Goods and Service Tax has become popular in India after its implementation on the midnight of June 30, 2017. The acronym for the tax goes by the name GST which is an indirect tax to be paid on the purchase of goods and services. The GST has to be paid at every sale point till the product or service reaches the end consumer. It is to be noted here that GST is refunded to all the parties in the process of selling except the consumer. The GST has five tax slabs which are -0%, 5%, 12%, 18% and 28%. Individual state governments collect other taxes on petroleum products, real estate, alcohol, and electricity. The tax rates and rules are decided by the GST council which consists of finance minister in the center and all the finance minister of individual states.
Special software has been made available by the central government for filing tax returns regularly, and it is called goods and service tax network (GSTN). The software is developed by Infosys Technologies, and the maintenance of IT network is done by National Informatics Center. The GST has to be filed monthly, quarterly and yearly.
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Benefits of using GST software
To file a quarterly GST return, one will not have to go through the bank statements from different banks to refer the total taxable income. There is now other software programmed on the basis of GSTN which have the ability to synchronize your bank account with software. It is simple when you have just one bank account; you can just log in and download the statement. But it becomes cumbersome when the business owner holds multiple bank accounts because he will have to login in every one of them just to download one single statement. When you have the powerful software, all these worries vanish because the software can synchronize all the bank account data and show it at one single place.
When the business owner owns a branch at multiple locations, it becomes pretty hard to sort the taxation mess. In such cases, to file an annual GST return may take weeks because one is supposed to go through every bill made and every payment transferred or received. Well, that will not happen now because there is software available which can synchronize the data of multiple outlets at a central point and then show you the total tax to be paid.
Make reports easily
If you are working with an organization and you have to provide a business report, you will always find it difficult. It is much difficult to find the trend in the business report so drawing a conclusion and forecasting the business growth in the next month or a year becomes difficult. Worry not! With GST software you can do many things. One does not have to be dependent on accounts now to prepare a business report. The GST software can easily prepare a report for you by providing you graphs of sale.
Modern GST software can be found online. Do not forget to check any one of them now.
