GST and Bookkeeping Services

Introduction

In today's regulatory environment, tax compliance and accurate financial record-keeping are essential for every business, from startups to large enterprises. Two critical aspects of financial management are:

• Bookkeeping : the systematic recording of financial transactions.

• GST Compliance : managing filings, returns, payments, and reconciliation under the Goods and Services Tax (GST) regime.

Outsourcing GST and bookkeeping services not only ensures compliance but also frees up time and resources so business owners can focus on growth.

In this guide, we will explain what GST and bookkeeping services include, their benefits, the processes involved, and why professional assistance is crucial.

Part 1: Bookkeeping Services

What is Bookkeeping?

Bookkeeping is the process of maintaining records of financial activities of a company on a day-to-day basis, (sales, purchases, receipts and payments) in a structured manner.

• Budgeting

• Tax compliance

• Budgeting and forecasting

• Audit readiness

Key Components of Bookkeeping Services

• Recording Transactions

1. Sales invoices, purchase bills
2. Bank and cash entries
3. Journal entries

• Accounts Payable Management

1. Tracking and managing vendor payments
2. Scheduling due dates
3. Avoiding penalties for late payments

• Accounts Receivable Management

1. Invoicing customers
2. Following up on payments
3. Managing outstanding balances

• Bank Reconciliation

1. Matching bank statements with internal records
2. Identifying discrepancies

• Ledger Maintenance

1. General ledger, debtor and creditor ledgers

• Trial Balance & Final Accounts

1. Preparing trial balance
2. Drafting Profit & Loss Account and Balance Sheet

• Inventory and Asset Tracking

1. Managing stock movement and depreciation of assets

Benefits of Professional Bookkeeping Services

• Real-time financial visibility

• Accurate tax filing and audit readiness

• Better decision-making through reports

• Helps in GST return filing and reconciliation

• Cost-effective vs. hiring a full-time accountant

Part 2: GST Services

What is GST?

The Goods and Services Tax (GST) is a single tax regime in India levied on the supply of goods and services as an indirect tax. Any business with a turnover exceeding the stipulated maximum or that undertakes taxable supplies is required to be registered under GST and comply with regular requirements.

Key GST Services Offered

• GST Registration

1. Obtaining a new GSTIN for businesses
2. Amendments in existing registrations

• GST Return Filing

1. Monthly/Quarterly returns:

• • • GSTR-1 (Outward supplies)

    • GSTR-3B (Summary return)

    • GSTR-4, GSTR-9, GSTR-9C, etc.

    2. Filing NIL returns

• GST Reconciliation

1. Matching GSTR-2A/2B with purchase records
2. Identifying mismatches and resolving ITC issues

• Input Tax Credit (ITC) Management

1. Calculating eligible ITC
2. Avoiding ineligible claims that lead to notices

• E-Invoicing & E-Way Bill Compliance

1. Generating and managing invoices and transport documents as per GSTN portal

• GST Audit Support

1. Preparing documents and responding to notices
2. Liaison with GST officers during audits

• Handling GST Notices

1. Replying to show cause notices, mismatches, and non-compliance letters

• Consulting & Advisory

1. Tax planning under GST
2. Support in the classification of goods/services and HSN/SAC codes
3. Assistance in LUT filing for exporters

Benefits of Outsourcing GST Services

• On-time compliance & return filing

• Avoid penalties and late fees

• Maximise Input Tax Credit (ITC)

• Reduce the chances of GST audit or notices

• Expertise in ever-changing GST laws

Combined Benefits: GST + Bookkeeping Services

When bookkeeping and GST services are integrated, your business gains:

Who Should Avail GST and Bookkeeping Services?

• Startups & SMEs

• E-commerce businesses

• Traders & wholesalers

• Service providers & consultants

• Manufacturing units

• Professionals like doctors, architects, freelancers

Why Hire a Professional or Outsource?

• Accounting, taxation and legal regulations are dealt with by trained professionals.

• Saves time and money over in-house teams.

• Availability of the newest accounting programs (Tally, Zoho, QuickBooks, Busy, etc.).

• None of the risks of late delivery and expensive mistakes.

Tools and Software Used

Most service providers use cloud-based or desktop tools like:

• Tally ERP (with GST module)

• QuickBooks

• Zoho Books

• Busy Accounting Software

• ClearTax, RazorpayX, Vyapar

• Excel-based solutions (for small businesses)

Conclusion

Combining GST and bookkeeping services helps businesses stay compliant, financially organised, and audit-ready. Whether you're a small startup or an established business, having professional support ensures that your tax liabilities are minimised, and your financial health is constantly monitored.

With frequent changes in tax laws and increased scrutiny by tax authorities, it's no longer optional — it’s essential.

Disclaimer

The information provided in this blog is purely for general informational purposes only. While every effort has been made to ensure the accuracy, reliability and completeness of the content presented, we make no representations or warranties of any kind, express or implied, for the same. 

We expressly disclaim any and all liability for any loss, damage or injury arising from or in connection with the use of or reliance on this information. This includes, but is not limited to, any direct, indirect, incidental, consequential or punitive damage.

Further, we reserve the right to make changes to the content at any time without prior notice. For specific advice tailored to your situation, we request you to get in touch with us.