TaxbaseLANPro, TaxbasePro and TDSPro version 22.214.171.124 released on www.sinewave.in
This version covers:
Changes relating to ITR 5 efiling for AY 2022-2023
GST stands for Goods and Service Tax, a new tax reform to be implemented from 1st July, 2017.The new tax system will affect businesses and individual buyers to large extent due to many structural changes and ambiguities regarding the new system prevalent at the time of transition. Companies have come up with Goods and Services Tax Software (GST Software) to support the businesses to help them to timely comply with all the GST Compliances. However, to make this transition easy, here is everything you want to know about GST!
What is Dual GST (Goods and Services Tax) in India?
GST is common tax levied on goods and services. It was first introduced by France in 1954 and later adapted by about 160 countries. Most of these countries have opted for single tax structure or GST module applicable throughout the country. However, India follows federal government structure where state and central governments collect their revenues independently. Hence, there would be two tax modules – State GST and Central GST levied on the businesses and this system is known as Dual GST. All other taxes would be removed once Dual GST comes into implementation. Under this Dual GST system, following taxes would be collected â€“
- For sales within state ( Intra-State )- State GST (SGST) + Central GST (CGST)
- For sales with another state ( Inter-State)- Integrated GST (IGST)
What is the rationale behind moving towards GST?
The current taxation system levies tax under different titles at different stages of product cycle. According to prevailing tax system, centre levies tax on services and goods are taxed by states. The new tax structure under GST module will have combined tax from both state and centre. The tax would be levied on goods and services sold within state and interstate. The rationale behind moving from current tax structure to GST is explained below â€“
- The indirect tax regime where taxes under various headings are levied on goods and services would be replaced with one common tax module. This will encourage national market due to uniformity in tax structure across the states.
- Taxes levied at multiple levels mean extra burden on consumers and businesses due to cascading effect. Implementation of GST would mean relief from excess taxing at different levels.
- Earlier taxes for goods and services were separate, but clearly distinguishing between goods and services have become difficult with lot of innovation and technological advancement. GST will remove this problem too!
How GST Can Help Your Business?
GST will benefit businesses in many ways other than reducing cost!
- Supply Chain Management – Automation and streamlining of taxes would make supply chain management more effective. Elimination of multi-tier taxing system would further eliminate the complexities in supply chain management.
- Credit for Input Tax – The cost of manufacturing can be brought down by availing input tax credit on advance tax payment and various other inputs which was not available in the earlier system. This is possible in GST structure.
- Place of Supply Rule – GST would be calculated on the place of supply or delivery. This will resolve many ambiguities related to taxation at different points of manufacturing and distribution. The cost will come down.
- Increase the Supply – With implementation of GST, the supply of goods would also increase and hence prices will fall.
Why Sinewave’s GST Software?
GST is new to the businesses and most of them would find it difficult to calculate it, but it is now made easy with GST software. There are many different types of software available in the market, however if you are looking out for the most efficient solution then Sinewave’s GST Software may be the right choice. This is the best GST filing & invoice software with following features â€“
- It is cloud based accounting software. ( Works in both Offline and Online Mode )
- It calculates and prepares GST Invoices to the utmost accuracy.
- Online filing of various GST returns.
- Imports and exports data in a click from various eco systems.
- Effective GST Software India that works as reliable accounting tool for accountants, tax payers, and businesses alike and also caters to smooth flow of data with CA’s and other tax professionals for timely GST compliances.
GST will bring the change in the current taxation system for the betterment of businesses and tax payer. A well-designed GST India Software would make this change smoother and faster. Look out for different GST accounting software price and choose the one that offers all the desired features without raising your business budget.