model of their firm. Our support system, too, is top-notch. So, if you do get stuck anywhere with the bookkeeping or accounting procedures, we’ll always be by your side.

Advantages of Maintaining Accurate Books

There is a wide range of benefits that you can enjoy if you can maintain your accounting section accurately. The following are a few of them!

Improvement of Invoicing Cycles If you do uphold your accounting section in a proper manner, then you will be able to make your invoicing cycle run smoothly and efficiently. It, sequentially, may help to keep track of all of your due payments. Moreover, due to the same reason, you can also solve all the redundancies and have a better understanding of your overall cash flow system. However, if you do not have enough knowledge in this aspect, then make sure to contact us. We can offer our expert assistance with the Taxation Services in Mumbai.

Transparency in Accounting To balance your accounting section in a proper manner, you will always need to maintain a transparent approach towards it. It, in turn, will allow you to keep your books well-organized so that you can get all the information in a single place. Due to the transparency in bookkeeping, you will also be able to oversee the impending financial issues beforehand. Hence, it will become easier for you to find a solution to it.

Maintaining Audit Records Having an up-to-date and accurate financial record can lower the probability of being audited out-of-nowhere. Furthermore, if you do keep your audit-related documentation well-maintained, then you will also be able to avert various cyber-threats and data misuse-based issues as well. So, all-in-all, like other organizations, you will not have to live in a fear of auditing if you supervise your records on a daily basis.

Ease of Reconciliation Do you own a prominent business and usually deal with a decent amount of data flow on a daily basis? Then, sometimes, it might get too difficult for you to maintain your payroll reconciliation. This process generally entails the comparison of the financial records of your company with statements from various external sources like banks, etc. So, if you do keep your records intact, then you can easily get a track of everything quickly and efficiently. Availing services from Viser Solutions will provide you with all the benefits related to expert accounting and bookkeeping services in mumbai. With the aid of our monthly and real-time financial reports, you can track cash account ledgers, complete detailed accounts, and other critical areas of business management. We also offer audit services and account reconciliation services.

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Accounting & Financial Consultancy Services | Viser Solutions

Viser provides customized solutions for accounting, bookkeeping, taxation, company registration, cash flow management and financial analytics related services.

Viser Solutions, one stop shop solution for your business related to accounting, bookkeeping, taxation, gst registration, tax return, cfo services, payroll, financial analyses, incorporation services.