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Accounting compay in India

Benefits of Outsourcing Accounting and Bookkeeping

Accurate bookkeeping and accounting are not optional for successful businesses, but hiring a full time accounting staff to keep your company’s books can be expensive.

While every business needs the financial data that accountants and bookkeepers prepare in order to fulfill regulatory obligations and make solid business decisions, incurring the cost of a full time staff to prepare that data may not be a very good business decision at all.

Outsourcing this work to a Raleigh CPA firm can mean having the expert financial services that you need anytime while enjoying significant savings.

 

Top Benefits you Get from Outsourcing your Accounting and Bookkeeping

  • Letting you focus on your business priorities by taking care of your non-core
  • accounting functions
  • Making your finance and accounting process streamlined
  • Providing you with regular updates and thorough reports
  • Saving on HR cost
  • Keeping track of costs and budget
  • Providing you advantage of the best accounting software
  • Offering you with customized solutions
  • Benefiting your business with expertise of qualified CAs
  • Giving you the advantage of zero errors, as they are completely liable

 

Outsourcing your company’s Accounting and bookkeeping ensures accurate results and will save you more time and money. To learn more about  Company’s Accounting and bookkeeping services, contact us today.

 

Related : Importance of hire Reliable Bookkeeping Services

Company formation in India

Document required for gst registration

What is GST Registration?

Every business carrying out a taxable supply of goods or services under GST regime and whose turnover exceeds the threshold limit of Rs. 20 lakh/ 10 Lakh as applicable will be required to register as a normal taxable person. This process is of registration is referred as GST registration.

GST is the beggest tax reform in India. By abolishing and subsuming multiple taxes into a single system, tax complexities would be reduced while tax base is increased substantially. Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to obtain GST registration.

 

Documents Required For GST Registration

  For Individual:

  • PAN card
  • ID proof and address proof of Individual
  • Photo (JPG – 100 KB)
  • Bank Details – Copy of canceled cheque or first page of Pass Book  or first page of recent bank statement
  • Registered Office Documents- Copy of electricity bill/landline bill, water Bill etc.  also in case the premises is rented, Rent Agreement will be required.

 

  For One Person Company/ Private Limited Company/ Public Company:

  • Company PAN Card
  • Memorandum of Association (MOA) /Articles of Association (AOA)
  • Registration Certificate/ Incorporation Certificate of the company
  • Bank Details – Copy of canceled cheque or first page of Pass Book  or first page of recent bank statement
  • A copy of the resolution passed by BOD / Managing Committee
  • Registered Office Documents- Copy of electricity bill/landline bill, water Bill etc. also in case the premises is rented, Rent Agreement will be required.
  • Director Related Documents- PAN and ID proof of directors& Photo
  • Proof of Authorized Signatory
  • DIN No of Partners & Digital Signature

 

For Partnership & Limited Liability Partnership (LLP)

  • Partnership / LLP PAN Card (as the case may be)
  • Partnership Deed/ LLP Agreement
  • DIN No of Partners & Digital Signature (in case of LLP)
  • Bank Details – Copy of canceled cheque or first page of Pass Book or first page of recent bank statement
  • Registered Office Documents- Copy of electricity bill/landline bill, water Bill etc.  also in case the premises is rented, Rent Agreement will be required.
  • Partner’s related Documents- PAN and ID proof of designated partners& Photo
  • Proof of Authorized Signatory
Tax adviser in India

GST and its Impact on Indian Economy

Goods and service tax (GST)

The GST is a new concept that simplifies the giant tax structure by supporting and enhancing the economic growth of a country. It is a comprehensive term levy on manufacturing, sale and consumption of goods and service at a national level.

Goods and service tax bill or GST also referred to as the constitution (one hundred and twenty-second Amendment) bill 2014 initiate a value added tax to be implemented on national level. In India, GST will be an indirect tax at all the stages of production to bring about uniformity in the system.

 

Positive impact of GST on India’s GDP

A comprehensive and robust tax structure that will bring the current set of indirect taxes like VAT, sales tax, excise duty etc. under one umbrella and will be instrumental in creating a seamless experience across all states. By bringing the varied tax structures under one net, it is also expected to reduce the cost of transaction for various business entities that had to comply with multiple taxes. We are well aware of the fact that transport and logistics industry is pivotal to the growth of Indian economy as there are lot of products that are delivered from one part of the country to another on a daily basis. So, it is assumed that implementation of a decent GST structure will eliminate other taxes and the export of goods and services will become economical.

 

Negative impacts of GST

There can be no gain without pain and that may be especially true when it comes to GST. As about 160 countries overhauled their indirect tax systems, they confronted numerous challenges. Latecomer India is unlikely to escape some havoc.

  • Service tax rate 15% is presenting charged on the services, so, if GST is introduced at a higher rate which is likely to be seen in near future, the cost of services will rise. In simple words, all the services like telecom,, banking, airlines, etc will become expensive.
  • Increased cost of services means an add to your monthly expenses.
  • You will have to reschedule your budget to bear additional tax
  • Increase in inflation might be seen initially
  • Being a new tax, it will take some time for the people to understand it completely, its actual implications can be seen only when the rate of tax is determined.
  • If the actual benefit is not passed to consumer hand then the seller increase his profit margin, the prices of goods can also see a rising trend.

 

Related Posts:

Goods & Services Tax

Basics that Every One Should Know about GST

How GST Works in India