GST Tracking Made Easy for Small Businesses
Simplify GST compliance with digital tools. Track GST on transactions and generate reports effortlessly.
GST compliance is mandatory for Indian businesses with turnover above ₹40 lakhs (₹20 lakhs for services). While the concept is straightforward, implementation can be complex. Digital tools like Lekhhaa make GST tracking simple and automated.
Understanding GST Components - Every transaction has three GST components: CGST (Central GST), SGST (State GST), and IGST (Inter-state GST). You need to track input tax credit (ITC) on purchases and output tax on sales.
Setting Up GST Tracking - Register your business for GST if eligible. Connect your Lekhhaa account with GST portal credentials. The system will automatically categorize transactions and calculate tax liabilities.
Tracking Input Tax Credit - For every purchase, ensure you have proper GST invoices. Lekhhaa automatically captures GST amounts and adds them to your ITC ledger. This reduces your final tax payment.
Managing Output GST - When you sell goods or services, calculate and collect GST from customers. Include GST in your invoices and record collections properly. Lekhhaa generates compliant invoices automatically.
Filing GST Returns - File GSTR-1 (outward supplies) monthly/quarterly, GSTR-3B (summary return) monthly, and GSTR-9 (annual return) yearly. Lekhhaa generates filing-ready reports that can be directly uploaded to the GST portal.
GST Rate Management - Different goods and services have different GST rates (0%, 5%, 12%, 18%, 28%). Maintain proper HSN/SAC codes for accurate tax calculation. Lekhhaa comes pre-loaded with the latest GST rate database.
Reconciliation and Compliance - Regularly reconcile your books with GST portal data. Address discrepancies immediately to avoid penalties. Lekhhaa provides reconciliation reports and alerts for compliance deadlines.
Handling Amendments - If you need to correct past invoices, Lekhhaa maintains amendment trails and generates credit/debit notes automatically.
GST compliance doesn't have to be overwhelming. With the right digital tools and consistent tracking, small businesses can stay compliant while focusing on growth.