All About Good and Services Tax (GST) for Tax Reform

GST

About Good and Services Tax(GST)

Gst full name Goods and Service Tax is a new tax reform for indian business and for indian people launched on 1st July 2017 . It’s a another form of indirect taxation . It will levied on every value edition . GST replaced allother indirect taxation in india . This causes great tax reform every business comes under gst who are providing any types of services . No one able to tax evaded . All need to registration under GST . It’s cut all previous taxescomes under indirect taxes . Now no need to pay double taxation if already paid in anywhere in india . Formal way to collect taxes and make no way to tax evaded .

Types of GST :
1.CGST – Central Good and Service Tax
2.SGST – States Good and Service Tax

To determine whether Central Goods & Services Tax (CGST), State Goods & Services Tax (SGST) or Integrated Goods & Services Tax (IGST) will be applicable in a taxable transaction, it is important to first know if the transaction is an Intra State or an Inter-State supply.

Intra-State supply of goods or services is when the location of the supplier and the place of supply i.e., location of the buyer are in the same state. In Intra-State transactions, a seller has to collect both CGST and SGST from the buyer. The CGST gets deposited with Central Government and SGST gets deposited with State Government.

Inter-State supply of goods or services is when the location of the supplier and the place of supply are in different states. Also, in cases of export or import of goods or services or when the supply of goods or services is made to or by a SEZ unit, the transaction is assumed to be Inter-State. In an Inter-State transaction, a seller has to collect IGST from the buyer.

For transaction under the State there are two components includes first state goods and services taxes and seconds Central Goods and Services taxes . In the case of Inter-State Transaction there will be IGST – Interstate Goods and Services Taxes . Center would levy and collected IGST .

Why GST Needed

Gst will break all the hurdles and complication of separate taxes within the states and outside states . This tax system help to create uniform tax structure across the country . Old Indirect Taxes like excise duty , central sales tax , value added taxes (VAT) and Octroi will be replaced by GST . Now One Nation One Tax ( एक राष्ट्र एक कर ) .

Where already GST Implemented

Gst Rates

Top 5 GST Software’s :

1. Tally ERP
2. Zoho
3. SAP
4. Busy
5. Microsoft Excel

About GST Software

Tally ERP is perfect for every business accounting need it comes with all accounting features added supported tax also as GST software . Tally erp is built for any type of accounting and upgraded for GST . With an ideal combination of function, control and customisability built in, Tally.ERP permits business owners and their associates to do more.It is a complete product that retains its original simplicity yet offers comprehensive business functionalities such as Accounting, Finance, Inventory, Sales, Purchase, Point of Sales, Manufacturing, Costing, Job Costing, Payroll and Branch Management along with compliance capabilities for VAT, Excise, TDS, TCS, and now GST too!

Zoho also provides scalable accounting software any business can use zoho as accounting partner comes with gst enable software . Zoho was a business leader to provide office suit for any business need and upgrading themselves regularly according to market . You can use zoho software for the gst bills and challan . Directly updated and built according to the income tax law .

Anyone who have no further experience with the any accounting software and dont want to manage their accounts in accounting software than Microsoft excel was a good alternative to any business any one can generate challan according to their need . Its has mostly all the features of accounting software like inventory maintaining , purchase order , sales order , manufacturing ,costing any mathematical calculations under the one hood.

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