Best billing software kerala

The constraints which any regulatory agency has in fixing the goods and services tax (GST) rates in a country include the fact that it should be low enough to ensure compliance as well as not cause inflation, and high enough to generate revenue for the government. The concerns which led the GST Council to initially prescribe multiple rates was primarily to generate the same revenue as before, and in that light, keep the effective indirect tax rate on the commodity as close as in the previous jurisdiction. Rate rationalizations over a period of time have tried to bring down the rates in sectors to boost economic activity and move from a high rate of 28% to 18% for most commodities. In the most recent rate rationalization, the highest tax bracket of 28% has been rationalized further with rates on daily-use items like perfumes, cosmetics, toiletries, hair dryers, shavers, mixer grinder, vacuum cleaners and lithium-ion batteries, being lowered to 18%. For the number of consumer durables ...

Understanding the basics of GST People have taken note of the GST or the Goods Services Tax law. A new law has been proposed which is set to reform how people do business and the way goods and services are taxed in India. Whether it makes goods cheaper for the common man like you and me, nobody can tell. But this is going to impact our lives in our jobs, our businesses and the overall economic environment.  Reason enough for us to learn something about it! Who does it apply to? To every person who supplies goods and/or services of value exceeding Rs 20 lakh in a financial year. (Limit is Rs 10 lakh for some special category states). Compulsory registration for these. And GST must be paid when turnover exceeds Rs 20 lakh (Rs 10 lakh for some special category states). To any person making inter-state taxable supply of goods and/or services Every e-commerce operator Every person who supplies goods and/or services, other than branded ser...

Impact of GST on Manufacturers, Distributor, and Retailers GST is a boost competitiveness and performance in India’s  manufacturing sector . Declining exports and high infrastructure spending are just some of the concerns of this sector. Multiple indirect taxes had also increased the administrative costs for manufacturers and distributors and with GST in place, the compliance burden has eased and this sector will grow more strongly. But due to GST business which was not under the tax bracket previously will now have to register. This will lead to lesser tax evasion. Impact of GST on Service Providers As of March 2014, there were 12, 76,861 service tax assessees in the country out of which only the top 50 paid more than 50% of the tax collected nationwide. Most of the tax burden is borne by domains such as IT services, telecommunication services, the Insurance industry, business support services, Banking and Financial services, etc. These pan-India businesses alr...

Receipt voucher Aster Billing A receipt voucher referred to in clause (d) of sub-section (3) of section 31 shall contain the following particulars: name, address and GSTIN of the supplier; a consecutive serial number not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters -hyphen or dash and slash symbolised as “-” and “/”respectively, and any combination thereof, unique for a financial year a consecutive serial number not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters -hyphen or dash and slash symbolised as “-” and “/”respectively, and any combination thereof, unique for a financial year name, address and GSTIN or UIN, if registered, of the recipient; description of goods or services; amount of advance taken; rate of tax (central tax, State tax, integrated tax, Union territory tax or cess); amount of tax charged in respect of taxable goods or servi...

ASTER BILLING GST Exemption: A Brief Overview The introduction of GST in India is a revolutionary step that is expected to cure all the ailments the existing complex tax structure is suffering from. It is primarily conceptualized to replace various sorts of taxes levied by the central and state governments with a well-defined tax structure. As opined by several tax specialists, the implementation of GST Act would earmark a new era of glory for the enterprises. Nonetheless, we must acknowledge that the theory of “one nation, one tax” might sound not-so-convincing to the businesses with limited availability of resources..Hence the need of classifying businesses (as per their annual turnover) was felt across the country. That’s why, the Central Government, in consultation with Goods and Services Tax Council (GSTC), decided to set the criteria on which taxpayers or businesses can be classified (so as to decide who all are liable to pay GST).The concept of GST threshold exemption soon ...

Input Tax Credit Provisions have been made for the smooth transition of  Input Tax Credit  available under VAT, Excise Duty or Service Tax to GST.  A registered dealer opting for  composition scheme  will not be eligible to carry forward ITC available in the previous regime. Here are some of the cases where ITC transition provisions will be applicable: 1. Closing balance of credit on Inputs: The closing balance of ITC as per the last return filed before GST can be taken as credit in the GST regime. The credit will be available only if the returns for the last 6-months i.e. from January 2017 to June 2017 were filed in the previous regime (i.e. VAT, Excise and Service Tax returns had been filed). Form TRAN 1  has to be filed by 27th December  2017 to carry forward the Input Tax Credit.  Also, TRAN 1 can be rectified only once. 2. Credit on Capital Goods: Before GST, only a part of input tax paid on Capital Goods could be taken as c...