Are you looking for a GST filing software that can reduce your tax-filing burden?
myBillBook’s GST software provides you with a seamless GST return filing and billing experience. With significantly reduced compliance time, myBillBook helps you cut down the time spent on tax filing. A cloud-based online software with anytime-anywhere access, myBillBook is the perfect GST software for you to efficiently file your GST returns.
Why use myBillBook?
Why choose myBillBook’s GST filing software?
With customised industry-specific GST filing, compliance with statutory guidelines, and hassle-free processes, myBillBook is your go-to GST filing & billing software.
The comprehensive software comes with a wide scope of features that allow for quick and easy GST filing for your business.
If you’re still wondering, here’s why myBillBook is the preferred GST filing software across industries and business types:
myBillBook’s GST Filing software automatically calculates the tax liability as well as ITC for your business. It saves your valuable time and resources by reducing manual efforts.
You can use myBillBook for all your GST requirements – including GSTR 1, GSTR 2, GSTR 3, ITC, and tax liability. The software upholds the GST law and helps your business stay GST compliant.
Auto-updated bank feeds
The automated bank feeds in myBillBook’s GST filing software captures the required information from your bank statements and simplifies the process. It is also linked to secure payment gateways.
Whenever a GSTR deadline approaches, myBillBook notifies you. It ensures that you know when a transaction is pending.
Easy import and export of data
myBillBook simplifies your GST filing by supporting easy import and export of data. With instant transfer of data irrespective of its size, you enjoy a seamless process.
myBillBook keeps a real-time track of the tax you have paid, available input tax credit, and much more. The detailed reports keep you updated with everything important regarding your taxes.
All the transactions you do on myBillBook’s GST filing software are encrypted. The software offers a quick backup of your data and keeps it completely secure.
Multiple users and businesses
myBillBook’s GST filing software allows you to add multiple users and to list your businesses. It allows you to manage all your GST transactions in one place.
File your GST return in three simple steps
Simple, quick, and efficient – this is what filing a GST return on myBillBook is like.
Upload all your records of sales or purchase in .csv format, mark the appropriate fields, and load all your transactions on myBillBook in no time.
- Upload to GSTN
Once you have all your transactions loaded on the app, the next step is to upload them to GSTN for verification. The app shows you the approval status of these transactions instantly.
- 3. File
That’s how simple it is! The next step is to file your GST returns. You can complete the filing process by verifying your identity on the app.
All you need to know about GSTR-1 filing
What is GSTR-1?
GSTR-1 is a monthly or quarterly return of sales or outward supplies that should be filed by every taxpayer registered under GST, except a few. This return contains the record of all sales and outward supplies of the business.
When is the GSTR-1 due?
GSTR-1 can be filed either monthly or quarterly. In the case of monthly filing, the due date of GSTR-1 is the 11th of the succeeding month. However, in the case of quarterly filing, the due date is the end date of the following month. For instance, the due date for January 2020 filing will be 11 February 2020 and 30 April 2020 for monthly and quarterly filing respectively.
Who doesn’t need to file GSTR-1?
All businesses and individuals, except a few, are required to file GSTR-1 even if there are no transactions during the concerned month. The exempted entities are as follows:
- Composition dealers
- Input service distributors
- Taxpayer liable to deduct TDS
- Taxpayer liable to collect TCS
- Non-resident taxable person
- Online databases or retrieval services (who pay tax themselves)
Once you file a return, it cannot be revised. If you have made a mistake in the return, it can be corrected in the GSTR-1 that you file for the next period. For instance, if you make a mistake in GSTR-1 of February 2021, you can rectify it in the GSTR-1 of March 2021.
Late fee and penalty
The late fee for not filing GSTR-1 is different for nil returns and tax returns.
For nil returns, the late fee is Rs. 100 per day -50 as per the CGST act and 50 as per the SGST act. The late fee is charged once the due date is passed. For tax returns, the late fee is Rs. 200 per day -1—as per the CGST act and 100 as per the SGST act.
However, currently, the late fee has been capped at Rs. 50 per day for tax returns and Rs. 20 per day for nil returns.
All you need to know about
Ever since the rollout of the most important tax reform in India, there is a lot that business owners must know.
Under GST taxation, businesses are allowed to claim input credit for the tax they pay while gathering capital for their company.
Under the GST regime, any event or transaction that is taxable is called supply. It can be of either goods or services and should be made for a business.
GST return is a document that contains all details of your sales, output tax, and input tax. Once a business owner files GST returns, the next step is to pay what they owe to the government.
GST invoices are mandatory for businesses to claim the input tax credit. They are of two types: Tax invoice and Bill of supply.
A tax invoice is issued when a registered dealer makes a transaction involving taxable goods or services.
A bill of supply is issued when the transaction involves goods or services that are exempted under GST.
FAQs about GST Software
. Can I manage multiple organisations?
Ans: Yes! myBillBook’s online GST software allows business owners to add multiple organisations to the app and manage their GST transactions efficiently.
- How does the app protect my data?
Ans: myBillBook is a cloud-based platform that stores data on protected servers. All transactions and records are encrypted and thus safe and secure.
- What is GSTIN?
Ans: GST identification number, or GSTIN, is a unique 15-digit identification number allotted to every registered business under GST.
- What is the interest rate on late GST payments?
Ans: An interest is incurred if the GST payment is late or the business owner has claimed undue input tax credit. The interest rate is as follows:
- 18% p.a. in case of tax paid after the due date.
- 24% p.a. when excess ITC has been claimed.
- When can the ITC be claimed?
Ans: A business can claim the ITC in the same month of filing or coming months. However, ITC cannot be claimed after the due date of filing return for the month of September after the end of the financial year of the invoice or debit note.