Simplifying GST Filing: Your Step-by-Step Guide with [Tririd Biz]
While a challenging task crop up in front of a GST filing in India for small businesses, freelancers, and growing SMEs, it is ADD-on with ever-evolving rules and the nature of stringent record keeping. It is difficult to find time with all these demands for compliance.
What if there were a simpler way around this? At Tririd Biz, we believe GST compliance should never be an issue. Our economics-friendly accounting and billing software in India has been designed to streamline your financial activities, putting a simple GST filing process within your grasp.
This all-encompassing guide shall take you through the basic steps of GST filing while informing you in detail of the support that Tririd Biz provides toward making all that easy.
Why Timely and Correct GST Filing Is a Need for Your Indian Business?
Before we begin the ‘how,’ let’s quickly get to the ‘why.’ Proper form of GST filing does not lay only as a burden of law but is also the way of:
- Avoiding Penalties: Late and incorrect filings invite heavy penalties and interests.
- Input Tax Credit (ITC): You can claim the eligible ITC only if you file invoices on time that correspond with your input.
- Trust Building: Better compliance enhances your credibility among suppliers, customers, and financial institutions.
- Uninterrupted Processes: Smooth GST operation maximizes ease in your settlements and lets you focus on the core business.
Step-by-Step Process of GST Filing, and How Tririd Biz Makes it Easy
GST filing mainly involves filing different returns on a monthly or quarterly basis-GSTR-1 and GSTR-3B are mostly filed by a bulk of businesses. Here’s a stepwise approach to the procedure with Tririd Biz as an option:
Step 1: Maintain Accurate Records & Generate Invoices
The Manual Headache
Creating invoices, keeping sales in check, and purchase details on spreadsheets are prone to errors, time-consuming, and hard to reconcile.
How Tririd Biz Helps:
- Professionally GST-Compliant Invoices:
Creates and sends impressive GST invoices within minutes, while the software performs GST calculations, applies HSN/SAC codes, and lists all required details. - Record & Categorize Sales & Purchases Automatically:
Every single invoice created and every expense logged is automatically recorded and categorized to keep your books in order. - Import Your Existing Data:
Quickly import your existing sales and purchase data to get started right away.
Step 2: Sales Reconciliations for GSTR-1
GSTR-1 shall be filed for outward supplies or sales. One must disclose all sales transactions for the period.
The Manual Headache
Collecting all sales invoices, classifying them into B2B, B2C, Exports, etc., and entering all the information into the GST portal manually can be painstaking for any business with a huge volume of transactions. Post-matching thousands of transactions might bring up reconciliation issues.
How Tririd Biz Helps:
- Automatic Preparation for GSTR-1: Tririd Biz aggregates all sales data automatically from the invoices generated within the software.
- Categorization & Classification: Classifies sales in B2B, B2C, Exports, etc., as per GST portal requirements to minimize manual effort.
- Prevent Errors: The software will alert you to any inconsistencies or missing information before you export your data, allowing you to correct errors early.
- One-Click GSTR-1 Generation: Get your GSTR-1 report generated in a medium that can be immediately uploaded onto the GST portal or easy for manual entry.
Step 3: Reconciling Purchases (Inward Supplies) for GSTR-2A/2B Matching
While GSTR-2 and GSTR-3 are largely automated now, what is necessary for correct claim of Input Tax Credit (ITC) is matching purchase records with GSTR-2A/2B, which is auto-populated from suppliers’ GSTR-1 filings.
The Manual Headache
Downloading GSTR-2A/2B from the GST portal and manually comparing it with purchase entries to recognize mismatches and missed ITC is time-consuming and prone to errors.
How Tririd Biz Helps:
- Purchase Entry & Tracking: All inward supplies including vendor details and ITC components can be easily recorded in Tririd Biz.
- Intelligent ITC Tracking: This software keeps a track of your eligible ITC based on your purchase entries.
- Looking forward to future integration & reports: With changes in GST filing procedure, Tririd Biz will ensure that reports towards GSTR-2A/2B reconciliation highlighting differences are made available to you so you can follow up with suppliers and get the maximum ITC.
Step 4: Preparing & Filing GSTR-3B
Summary-type returns for outward supplies and inward supplies (to claim ITC), in addition to deposit of tax, is GSTR-3B. It is the main return in which the tax liability is declared and paid.
The Manual Headache
Consolidating sales purchase data and total tax liability; several sections of GSTR-3B have to be filled in on the portal manually may lead to confusion and risk if one does not exercise great caution.
How Tririd Biz Helps:
- Automated GSTR-3B Data: Based on your correct sales and purchase entries, Tririd Biz comes up with appropriate figures for your GSTR-3B.
- Summary Reports: Generate precise summary reports mirroring the GSTR-3B form sections to help you cross-check and enter into the GST portal with ease.
- Tax Liability Calculation: Tririd Biz gives you a clear picture of your payable tax or refund due so that you are always aware of your money position.
- Direct or Easy Upload Ready: In the case that direct integration with the GST portal is unavailable, Tririd Biz formats your data perfectly for easy manual entry or export, an advantage that can save you time and hours.
Step 5: Making GST Payments
Once your GSTR-3B is filed, you’ll need to pay any outstanding tax liability.
How Tririd Biz Helps:
- Clear Tax Liability: The software clearly shows your final tax liability after accounting for ITC, so you know exactly how much to pay.
- Payment Reminders: Set up reminders within Tririd Biz for upcoming payment deadlines to avoid late fees.
Why Choose Tririd Biz for an Easy GST Filing?
User-Friendly Interface: Designed for business owners, not just accountants. You don’t need to be a GST expert to use it effectively.
Affordable Plans: Get comprehensive features without breaking the bank. Our plans are tailored for small businesses and growing enterprises.
GST Compliant: We stay updated with the latest GST regulations so your business always remains compliant.
Cloud-Based Accessibility: Manage your accounting and billing from anywhere, anytime, on any device.
Data Security: Your financial data is protected with industry-standard security measures.
Dedicated Customer Support: Our team is always ready to assist you with any queries, ensuring a smooth experience.
Ready to Experience Stress-Free GST Filing?
Don’t let GST compliance weigh down your business. With Tririd Biz, you can transform your accounting and billing processes, ensuring accuracy, saving time, and staying compliant effortlessly.
Start your journey to simplified GST filing today!
