Goods and Service Tax (GST) is an indirect tax levied by Government of India. Good and Service Tax came into action on July 1,2017 . Good and service tax which will make Single Tax on whole country. Good and Service Tax are divided into five tax slabs 0%,5%,12%,18% and 28% . Petroleum products and alcoholic drinks are taxed separately by individual STATE Government. Types of Goods And Service Tax 1) Central GST (CGST) :- Central Good and Service Tax imposed by the Central Government of India on any transaction of Goods and Service Tax. 2) State GST ( SGST):- State Goods and service Tax refers to State GST imposed by State Government on any transaction of Goods and Service Tax 3) Inter GST (IGST):- IGST stands for Integrated Goods and Service Tax. CGST stands for Central Goods and Service Tax. SGST stands for State Goods and Service Tax. UTGST stands for Union Territory Goods and Service Tax. Positivity OF GST GST is a Simple tax Composition scheme for small business. Easy online procedure.
Many small enterprises don’t have internet access and knowledge. Some can’t afford to pay high taxes which result in black money due GST taxed around 28% on some products. Follow and shift to new system will be hectic as all data are on servers. Many people can’t trust technology. Business will be affected due to Central and State dispute over taxes, refund. GST for Eway Bill Eway bill is a waybill which transporter will carry to transit goods from one state to different state and launched on 1 April’ 2018. Transport of goods valued above Rs 50000 vehicles cannot be made by a registered person without an eway bill. When an eway bill is generated a unique eway bill number (EBN) is allocated and is available to the supplier, recipient, and the transporter. Will GST increase Compliance?
GST aims to reduce the compliance burden of the customers. There is only one compliance that is required and only a single compliance must be done. Under the current regime, service tax, VAT and other returns are to be filed separately whereas the input tax mechanism under each tax is different. In GST the returns are prepared by the GSTN once the assessed inputs all his purchase and sale details. Matching of invoices for availing input credits are done automatically and returns are prepared. Once the returns are processed and approved, there are no further returns to be filed on a monthly . The current tax regime, customers have to file, manage and there will be message by Government when you file return through https://gst.gov.in/. You will be send reminders and everything on your email id which you registered during registration of GST NO. How can I pay my GST liability? There are various softwares which will solve your problem. These softwares will calculate your tax and refund accordingly. Now, you will save time and money. Does Complex Work in Minutes :- Calculation of your data with easy process and formatting till printing of invoices for clients. Data is stored in back-end of softwares:- All the data is stored in your PC. You can transfer your files anytime on another PC’s . GST friendly :-Sleek bill is updated for all your GSTIN (GST assign Identification Number to every GST registered dealer. ., HSN ( Harmonized System of Nomenclature Indian Trade Classification (ITC) and are after Harmonized System (HS) of Coding to match international product classification).GST formats for all documents with invoices to purchase and sale orders and more. GST Tax Calculation:-With built in tax slabs in software, you just need to select right tax for your products. Software will calculate CGST, SGST and IGST.
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