Accounting Services in Gujarat for Exporters, Textile Mills and Ecommerce Sellers
Om Accounting provides bookkeeping, GST compliance, inverted duty and export refund management, and marketplace settlement reconciliation for businesses across Gujarat — with most of that work sitting in Surat, Morbi, Rajkot and Ahmedabad, where the recurring financial problem is not profit but trapped input tax credit. We have run since 2017 and work with 40+ clients.
Gujarat’s clusters share a particular shape. They buy inputs taxed at one rate, sell output taxed at a lower rate or at zero, and end up carrying a credit balance that grows every month while the bank balance does not. That is a refund problem, not a bookkeeping problem, and it is what this page is mostly about.
| What we handle | Bookkeeping, GST, inverted duty structure refunds, export refunds, marketplace reconciliation, month-end close |
|---|---|
| Who it is for | Textile and man-made fabric units; ceramic, engineering and diamond exporters; trading houses; Amazon, Flipkart, Myntra and Meesho sellers |
| Main clusters | Surat, Morbi, Rajkot, Ahmedabad, Jamnagar, Vapi, Bhavnagar, Gandhidham |
| How we work | Remotely, from our two Jaipur offices, on your existing accounting software |
| Reporting | Monthly pack delivered between the 15th and the 20th |
| Pricing | Quoted against your actual transaction volumes, not a price list |
Inverted duty structure: why your credit ledger keeps growing
An inverted duty structure means the tax rate on your inputs is higher than the rate on what you sell. The credit you pay out never gets fully used against output liability, so it accumulates in the electronic credit ledger indefinitely. For a Surat processing unit or a Morbi tile manufacturer this can quietly become one of the largest assets on the balance sheet — and one of the least liquid.
The law allows a refund of that accumulated credit. What matters in practice is that the refund is computed on a prescribed formula rather than on your credit balance, and the formula is built around inputs. Credit attributable to input services and to capital goods sits outside it. That single point explains most of the gap between what a business expects to get back and what it actually receives, and it is worth understanding before you build a cash-flow plan around a refund.
The work we do around it is deliberate rather than reactive: classifying purchases correctly between inputs, input services and capital goods from the start so the formula can be applied cleanly, keeping the credit ledger reconciled against GSTR-2B month by month, filing claims for the right periods rather than in one large arrears batch, and tracking claims so they do not stall unnoticed at the department.
Export refunds for Gujarat’s manufacturing clusters
Morbi ceramics, Rajkot castings and engineering goods, Surat man-made fabric and diamonds, Jamnagar brass parts and the chemical belt around Vapi and Ankleshwar all sell abroad. Exports are zero-rated, with two routes: export under a Letter of Undertaking without paying IGST and claim a refund of unutilised input tax credit, or pay IGST and reclaim it, with the shipping bill functioning as the refund application.
Where a business runs both an export line and a domestic line under an inverted structure, it has two separate refund claims with different bases running at the same time, and they have to be kept apart in the books. Mixing them is a common reason claims come back with queries. Alongside that sit the ordinary disciplines — the LUT renewed each financial year, export invoices and shipping bills reconciled against GSTR-1, duty drawback and RoDTEP recorded in the right period, and foreign currency receipts with their exchange differences accounted for.
Marketplace and settlement reconciliation for Gujarat sellers
For sellers, the recurring problem is different. When a marketplace settles money to you, the chain behind that credit runs gross sales, less returns and refunds, less RTO, less commission, less shipping and fulfilment charges, less collection and payment fees, less other adjustments, less TCS and TDS withheld. Recording the bank figure as revenue understates turnover, breaks the agreement between your books and your GST returns, hides every fee you paid, and leaves withheld tax unclaimed.
Amazon
Settlement reports reconciled line by line against sales, returns, replacements, FBA and Easy Ship fees, storage and long-term storage charges, advertising deductions and reimbursements, then matched to the bank credit and to the TCS reflected in your GST portal.
Flipkart, Myntra and Meesho
Each platform reports differently, settles on its own cycle and gives the same deduction a different name. Several of our clients sell on three or more platforms at once, and the value is in seeing them side by side in one ledger rather than in four spreadsheets that never agree.
Shopify, WooCommerce and your own website
D2C revenue arrives through payment gateways rather than marketplace settlements, so the reconciliation runs gateway payout to order to bank. Discounts, shipping collected from the customer and courier charges paid out all need to land in the right place or your gross margin is a guess.
Payment gateways and cash on delivery
Razorpay, Cashfree, PayU, PhonePe and card settlements each net their fees before payout. COD remittances arrive from couriers on a separate cycle with failed deliveries and RTO netted against them. Unreconciled COD is one of the most common places we find amounts a business had written off as unexplainable.
The two tax numbers that decide your ecommerce margin
GST TCS under section 52 is 0.5 percent — 0.25 percent CGST plus 0.25 percent SGST on intra-state supplies, or 0.5 percent IGST on inter-state. It came down from 1 percent on 10 July 2024, is reported by marketplaces in GSTR-8 by the 10th of the following month, and lands in your electronic cash ledger. Unreconciled, that credit can sit unclaimed indefinitely.
Income-tax TDS under section 194-O is 0.1 percent, down from 1 percent on 1 October 2024, with a five lakh rupee threshold for individuals and HUFs with PAN and Aadhaar linked and no threshold for companies and LLPs.
Bookkeeping and GST compliance, month after month
Underneath the refund work sits ordinary bookkeeping done properly: sales and purchase entry with purchases correctly split between inputs, input services and capital goods, expense recording, vendor and customer ledgers, bank and credit-card reconciliation, inventory and work-in-progress, landed cost, accruals and prepayments, and the control-account checks that stop a small error becoming a year-end problem.
On compliance that means GSTR-1 and GSTR-3B each period, input tax credit reconciled against GSTR-2B rather than assumed, e-way bills matched to the movements they were raised for, TDS where applicable, and the annual return where it applies. Bank reconciliation is the backbone rather than a formality.
Virtual CFO support
Where a business is expanding capacity, financing working capital that is tied up in an unrecovered credit balance, adding a domestic brand alongside export production, or trying to work out why a profitable P&L keeps producing an empty bank account, we work as a Virtual CFO: cash-flow forecasting that treats the refund cycle as a real line item, working-capital management, product and channel profitability, and pricing and margin analysis.
Where we work across Gujarat
We work remotely with businesses across the state — Surat, Morbi, Rajkot, Ahmedabad, Vadodara, Jamnagar, Bhavnagar, Vapi and Ankleshwar, and the Gandhidham and Kandla belt. Nothing about the engagement changes with the city. The underlying marketplace method is set out in more depth on our ecommerce accounting page, and if you would rather hand over the whole finance function, outsourced accounting covers how that works.
What we handle right now
- 40+ clients, approximately 38 of them ecommerce businesses
- Roughly 15 to 18 lakh order-level ecommerce transactions reconciled each month, and more in festive periods
- GST accounting and filing across approximately 60 to 70 GSTINs
- Amazon, Flipkart, Myntra and Meesho, plus D2C and own-website channels
- A team of 15+ accounting and finance professionals, including Chartered Accountants and CPA professionals
How the month actually runs
Marketplace and sales data is collected by the 8th, so GSTR-1 can be filed by the 11th. Bank and accounting data is in by the 14th. Your reporting pack is delivered between the 15th and the 20th. The order matters: collecting marketplace data after the GST deadline rather than before it is how businesses end up filing from figures nobody reconciled, then spending the following year amending them.
What lands in your inbox each month
- Profit and loss, and balance sheet
- Marketplace-wise sales
- Settlement reconciliation
- Marketplace fees analysis
- Returns and refunds analysis
- GST, TCS and TDS reconciliation
- Bank reconciliation
- Receivables and payables
- Inventory information
- Channel-wise profitability
When your books are months behind
Normal, and worth saying at the start. Clean books take one to two weeks to bring into a running cycle. A backlog of six months or more takes two to six weeks or longer depending on volume, because we rebuild from source documents and reconcile rather than rolling forward figures we cannot verify. We would rather take the extra fortnight and start from a correct opening position than deliver a fast first month that carries someone else’s errors forward.
Who you are actually hiring
Om Accounting was founded in July 2017 by Bhagirath Kirad, who has worked in accounting and finance professionally since 2007. He holds a B.Com and an M.Com, and an MBA in Finance and Marketing. The firm is now a team of 15+ accounting and finance professionals, including Chartered Accountants and CPA professionals alongside B.Com and M.Com qualified accountants and experienced bookkeeping specialists.
Work is organised by function — bookkeeping, reconciliation, GST, ecommerce accounting, review and quality control — so your file does not depend on one person’s attendance, and the person recording your transactions is not the only person who looks at them before you do. You still get one named contact who stays with your account.
Talk to us about your books
Tell us what you make or trade, whether your input rate is higher than your output rate, whether you export, which platforms you are on, and where the books stand today. That is enough for us to say whether we are the right fit.
Call or WhatsApp +91 80944 44888, or write to cs@omaccounting.in. We work Monday to Saturday, 9 AM to 8 PM IST, from 201, Second Floor, 27B Dhuleshwar Garden, C-Scheme, Jaipur 302001 and Patrakar Colony, Mansarovar Extension, Jaipur.
Frequently Asked Questions
Do you have an office in Gujarat?
No. Our offices are in Jaipur and we work with Gujarat clients remotely. Purchase registers, credit ledgers, shipping bills, bank feeds and marketplace reports are all digital. What decides whether your books are right is whether your accountant has managed inverted duty and export refunds before.
What is an inverted duty structure and why does it matter to me?
It means the GST rate on your inputs is higher than the rate on what you sell, so the credit you pay out is never fully absorbed by your output liability and accumulates month after month. For textile processing units in Surat and tile manufacturers in Morbi it can become one of the largest and least liquid assets on the balance sheet. The law allows a refund of that accumulated credit.
Why is my refund smaller than my credit balance?
Because the refund is computed on a prescribed formula rather than on your ledger balance, and the formula is built around inputs. Credit attributable to input services and to capital goods sits outside it. That single point explains most of the gap between what businesses expect and what arrives, which is why we classify purchases correctly from the start rather than at claim time.
Can I claim an inverted duty refund and an export refund at the same time?
Yes, where you run both a domestic inverted line and an export line — but they are two separate claims on different bases and they have to be kept apart in the books. Mixing them is one of the most common reasons a claim comes back with queries.
I export ceramic tiles from Morbi. Which route should I use?
Either export under a Letter of Undertaking without paying IGST and claim a refund of unutilised credit, or pay IGST and reclaim it with the shipping bill acting as the application. Which suits you depends on your credit position and your working capital. For a unit already accumulating credit, the LUT route is usually the live question.
How do you stop refund claims from stalling?
By filing for the right periods rather than in one large arrears batch, keeping the credit ledger reconciled against GSTR-2B month by month so the numbers in the claim already agree with the portal, and tracking each claim’s status rather than assuming silence means progress.
Do you handle Amazon, Flipkart, Myntra and Meesho sellers too?
Yes, and it is the largest part of our practice overall. We reconcile settlement reports line by line against sales, returns, commission, shipping and fulfilment fees, advertising deductions, TCS and TDS, and then to the bank credit — rather than recording the settlement as revenue.
Which accounting software do you work in?
Tally and TallyPrime are the most common for our India-based work, and we also work in Zoho Books, QuickBooks, Xero and spreadsheet-based workflows. If you are already on a platform that works for you, we adapt to it rather than migrating a working ledger for our own convenience.
My books are six months behind. Can you still take this on?
Yes. Backlog cleanup is a normal part of onboarding. Expect two to six weeks or longer depending on volume, because we rebuild from source documents and reconcile rather than rolling figures forward. Where refunds are involved we rebuild the purchase classification as part of that, because the claim depends on it.
What does it cost?
We quote after reviewing your actual volumes. Pricing depends on transaction count, whether inverted duty or export refunds are in scope, the number of platforms and bank accounts, how many GST registrations are involved, the software, and whether there is a backlog to clear first.