Connect with us


GST and its features



GST return filing procedure

Goods and Service Tax has replaced many other kinds of indirect taxes in India. Earlier there used to be so many direct and indirect taxes at all the levels of the supply chain but now with GST, the entire nation is bound to one indirect tax and that is Goods and Service Tax. This is a multistage tax and will be levied on each of the stages mentioned below making it a multi-stage tax.

  • Purchase of raw materials
  • Production or manufacture
  • Warehousing of finished goods
  • Sale to wholesaler
  • Sale of the product to the retailer
  • Sale to the end consumer

This has particularly made things easier and uncomplicated for people and to make it clearer, there are a number of people who can help in GST return filing procedure. This can be done with the help of GST Software as it is extremely useful for the assembling the organizations to raise and request stock and merchandise and furthermore gives normal updates, to enroll when required. The GST programming organizations dependably ensure while planning the product that expense penalties are tended to fittingly. It also gives the capacity to apply tax treatments and make exact tax information. GST programming partners mechanization of the businesses and process and tax computerization together at one place. The client can redo the GST programming concurring the requirements and can help in the development of the business.

Advantages of GST in India

GST will, for the most part, evacuate the Cascading impact on the offer of merchandise and ventures. Expulsion of falling impact will specifically affect the cost of merchandise. Since impose on assess is wiped out in this system, the cost of products diminishes. GST is likewise chiefly innovatively determined. All exercises like enrollment, return documenting, application for discount and reaction to seeing should be done online on the GST Portal. This will accelerate the procedures.

Features of GST software

The software for GST India comes with the following features:

  • Generation of the invoice as per guidelines of GST
  • E-payment facility of taxes as per GST rates
  • Maintenance of Credit ledger, cash ledger, and tax liability register
  • ITC report generation
  • E-filing for all types of dealer returns
  • Reconciliation with GST online portal

What were the kinds of taxes before GST came into being?

The following are the kinds of indirect taxes prior to GST regime:

  • Central Excise Duty
  • Additional Duties of Excise
  • Additional Duties of Customs
  • Duties of Excise
  • Special Additional Duty of Customs
  • Taxes on lotteries, betting, and gambling
  • Cess
  • State VAT
  • Central Sales Tax
  • Entertainment Tax
  • Purchase Tax
  • Luxury Tax
  • Entry Tax
  • Taxes on advertisements

Prior to GST regime, every buyer including the final customer would pay tax on tax. This payment of tax on tax was referred as the Cascading Effect of Taxes. With the help of GST, this cascading effect s avoided as the tax is computed only on the value-add at each phase of transfer of ownership of the goods. This indirect tax system under GST is bound to improve the collection of taxes in the country as well as push the development of Indian economy by eradicating the indirect tax barriers between various states and also integrating the country through a uniform tax rate.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *