HostBooks Signs MoU with ICAI to promote technology automation
31 January 2020
As part of the MoU, HostBooks will be offering three users all-in-one accounting & compliance solutions to ICAI members for three years free of cost bundled with other benefits.
Gurgaon based FinTech Company HostBooks has signed a Memorandum of Understanding (MoU) with The Institute of Chartered Accountants of India (ICAI), the national professional accounting body to encourage the use of technology and automation among chartered accountants, which will help them increase their efficiency and productivity in practice.
As part of the MoU, HostBooks will be offering three users all-in-one accounting & compliance solutions to ICAI members for three years free of cost bundled with other benefits. The initiative is aimed at promoting the use of cutting-edge technology among members and hence increasing efficiency in their practice. This MOU is signed in the event of ICAI and World Bank on “Training Program on Auditors engagement in Procurement post review for World Bank Funded projects" in New Delhi.
Speaking on the occasion, Kapil Rana, Founder & Chairman, HostBooks Limited, said, “chartered accountants play an integral role in reducing the compliance burden for businesses. To facilitate further simplification and enhance their efficiency, HostBooks will provide automated and cloud-based end-to-end solutions to practitioners."
Furthermore, the company will provide dedicated support and service center for ICAI members after the installation of the integrated accounting and compliance software. To ease the transition process, the accounting professionals will also get a dedicated team for implementation from time to time to provide training.
Will the removal of DDT from April 1 benefit you? Find Out
02 Apr 2020
Finance Minister Nirmala Sitharaman announced the decision to abolish the dividend distribution tax (DDT) levied on dividends issued by companies.
In her Union Budget 2020 speech, Finance Minister said that the decision would encourage low-income earners to invest in the capital market and provide relief to a large class of investors. According to the decision, the taxes on income received from dividends will now have to be paid by the shareholders depending on their income tax slab rates.
Presently, companies distributing dividends need to pay DDT at 15%, which after including surcharge and cess comes at an effective rate of 20.35% directly to the government. Hence, out of every ₹100 paid in dividend by a company, ₹20.35 is required to be paid as tax, giving ₹79.65 to shareholders. Additionally, for investors, up to the maximum limit of ₹10 lakh the dividend received is tax-free, after which a tax rate of 10% of the dividend received in a fiscal is applicable.
The total number of GSTR-3B Returns filed for the month of February up to 31 March, 2020 is 7.65 million. Here's a chart that shows trends in monthly gross With the new proposal, all investors are required to treat their divided receipts as income and pay taxes at their applicable tax rates. The government said in a statement that the new system would encourage investment in the debt mutual fund market as most individuals would be liable to pay tax at a lower rate on income received from a debt fund. They further added that the single rate of taxation was only favorable for taxpayers in higher tax slab and worked against those who were in lower slabs.
The government said, "Low-income earners would be encouraged to invest in the capital market as the person with a gross income of up to ₹5 lakh will not have to pay tax on dividend income as against the previous 20.56% paid by them indirectly."
The dividends declared between 1st April 2003 and 31st March 2020 will be subject to DDT under the old regime, whereas those declared after 1st April 2020 will be excluded. After the abolition of DDT, the dividend received by a taxpayer will form the part of the total taxable income under the head "income from other sources".
GST collections for March fall below ₹1 lakh crore
01 Apr 2020
Until February, GST collections crossed ₹1 lakh crore for four consecutive months. The total number of GSTR-3B Returns filed for the month of February up to 31 March, 2020 is 7.65 million.
GST Collections: Goods and services tax collections for March, 2020 stood at ₹97,597 crore, lower than ₹1.05 lakh crore collected in February, 2020. Until February, GST collections crossed ₹1 lakh crore for four consecutive months.
Of the total ₹97,597 crore, central GST stood at ₹19,183 crore, state GST at ₹25,601 cr, integrated GST is ₹44,508 cr, which included ₹18,056 cr collected on imports and compensation cess is ₹8,306 crore, which included ₹841 crore collected on imports, the revenue department said in a statement on Wednesday.
The total number of GSTR-3B Returns filed for the month of February up to 31 March, 2020 is 7.65 million. Here's a chart that shows trends in monthly gross GST revenues during the current year.
The GST revenues during the month of March, 2020 from domestic transactions has shown a negative growth of 4% over the revenue during the month of March, 2019. For the full financial year, 2019-20, the GST for domestic transaction has shown a growth rate of 8% over the revenues during last year. During the year, GST from import on goods fell down by 8% as compared to last year. Overall, gross GST revenues grew at 4% over the last year’s GST revenue.
“In spite of the higher target, GST collection for March 2020 is ₹97597 and it is lowest in the last quarter because of lower collections due to pandemic lockdown as expected. We will see a higher fall in GST collection in the coming months as most of the businesses are closed down. The domestic market, as well as the international market, is uncertain, so the government should be more cautious for setting the target for the next quarter," said Kapil Rana, Chairman and Founder, HostBooks Limited.
Three tax changes to keep in mind in the new financial year
Mar 31, 2020
The new tax regime has lower slab rates but compare your tax liabilities before switching from the old system
While the finance minister has extended various statutory deadlines related to tax from 31 march to 30 June, the Finance Bill 2020 will get implemented from 1 April, along with it the amendments proposed in the Union budget. Here are three changes in tax rules you should be aware of in the new financial year (FY).
New tax regime: In the new FY, you have the choice to opt for the new tax regime or remain with the old one. Under the new system, there are seven tax slabs for individuals and Hindu Undivided Families—there’s no tax for income up to ₹2.5 lakh, 5% for income between ₹2.5 lakh and ₹5 lakh, 10% for income between ₹5 lakh and ₹7.5 lakh, 15% for income between ₹7.5 lakh and ₹10 lakh, 20% for income between ₹10 lakh and ₹12.5 lakh, 25% for income between ₹12.5 lakh and ₹15 lakh, and 30% for income above ₹15 lakh. Those with income under ₹5 lakh can continue to claim rebate of up to ₹12,500 under Section 87A But the lower tax rates under the new tax regime come with certain conditions such as giving up most of the exemptions and deductions, including house rent allowance (HRA), standard deduction on salaries, deductions under Sections 80C and 80D and those related to your home loan. Calculate your tax under both the systems before making a decision.
DDT rules: The Finance Act, 2020, eliminates dividend distribution tax (DDT) levied on dividends distributed by companies. So far, companies are required to pay DDT at 15%; after taking into account the surcharge and cess, the effective rate is 20.56%. From 1 April, dividend income will be taxed at the applicable slab rates in the hands of the investors. Also, before distributing the dividend, companies are required to deduct tax at source at the rate of 10%, where the dividend paid exceeds ₹5,000.
How cloud based accounting solution can fight coronavirus lockdown
Mar 31, 2020
While a majority of small businesses are finding it impossible to manage their team, allot work or even oversee accounting and compliance, those companies which have opted for SaaS-based compliance solutions, are faring well.
By Kapil Rana: The global economy is reeling under the stress of Coronavirus, the pandemic that has reached 193 countries, impacting the livelihood of people worldwide.
"With more than 7, 81,842 positive cases and about 37,000 deaths from COVID-19 across the world, the real concern is how to control the number of patients which is multiplying by the hour. To contain the spread of this highly contagious disease, towns and cities in India have been forced into a lockdown.
As social distancing and staying at home is the best solution to contain this deadly virus, all businesses -- big or small, are finding it difficult to run smoothly. This situation has shattered world economies and trillions of dollars have already been wiped away as markets have tumbled uncertainty looms large.
Trying times for businesses: The businesses are walking on a tightrope; on one hand, they have to ensure the safety of their workforce, whereas, on the other they cannot afford to falter in accounting and compliance. The pandemic has brought about an unprecedented crisis in the companies. But, a good business leader is one who is able to navigate successfully during such adverse twists and turns.
A silver lining for companies: While a majority of small businesses are finding it impossible to manage their team, allot work or even oversee accounting and compliance, those companies which have opted for SaaS-based compliance solutions, are faring well.
What do RBI announcements mean for common man, Indian economy amid coronavirus lockdown
Mar 27, 2020
The Reserve Bank of India (RBI) on Friday massively reduced the key lending rates in response to the Covid-19 outbreak. The Monetary Policy Committee of the central bank in an unscheduled meet reduced the repo rate by 75 basis points to 4.40 per cent from 5.15 per cent.
The Reserve Bank of India (RBI) on Friday massively reduced the key lending rates in response to the Covid-19 outbreak. The Monetary Policy Committee of the central bank in an unscheduled meet reduced the repo rate by 75 basis points to 4.40 per cent from 5.15 per cent. Consequently, the reverse repo rate was also reduced by 90 basis points to 4 per cent. Besides, the marginal standing facility (MSF) rate and the Bank Rate stand reduced to 4.65 per cent from 5.40 per cent.
"The purpose of this measure relating to reverse repo, is to make it relatively unattractive for banks to passively deposit funds with the Reserve Bank, and instead to use these funds for lending to the productive sectors of the economy," RBI Governor Shaktikanta Das said.
The announcements from the RBI are like a bazooka to deal with the economic pain and uncertainty prevailing in the wake of the COVID crisis, believes Cyril Shroff, Managing Partner, Cyril Amarchand Mangaldas. He said that the RBI has used several levers to increase liquidity in the system.
“This empowers banks to commence or continue the emergency COVID credit lines opened up by several of banks. Crucially, in recognition of the inevitable stress in the next few months the RBI has permitted all lenders regulated by it to provide a moratorium on all instalments for term loans and interest payments on working capital loans- specifying that such a payment moratorium will not result in a adverse asset classification. This provides a much needed respite for borrowers and lenders in these trying circumstances and should soften the recovery period,” Shroff said.
Coronavirus Outbreak: Nirmala Sitharaman took care of the poor, Shaktikanta Das has taken care of middle class by cutting interest rates
Mar 27, 2020
I was waiting for some relief measures on EMI (equated monthly instalments) payments from Finance Minister Nirmala Sitharaman in her announcement yesterday. I was disappointed that the measures announced were all for the poor.
The government has forgotten the middle class too is affected, I thought. But the RBI governor's announcement today on deferment of EMI payments is a bonus for the middle class. Though I don't know how my organisation will pay me my monthly salary since I am at home and so are the rest of my colleagues. In case my owner does not pay me my salary, I cannot blame him, too. I am aware the government has said that no employee should lose his/her salary over lockdown and coronavirus pandemic. But if there is no input, what can my owner do? And that was a worry for me until the RBI governor's press conference this morning, " said 34 year-old Inayat Akbar.
Talking to Firstpost, Akbar, who works as a senior accountant at a services firm, said, he was relieved to hear Shaktikanta Das, governor, RBI, announce deferred EMI payments. "I am happy now. I was worried a lot about my payments," said the sole-earning member of a family of four.
EMIs are one part of the equally divided monthly outgo to clear off an outstanding loan within a stipulated time frame. It is dependent on various factors, such as principal borrowed, the rate of interest, tenure of the loan and monthly/annual resting period.
Some like Neelam Kadam, a home-maker, was happy that the RBI has given much-needed solace to salaried class by deferring loan EMIs for a three-month period. "Since our prime minister Narendra Modi had announced a complete lockdown for 21 days, my husband has not been able to attend work. We are not sure if his boss will pay him his salary during this period and that worried us a lot. Now RBI has given us some relief regarding the home loan repayment. It's a good thing", she said.
5 best investment options to save tax
Mar 26, 2020
There are multiple ways for you to save taxes in India. However, the perfect tax planning is made when an individual chooses instruments that best suits his/her needs.
We are always looking for the best way to make an investment that saves us from paying taxes. Now, with the tax season just around the corner, it is the perfect time to make the tax-saving plans that helps you to achieve your financial goals. There are several instruments out there for you to invest in while also reducing your tax liability. These plans, commonly referred to as tax-saving schemes, work as a go-to option for taxpayers to save tax easily. Some of the popular ones include the National Pension Scheme, Equity Linked Savings Scheme, Public Provident Fund, etc.
In this article, we will look at five of the best tax-saving instruments that help you reduce your tax burden. The contributions that you make to each of these schemes can be claimed as tax deductions under specific sections of the Income Tax Act. However, the options that you choose should be based on your requirements and needs. For more personalized advice, you are suggested to hire and seek suggestions from a financial advisor. Without further delay, let’s dive into the best income tax saving schemes.
1. Equity-Linked Saving Schemes (ELSS): In this investment option, your contribution is invested in equity, providing you with higher returns in the long run. You can start investing in ELLS funds with just Rs 500 and also there is no upper limit on the amount of investment. It offers the lowest lock-in period of just 3 years among all other tax-saving instruments. There are two types of ELSS funds – dividend and growth options. In growth schemes, you get a fixed amount after maturity. On the other hand, in dividend options, you get a payout whenever dividend is declared by the fund or an alternative to reinvest your amount to equity. You can invest either as a lump sum amount or through Systematic Investment Plan (SIP) in this scheme.
However, ELSS might not be suitable for everyone as their returns are based on market performance. It is covered under Section 80C of the Income Tax Act, allowing you to claim deductions of up to Rs 1.5 lakh in a financial year. Moreover, long-term capital gains from ELSS are tax-free till Rs 1 lakh, after which you are taxed at 10%.
Vivaad Se Vishwas: Deadline extension provides the much-needed breather to taxpayers
Mar 26, 2020
Those roiling under the pressure of being unable to consult their Chartered Accountants and also liquidate investments due to the stock market mayhem after the COVID-19 outbreak heaved a sigh of relief with the extension of the Vivaad se Vishwas scheme.
The Finance Minister Nirmala Sitharaman on Tuesday extended the deadline for settling disputes under the VSV scheme to June 30, 2020 from the earlier deadline of March 31, 2020.
The additional interest payment of 10 per cent wouldn’t be applicable for those who paid the disputed tax between March 31, 2020 and June 30, 2020. “The government considers the genuine hardship on the taxpayers by extending the dates and waiving off the 10 per cent payment on disputed tax till 30th June 2020 under the VSV scheme,” says Kapil Rana, chairman and founder, HostBooks Limited, which offers accounting software to chartered accountants.
The scheme, which was announced in the Union Budget 2020, had been aiming to garner Rs 9.32 lakh crore linked to 4.83 lakh direct tax cases that have been pending with the commissioner (Appeals), ITAT, high courts and the Supreme Court.
Tax filing to PAN-Aadhaar linking deadline extension, FM Nirmala Sitharaman’s relief package welcomed by experts
Mar 25, 2020
Experts have welcomed the slew of relief measures announced by Finance Minister Nirmala Sitharaman during her press conference on Monday to combat coronavirus impact. These measures are expected to provide relief to the common man and improve the situation in coming days.
“The recent announcements regarding several statutory and regulatory compliance relief measures are precursor to the broader economic measures which are being considered as a part of the economic package likely to be proposed by the Government. The measures related to waiver of minimum monthly balance, ATM charges, increasing the threshold for default under IBC, etc. will provide relief to several sections of the economy and indicate Government’s intent to ease the financial implications of the pandemic. These measures will help in ‘flattening the curve’ with respect to immediate impact with respect to statutory deadlines and help businesses to be better geared to meet their commitments,” Monish Shah, Partner, Deloitte India said.
The decision to extend the deadline to link Aadhaar card with PAN card was the need of the hour, believes Kapil Rana, Chairman and founder, HostBooks Limited.
These given reliefs to the taxpayer by extending various deadlines especially to link AADHAAR-PAN from 31.03.2020 to 30.06.2020 will create a positive bonding between taxpayer and government,” he said.
Rana said that the government considered the genuine hardship on taxpayers by extending the dates and waiving off the 10% payment on disputed tax till 30th June 2020 under the VSV scheme. He said that these moves will create a positive bonding between taxpayer and government.
Waiver of charges on ATM withdrawal to minimum balance: 10 announcements today
24 Mar 2020
Finance Minister Nirmala Sitharaman today announced some relief towards income tax filing to reduce the hardship of the tax payers in view of coronavirus outbreak in the country. The government also offered some relief on GST filing and on maintenance of minimum balance in back accounts. For companies, the government also announced some relief on compliances.
“Amidst coronavirus panic and lockdown, an extension of various deadlines especially income tax returns filing, Vivad se Vishwas scheme, and GST filing dates was the need of the hour," said Kapil Rana, Chairman and founder, HostBooks Limited.
Here are some key highlights:
1) Debit card holders can withdraw cash free of charge from any other bank ATMs for the next three months
2) Waiver of minimum balance in bank accounts for next three months. Applicable on all banks.
3) Deadline for income tax filing for FY18-19 has been extended to June 30
4) Interest for filing for delayed ITR for FY18-19 reduced to 9%, from 12%
5) Reduced interest rate of 9% on delayed deposit of TDS, as compared to 18% earlier
Stock Markets LATEST Updates: Markets rebound, end in green; Infosys, Adani Ports, HUL among major gainers
Mar 24, 2020
Markets rebound, end in green; Infosys, Adani Ports, HUL among major gainers
Equity benchmark indices failed to retain the sharp recovery in the afternoon trade despite Finance Minister Nirmala Sitharaman announced several relief measures for the industry and ended in the green.
The Sensex ended 692.79 points or 2.67 percent higher at 26674.03, while Nifty was up 190.80 points or 2.51% at 7801.05.
Infosys, Adani Ports, Britannia Industries, Bajaj Finance and HUL were among major gainers on the Nifty, while losers were Yes Bank, M&M, Grasim, IndusInd Bank and Power Grid Corp.
14 tax-saving investment options beyond Section 80C limit
March 21, 2020
Most people are aware of claiming tax deduction of Rs 1.5 lakh under Section 80C of the Income Tax Act, 1961. Now let's take a look at the tax-saving options other than Section 80C to turn you into a smart tax saver.
Most people are aware of claiming tax deduction of Rs 1.5 lakh under Section 80C of the Income Tax Act, 1961. The right tax-saving investments help most taxpayers, including salaries individuals and professionals, to save tax. Some of the options to claim the tax benefit under this section include life insurance premium, PPF, EPF, and tax-saving fixed deposits. However, there is a lot more to tax planning than Section 80C which helps you further reduce your tax liability.
2. Section 80D: Payment of health insurance premium: Under Section 80D of the Income Tax Act, you can claim a tax deduction for premiums paid for your family members and your health insurance. This section allows you to claim a maximum deduction of Rs 25,000 per year on premiums paid for yourself, spouse, and your children. You are eligible for an additional deduction of Rs 25,000 if you are paying medical insurance premiums for your parents, taking your total deduction to Rs 50,000.
Moreover, if the person is below 60 years with parents of above 60 years of age, the maximum exemption limit under this section is Rs 75,000. And, if both the individual and his/her parents are above 60 years, then a total of Rs 1,00,000 can be claimed under this section.
Claim tax deduction for GST paid on insurance premium
March 11, 2020
In order to attract new buyers, insurers are taking various steps such as lowering prices by minimizing expenses pertaining to policy and other similar factors that add up to the total cost of the policy.
By CA Kapil RANA : Under Section 80C and 80D of the Income Tax Act, 1961, taxpayers are allowed to claim tax benefit on premiums paid for life insurance and health insurance plans. This helps to promote the habit of investing in an insurance policy among people. While most people are aware of the tax benefit on premiums paid for insurance, they are unfamiliar with a similar benefit for GST paid on insurance premiums. In other words, taxpayers can avail tax benefit on insurance premiums as a whole, including the GST paid as per the policy.
Before buying an insurance policy, it is important to compare prices across various policies. On top of the cost-specific elements of insurance premium such as mortality amount, the insured person also needs to pay Goods and Services Tax (GST). The applicable GST rate will depend on the type of insurance policy that you have chosen.
Benefiting from tax exemption on GST - A person who avails services from a supplier is liable to pay GST along with the actual value of the service. A taxpayer can claim tax benefits under Section 80C and 80D on the entire amount paid as premium for the continuation of an insurance policy. Since the policy would cease to be active without the payment of GST, a taxpayer can automatically claim the entire amount, including GST as tax deduction under insurance policies. Make sure that you keep the documents related to premium payment, showing both GST and premium paid towards your insurance policy as a valid proof.
The amount paid as GST qualifies for tax exemption subject to the limit available for investment under a particular section. For instance, let’s consider a person A has a life insurance plan with an annual premium of Rs 10,000 to which a GST of Rs 1,800 is levied. Hence, the total premium comes to Rs 11,800, which can be claimed as tax deduction under Section 80C for premium paid towards an insurance policy. Similarly, if a person B has a health insurance policy with an annual premium of Rs 8,000, he will pay GST of Rs 1,440. The total premium comes to Rs 9,440, which can be claimed as a tax deduction under Section 80D.
HostBooks Selected as GST Suvidha Provider (GSP) by GSTN
December 02, 2019
GST Suvidha Providers (GSP) are empowered with technical capabilities to handle multiple service related to GST. With this announcement of GSTN, HostBooks now becomes part of GSTN privileged service providers.
HostBooks, a FinTech Company based out of Gurgaon, with its all-in-one cloud accounting, GST & other compliance solution, has been selected as a GST Suvidha Provider (GSP) by the GST Network (GSTN).
GST Suvidha Providers (GSPs) are selected based on their financial ability and evaluation of IT capability to provide the essential services to taxpayers making them GST-compliant. GSPs are required to provide with a wide range of services, like GST registration, GST Return Filing and GST Reconciliations to ASPs and taxpayers.
HostBooks all-in-one accounting solution helps businesses in managing their sales, purchase and other transactions efficiently and facilitate automatic GST reconciliation of customer's data with GSTN data i.e. GSTR-1A, GSTR-2A and GSTR-3B. HostBooks ensures that all its software upgrades are in sync with GSTN ensuring complete GST compliances by providing innovative and efficient software solutions.
Talking on the achievement, Kapil Rana, Founder of HostBooks said, "Although GST has completed two years, taxpayers and businesses are still facing challenges. HostBooks is continuously working toward providing seamless cloud-based GST solutions to help them managing their compliances, regardless of the size and nature of the businesses. Now, being a GSP will help us to serve businesses and taxpayers even better."
HostBooks Founder & Chairman Kapil RANA bags the Economic Times Most Promising Entrepreneur Award 2019
The SME Times News Bureau - March 29, 2019
HostBooks Founder & Chairman CA Kapil RANA has been awarded “The Most Promising Entrepreneur 2019” by Economic Times. Bollywood actor Mr. Ashish Vidhyarthi and Ms. Sunita Quadros, Senior Vice President, Times Strategic Solutions Limited, presented the prestigious award to Mr. Kapil RANA on March 29, 2019, at Hotel Sahara Star, Mumbai.
With a vast experience spread across strategic management, corporate development & structuring of multinational organizations, Mr. Kapil RANA began his journey as the founder of HostBooks in 2009. Being a Chartered Accountant, helped him gain a deeper insight into the issues that are affecting the accounting sector. This acted as the driving force behind the development of HostBooks All-in-One Automated Accounting Software.
HostBooks software provides the CAs, small businesses and other accounting professionals with a complete solution for GST, E-Way Bill, TDS, Accounting, and Tax. The inbuilt cloud feature allows users to manage accounting & compliance anywhere anytime. It aims at saving the time spent on compliance by at least 70%.
HostBooks has brought a sigh of relief to CAs, small businesses, and accounting professionals who were otherwise unable to cope up with the manual accounting pressure. With HostBooks accounting software, the user will be able to work smarter while managing his finances in a few clicks. The financial position of the business is displayed in real-time. Auto document management system, smart cash invoicing, and AI-based reconciliations help business owners scrutinize every financial aspect of their businesses. Under the leadership of Kapil RANA, HostBooks has now become one of the best and reliable accounting and tax compliance software.
The Most Promising Entrepreneur 2019, Mr. Kapil RANA says, “HostBooks is the perfect blend of accounting and cutting-edge technology. With the help of automation techniques, we strive to refurbish traditional accounting methods. The introduction of GST return filing and E-Way Bill is posing challenges for small businesses. Hence, we have developed a comprehensive platform that makes GST, E-Way Bill, TDS, and Tax easy and hassle-free."
How can online GST software make filing easy & seamless?
September 3, 2019
In the era of “Digital India”, a lot of steps have been taken recently to make India a digitally advanced country
The successful GST implementation with a unified tax structure can be a difficult task in some areas, especially when not all Indians are completely yet aware of the benefits and processes related to GST. To simplify and ease the processes related to GST fillings, GST software is a must for all industries so that the new tax process doesn’t divert them from their core business processes.
In the era of “Digital India”, a lot of steps have been taken recently to make India a digitally advanced country. Since GST was introduced in India, it seems we have taken a step closer to Digital India. Eliminating manual filings by promoting paperless transactions, efforts are being made each day towards making various tax compliance almost effortless.
Thus far, one of the most successful steps big businesses have taken is the implementation of GST software. In today’s digital era, with the help of top GST compliance software, one can easily integrate it with the existing Accounting Software or ERP in place and generate GST compliant invoices for GST filing its details with GSTN. Keeping this aside, there are a number of benefits that GST return filing software might offer.
HostBooks is the all in one destination for you, taking care of all your GST filings and returns. The automated top GST software offers you a comprehensive cloud-based platform for all accounting and compliance functions such as GST, E-Way Bill, TDS, Tax, and Point-of-Sale. Striving to simplify the process with easy reconciliation of invoice mismatches, automatic data validation, inbuilt HSN/SAC codes, and tax liability updates, HostBooks promises you a seamless experience.
HostBooks launches TV show 'GST Par Charcha' to assist businesses on GST related queries
July 24, 2019
HostBooks has launched 'GST Par Charcha' - A TV show, an expert panel discussion on how to effectively manage GST, compliances and related issues faced by business in their day to day operations.
A group of industry experts and Chartered Accountants discuss the issues faced by the businesses and also provide solutions to their queries. The show is aired every Saturday on Zee News HPP at 11:30 AM and every Sunday on Zee News-UP/UKD at 3:30 PM.
Since the implementation of GST, people across the nation have been facing various challenges while on registration, cancellation, filing their GST returns or generating e-Way Bills.
Lack of knowledge and exposure regarding the online registration process, reconciliation, ITC and return filing are some of the main issues that have become roadblocks for many. The businesses have been continuously searching for a reliable solution that would make GST related compliances easy for them.
To resolve the issues faced by the businesses, HostBooks has come up with a novel concept of GST Par Charcha. Be it return filing problems, reconciliation of Invoices/GST Returns or generating an e- Way Bill or general queries, this TV show has got you covered.
In addition to expert advice, this show walks you through on how HostBooks - All-in-one automated accounting and compliance solution provider helps you win your GST battles.
"Through this TV show, we aim at making GST and compliances hassle-free for the businesses. We take up all kinds of queries and provide the most appropriate and cost-effective solution", said CA Kapil Rana, HostBooks Founder and Chairman.
HostBooks GST compliance software launches single-click return filing for GSTR 9
Jul 04, 2019
The All-in-one automated software HostBooks announces the inclusion of a GSTR-9 product for GSTR-9 filing. GSTR-9 is an annual summary of all the sales, tax paid thereon, purchases, input tax credit (ITC) claimed, ineligible credits, demands, and refunds. Compulsory for all regular taxpayers under GST, GSTR 9 is consolidated return for the information furnished in monthly/quarterly GST returns during the financial year for every GSTIN.
Similarly, GSTR-9A is to be filed by a composition dealer, GSTR-9B is required to be filed by e-commerce operator and GSTR-9C is the annual audit report.
As, GST council chaired by Finance Minister Nirmala Sitharaman decided in its 35th meeting to extend the deadline to file forms GSTR-9, GSTR-9A and GSTR-9C till August 30, 2019. HostBooks is all geared up to serve as compliance platform from where normal taxpayers can file their annual returns in Form GSTR-9 and composition taxpayers file their returns via Form GSTR-9A.
As this is the first time after the introduction of GST that traders and businesses will be filing the (annual) returns, there are various issues cropping around this return filing. To ease the efforts of its users, HostBooks has developed a remarkably simple procedure where with the help of a simple tool, one can sort and render seamless GST return filing and billing experience. HostBooks is a cloud-based and NSDL approved GST Application Service Provider, has simplified the whole process of GST return filing including the GSTR -9.
The multi-tenant app which is essential for customer management can easily identify mismatches, duplication of entries or match credit/debit notes against respective invoices, and so on with the help of automation.
Fulfilling centre's hope to create a transparent mechanism for taxpaying, HostBooks serve as tool to bring out accurate transaction details for every taxpayer, it ensures input data validation at the sources. Through real-time updates, customers can access the latest changes made within GST, minimizing the efforts being put to meet the new changes as a later stage.
How HostBooks is pushing seamless GST and Accounting compliance through Automation
By Forbes India - June 04, 2019
Over the last decade, technology has amplified at an exponential rate. It has transformed the way we live our lives, and the way, we execute our work has been even greater. Technology has allowed us to change how we manage many different aspects of business operations, Accounting is no exception.
Access to accounting dedicated software performing more complex functions has made calculations both easier and more efficient. Creating financial data, managing business finances and bank statements, and measuring economic activity has never been simpler.
The age of technology has truly revolutionized one of man’s oldest task i.e. keeping a track of finances.
One by one, the traditional pen, ledger, and desk calculator had been shunned driving towards more efficient processing tool which is the specialized accounting software allowing quicker input and computation of data.
HostBooks as an accounting software has created a lead in automation for accounting and finance. The act of manually entering information has declined as technology made it possible to manage accounts with a single click.
The Gurgaon-based startup has channelled various aspects of accounting equipment onto a single online platform.
Hostbooks is an integrated All-in-One cloud-based application, which enables users to maintain Accounting, Tax, GST, TDS, E-Way Bill and Payroll records providing statutory compliance and single click filing service for businesses.
Their India journey is about two years old, in which duration they have added a large client base spread across several vertical players in the market including big business setups, MSME’s, retailers, vendors etc.
HostBooks among ET Most Promising Entrepreneurs of India
The SME Times News Bureau - March 29, 2019
Economic Times organized the 2nd edition of Most Promising Entrepreneurs of India 2019 on 29th March at Hotel Sahara Star, Mumbai. The event aims at recognizing creative minds determined to ascend to the summit of their respective sectors.
This year HostBooks bagged the title of "The Most Promising Entrepreneur of India". Bollywood actor Mr. Ashish Vidhyarthi and Ms. Sunita Quadros, Senior Vice President, Times Strategic Solutions Limited, presented the award to HostBooks Founder & Chairman Mr. Kapil RANA.
HostBooks is a one-stop solution for all the accounting and compliance needs. It provides a comprehensive solution for GST, E-Way Bill, TDS, Accounting and Tax. The inbuilt cloud feature allows users to manage accounting & compliance anywhere anytime. HostBooks accounting software aims at saving the time spent on compliance by at least 70%.
Under the leadership of Founder & Chairman Mr. Kapil RANA, CEO Mr. Amit Mukherji, and CDO Mr. Biswajit Mishra, HostBooks has become one of the best accounting & tax compliance software. Their knowledge, rich experience, and expertise are the driving forces that help the team build a seamless automated accounting solution. They make sure that the software is designed on structured data flow design, ensuring minimal data input. Being aware of the issues affecting small businesses and accounting professionals, the team focuses on alleviating these issues with cutting-edge technology.
"Being rewarded as the most promising entrepreneur of India 2019 by ET is like a dream come true. We are ready to go an extra mile to provide the users with seamless user experience." - Mr. Kapil RANA, Founder & Chairman, HostBooks.
"It's a great feeling to be among the most promising entrepreneurs of the country. We understand the plight of small businesses. Hence, we have designed our software to meet the accounting needs of small businesses anytime anywhere. We have deployed a combination of automation techniques and accounting expertise." - Mr. Amit Mukherji, CEO, HostBooks.
"To find a place among India's most promising entrepreneurs is a feeling that can't be described in words. With HostBooks accounting and compliance software, we strive to make accounting and compliance automated, easy to understand, and hassle-free. Kudos to Team HostBooks!" - Mr. Biswajit Mishra, CDO, HostBooks.
HostBooks launches integrated accounting software
By Team NB - May 15, 2019
HostBooks functions as a Multi-Tenant App with Database-per-Tenant exploring the financial responsibilities of each client with much precision for bank reconciliation, transactions, imports and payments, GST returns, TDS filing etc.
Where businesses are concerned, maintaining finances in order is imperative. Not only is it necessary to ensure that invoices are sent out and paid on time, but it helps with forecasting cash flow with detailed financial records critical for taxpayers.However, at the end of the long weary day, business owners don’t aspire to struggle with the bookkeeping and finances of their businesses. Above that, small business owners typically don’t have a lot of time, and saving the time they do have is often their top priority. With the help of HostBooks accounting software, the business owners can easily manage their finances by setting up a workflow that automatically updates all the other accounting information each month or at any required time through an integrated all-in-one application.
HostBooks is one such cloud-based accounting software which is built for entrepreneurs to help them monitor their trade from anywhere on any range of devices. By providing automated solutions for accounting, HostBooks help businesspeople transform and streamline their processes and operations. It seamlessly couples core finance and accounting functions with strong compliance management which tremendously improves the company’s performance while reducing back-office costs.
CA Biswajit Mishra, the Chief Development Officer, (CDO) at HostBooks says “The specialized software designed and created by HostBooks provides helpful accounting solutions that clients can access whenever they want for different areas of business and make preferable financial decisions throughout the year.The software is furnished with Multi-tenant technology implying a centralized administration through a common code-based application where the confidential data for each tenant is secured from the rest.”
How India’s Leading GST software company HostBooks is transforming the market
Tech Story - May 03, 2019
On July 1, 2017, the country witnessed one of the biggest business changes of our times viz. Goods and Services Tax. The Goods and Services Tax became one of the most significant tax reform post-independence changing the way of doing business in India.
As the multifaceted and multi-layered tax arrangement came to a conclusion with GST, there arrived a dire need for software which can reduce the stress of understanding the brand-new procedure for calculating tax. The GST software is a worthy application which makes the calculation of taxes easy for the owners, warehouse operators, and transporters.
HostBooks is one such accounting software which offers a seamless GST billing and returns filing experience. HostBooks is an all-in-one accounting solutions platform decked with GST billing software making the management of the accounts way simpler than before.
HostBooks is a system which helps an organisation in the bookkeeping of their financial records and cash flow. All activity regarding GST issues such as GST return filing, GST Bill preparation, mismatch reconciliations, penalties and interests can be done electronically through HostBooks.
HostBooks GST application is a well-organised version of comprehensive indirect tax on goods and services and has remarkably cut down the operational costs. The GST solutions at HostBooks is savvy and tussle-free to help maintain the accounting and invoicing system which aims to cater to the business.
HostBooks recognizes the fact that in today’s digital world security is one of the most critical assurances. Thus, HostBooks as a secured software protects confidential business information without making any kind of compromises that may pose a threat to a business. HostBooks thus ensure that as an automated cloud computing accounting software, it is robust not only in return filing but also from the data security point of view as well.
HostBooks- Bringing Automation, Transparency, and Security to your Accounting Needs
Indian CEO - April 1, 2019
HostBooks, a Cloud based Accounting and Compliance application platform with a perfect blend of accounting and cutting-edge technology. The software serves as an all-in-one accounting solution for Accounting, GST, Payroll, E-waybill, TDS returns, business finances, bank transactions etc.
HostBooks has taken automation into the next level, it’s simple and conclusive automated workflows helps you to save your precious time immensely. Clients can enter any financial information into the system and set up a workflow that automatically updates all the other accounting information each month or at any required time.
Through AI based automation, HostBooks has been able to solve many time ticking financial responsibilities such as reconciliation, bank transaction imports, and payments, tax returns to quick, simple, effective so, that there’s far less valuable time spent such tasks.
Along with this, HostBooks cloud-based platform gives a complete GST solution in a single enclosure. Helping in overcome the impediments related to GST billing and return filing, an easy import of GSTR-2A, auto-matching, and reconciliation, automatic reminders, and single sign-on authentication, HostBooks works to ease out the burden with the help of automation.
The HostBooks E way bill tool renders an effortless E-way bill generation with an immediate cancellation and rejection facility. The software is integrated with the government portal providing real-time updates. All the applications are also available as mobile apps, enabling users to access the information through its mobile device.
Know why HostBooks is the fastest growing accounting solution for SMEs
NEW DELHI, 19 March, 2019
With an increase in exposure to global markets and changes in the tax structure, small and medium business have evolved. Today, SMEs require a structured approach, tools, automation-in-process to meet the deadlines.
An accounting software needs to help in automation, analytics, tax management, billing, data security and payroll system. This not only saves time and resource but adds value to the business. HostBooks, an integrated all-in-one cloud-based application, enables users to maintain Accounting, Tax, GST, TDS, E-Way Bill and Payroll records.
The automated accounting software offers single-click filing service for small and medium businesses with the vision to make the whole process of accounting and compliance hassle-free and easy to understand.
HostBooks comprehensive platform for all accounting needs minimizes time, resource and chances of human errors. Being on the cloud, it is available to the customer on-the-go and helps in reducing the cost of IT infrastructure significantly.
Conventional accounting process revolves around bookkeeping, banking, MIS, reporting, compliances, internal & external audit, and involves a lot of repetitive work. Whereas modern businesses demand to focus on business performance analysis, trend analysis, competition analysis, on the go accessibility, data protection and yet easy to use, hassle free, with simple and multiple data points for external integration.
HostBooks combines the usual accounting practices with cutting-edge technology. A person does not have to be an accountant to use the software unlike other accounting software programs available in the market. In order to start managing your finances with HostBooks, all you need to have is basic knowledge of computers and minimal accounting knowledge.
HostBooks Founder & Chairman CA Kapil RANA meets ICAI President
Thursday, March 14, 2019, New Delhi – IN
HostBooks Founder & Chairman, CA Kapil RANA met the ICAI President, CA Prafulla P. Chhajed today at ICAI Headquarters, New Delhi. Central Council Member, CA Charanjot Singh Nanda, ICAI Acting Secretary Rakesh Sehgal, and CA Tarun Arora were also a part of the meeting. The main agenda behind the meeting was to discuss the issues that the Chartered Accountants are coming across.
The meeting began with a discussion of the major accounting issues and how IT can play an important role in curbing the same. According to experts, cloud technology and automation can transform the way Chartered Accountants work. The cutting-edge technology if implemented has a capacity to reduce the time spent on compliance by at least 70%. Consequently, this will save an ample amount of time and enable them to channelize their efforts towards the core processes, requiring immediate attention.
HostBooks Founder & Chairman CA Kapil RANA further elucidated that HostBooks began its operations with the same concept in mind. It aims at providing an apt solution to all the problems that are hampering the efficiency of the Chartered Accountants. HostBooks software has been developed with a perfect combination of accounting and the latest technology. It is an integrated All-in-One cloud-based software, which makes Accounting, Tax, GST, TDS and E-Way Bill easy and hassle-free for the CA fraternity.
In the words of CA Kapil Rana, “We have deployed a combination of cutting-edge technology and accounting expertise to provide our users with a seamless experience. Team HostBooks is committed to helping the Chartered Accountants and also the small businesses in addressing their accounting and compliance needs.”
The experts concluded the meeting saying that Information & Technology plays a pivotal role in taking accounting to the next level. And, companies like HostBooks, which are ready to walk the extra mile will help bring a major transformation in accounting.
HostBooks Launches Automated all-in-one Accounting, GST and Tax Compliance Software in India
NEW DELHI, February 21, 2019
HostBooks officially launches its automated cloud accounting software in India on February 21, 2019. It offers a hassle-free accounting and compliance solution blended with advanced technology on a single platform.
After its successful launch in the USA on January 19, 2019, HostBooks is all set to overcome the struggles of Accounting, GST, E-Way Bill & TDS in India. It aims at transforming and enriching accounting and compliance through its structured and automated cloud-based accounting platform. HostBooks combines the usual accounting practices with cutting-edge technology.Read More...
HostBooks Introduces GST And TDS Accounting Software In India
NEW DELHI, January 17, 2018
Hostbooks, a company incorporated in 2009 into accounting solutions for individuals and business unveiled the new accounting suites on the cloud for their B2B business partners. The company’s new software suite is a comprehensive platform for Accounts, GST, TDS and Payroll.
HostBooks with their punch line “The language of business” is all set to transform and redefine the method of maintaining accounts books and tax compliance in India. The initial monthly costing in the Indian market will be in the bracket of INR 1,000 to INR 2,000 and for the USA market, it will be starting from USD 50. The company has a team size of 120+ in India and USA.
HostBooks Ltd. offers a seamless GST filling experience: Kapil Rana
Hostbooks is an integrated All-in-One cloud-based application, which enables users to maintain Accounting, Tax, GST, TDS, E-Way Bill and Payroll records providing statutory compliance and single click filing service for small and medium businesses. Hostbooks is been developed using automation techniques with the latest technology.
In India with the changes in the economy and tax structures, statutory compliance has become more complex and cumbersome and SME’s have to invest their valuable resources/time/money in complying with various recurring (monthly/quarterly/annually) compliances rather than focusing on their core business. In India, Hostbooks envisages making the whole process of accounting and compliance automated, easy to understand and hassle-free.
Hostbooks is a versatile platform catering to all industries focusing on medium and small enterprise (SME’s) in India. It also showcases its expertise to cater needs of the professionals like CA’s, Accountants, Cost Accountants, and Tax Practitioners.
Automation of accounting and compliance function is the unique offering of Hostbooks. Moreover, a person does not have to be an accountant to use our software unlike other accounting software programs available in the market. In order to start managing your finances with HostBooks, all you need to have computer knowledge and minimal or limited accounting knowledge.
20 Most Promising Accounting & Bookkeeping Service Providers – 2018
Silicon India - December - 2018
Knowing well about what happens tomorrow and the day after across the financial ecosystem, is one of the primordial aspects which every business currently requires to stand an edge above the spurting competition. Accounting and bookkeeping in fact has the innate advantage to analyse the data and numbers of today to predict the financial status of any business for the next day as well as its imminent future. Clearly, these services drive the businesses even across the uncharted financial waters and generate efficient plans for their prospective growth.