Best billing software kerala

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...

1. What is an eWay Bill? EWay Bill is an Electronic Way bill for movement of goods to be generated on the eWay Bill Portal. A GST registered person cannot transport goods in a vehicle whose value exceeds Rs. 50,000 (Single Invoice/bill/delivery challan) without an e-way bill that is generated on ewaybillgst.gov.in Alternatively, Eway bill can also be generated or cancelled  through SMS , Android App and by site-to-site integration through API. When an eway bill is generated, a unique Eway Bill Number (EBN) is allocated and is available to the supplier, recipient, and the transporter.   2.When Should eWay Bill be issued?   eWay bill will be generated when there is a movement of goods in a vehicle/ conveyance of value more than Rs. 50,000( either each Invoice or in (aggregate of all Invoices in a vehicle/ Conveyance) #  )  – In relation to a ‘supply’ For reasons other than a ‘supply’ ( say a return) Due to inward ‘supply’ from an unregistered p...

BREAKING DOWN 'Direct Tax ' Direct taxes are based on the ability-to-pay principle. This principle is an economic term that states that those who have more resources or earn higher income should pay more taxes. The ability to pay taxes is a way to redistribute the wealth of a nation. Direct taxes cannot be passed onto a different person or entity; the individual or organization upon which the tax is levied is responsible for the fulfillment of the full tax payment. Direct taxes, especially in a tax bracket system, can become a disincentive to work hard and earn more money, because the more money a person earns, the more taxes he pays. A direct tax is the opposite of an  indirect tax , where the tax is levied on one entity, such as a seller, and paid by another, such as a  sales tax  paid by the buyer in a retail setting. Both taxes are equally important to the revenue generated by a government and therefore, to the economy.  The History of Direct Taxes...

Taxes in India can be categorized as direct and indirect taxes. Direct tax is a tax you pay on your income directly to the government. Indirect tax is a tax that somebody else collects on your behalf and pays to the government eg restaurants, theatres and e-commerce websites recover taxes from you on goods you purchase or a service you avail. This tax is, in turn, passed down to the government. Direct Taxes are broadly classified as : Income Tax – This is taxes an individual or a Hindu Undivided Family or any taxpayer other than companies, pay on the income received. The law prescribes the rate at which such income should be taxed Corporate Tax – This is the tax that companies pay on the profits they make from their businesses. Here again, a specific rate of tax for corporates has been prescribed by the income tax laws of India.Indirect taxes take many forms: service tax on restaurant bills and movie tickets, value-added tax or VAT on goods such as clothes and electronics. Goods and s...

Hindu Business Line – 30 June 2018 Revenue buoyancy and better compliance are among the positives of the tax regime since its rollout a year back One year is probably a good time to evaluate the performance of GST (Goods and Services Tax). At the same time, it is also too short a period for all the advantages of GST to manifest fully. Two advantages of GST have commonly touted: better tax compliance; and revenue buoyancy. The pleasant surprise is that in the short period, despite problems of return filing and global headwinds, the promise is translating into performance on both counts. Total registrations post-GST increased from around 65 lakh — representing Central excise, service tax and VAT registrants — to a whopping 110 lakh (without double counting), which represent a net gain of around 70 percent. Interestingly, an analysis in the ‘Economic Survey’ provides an answer to why this has happened. The bulk of the new registrants are in the B2B segment and smaller units are ...