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GST: What is an e-way bill and why is it important?

GST: What is an e-way bill and why is it important?

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e-way bill xattax

What is an e-way bill?

An e-way bill is a document that a person in charge of a conveyance carrying any consignment of goods of value exceeding Rs 50,000 is required to carry. It is a mandatory document that is generated from the GST Common Portal by registered persons or transporters who undertake movement of goods. A transporter needs to generate the e-way bill before the movement of goods commences.

Is there any scheme under GST for payment of taxes by small traders?

Composition levy is an alternative method of levying a tax that is designed for small taxpayers whose turnover is up to Rs 10 million. This scheme is optional and is meant mainly for small traders, manufacturers and restaurant owners. However, it is not available to a trader engaged in inter-state supplies. Further, a trader opting to discharge GST liability under the composition scheme will not be eligible to claim input tax credit of GST paid on inward supplies.

In the pre-GST regime, a special economic zone (SEZ) customer was required to provide Form A-2 to claim exemption from payment of service tax. Will a service provider be required to obtain a similar form from his customers for not charging GST?

Under the pre-GST regime, a service provider was not required to charge service tax on his invoice for services rendered to an SEZ customer if the latter provided Form A-2 wherein he was authorized to receive specified services from such service providers.However, under GST law, there has been a change of procedure.

Under this law, supplies to SEZs have been treated as zero-rated subject to execution of Letter of Undertaking/Bond by the service provider. GST law doesn’t require the SEZ customer to provide any specific form (such as Form A-2 under the service tax law).

If the GST rate on outward supply is less than the GST rate on inputs, what will be the treatment of input tax credit that gets accumulated? If the refund is available, then at what time can one apply and within what time will one get it?

GST law contains a specific provision wherein the supplier of goods or services can apply for a refund of input tax credit accumulated on account of inverted duty structure, except for a few categories.The refund can be applied for before the expiry of two years from the date on which the claim for a refund arises. Further, the supplier would be granted provisional refund within seven days from the receipt of an acknowledgment from the tax department.A person runs a grocery shop wherein he supplies goods worth Rs 50, Rs 200 and Rs 250 to three customers.

Under the GST regime, can he issue a consolidated tax invoice for all the supplies made at the end of each day?Under GST law, a separate tax invoice is not required to be issued in case the value of goods or services is less than Rs 200, subject to the condition that the recipient is not a registered person and he does not require such an invoice. In such cases, the registered person can issue a consolidated tax invoice for such supplies at the close of each day for all such supplies. But for supplies of Rs 200 or Rs 250, A will have to issue separate invoices.

Also read: GST: E-way bill must for interstate goods movement from 1 February.

At the time of filing GSTR-1, does one have to file invoice-wise details or can one file consolidated details if the supplies are made to unregistered persons?

GST law allows a registered person to file the details of outward supplies in a consolidated manner in cases of intra-state supplies made to an unregistered person or inter-state supplies to an unregistered person where the invoice value is up to Rs 250,000.

XaTTaX: Your automated E-Way bill compliance is just a click away!

 

GST collections rise to Rs 92,150 cr in September from 43 lakh taxpayers

GST collections rise to Rs 92,150 cr in September from 43 lakh taxpayers

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First collection numbers show GST off to a smooth start

The government collected Rs 92,150 crore as goods and services tax (GST) for September from nearly 43 lakh taxpayers as of Monday, reports fe Bureau in New Delhi. The collections include central GST of Rs 14,042 crore, state GST of Rs 21,172 crore, integrated GST of Rs 48,948 crore and compensation cess of nearly Rs 8,000 crore, officials said. In July, the first month since GST was launched, the tax collection was over Rs 95,000 crore and the figure stood at a little over `91,000 crore in August. The Centre has already released about Rs 9,000 crore to the states as compensation for July-August, with the bulk of the amount meant to bridge the revenue gap in August.

The higher component of integrated GST — a little over half of the total collections in all three months — would mean that how much revenue goes to the Centre and each state will be clear only after the goods are consumed in the state concerned. I-GST, an interim tax, is paid when goods are sold/transferred from one state to another but when the goods are used in the second state, full I-GST credit can be taken to pay GST (CGST and SGST) to that state. The state that collects I-GST transfers it to the one where the goods are moved using the GST’s IT network. However, in the three months so far, only about 60-65% of eligible taxpayers filed returns till the last day. The government Monday extended the waiver from late-filing fee to August and September as well.

Source: Financial Express
Inter-state supply may come under GST composition

Inter-state supply may come under GST composition

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GST Composition scheme

The composition scheme for small taxpayers that offers easier compliance and a flat rate of tax looks set to be made more attractive as its ambit may be expanded to include inter-state supplies of goods. Besides, the facility of input tax credit may be made available under this scheme. A ministerial panel, led by Assam Finance Minister Himanta Biswa Sarma, is expected to finalise the contours of the revised structure in its next meeting on Sunday.

The five-member group of ministers (GoM) would meet representatives of small- and medium-scale industry on Sunday to seek feedback on improving the composition scheme. It would be the second meeting of the GoM, which decided to reduce rates for restaurants to 12 per cent from 18 per cent while withdrawing the input tax credit facility. The GoM’s decision would be put up to the GST Council at its next meeting in Guwahati on November 10 for approval.

“There was broad consensus in the meeting that the compliance burden needs to be reduced for small and medium enterprises in the GST. Taking the discussion forward, we will deliberate on extending the composition scheme to those undertaking inter-state supply of goods. This is a key demand from the sector,” said a state minister who is part of the panel.

He added the input tax credit facility may also be made available under the composition scheme in order to make it easier for smaller players to opt for it. “Many small and medium players are hesitant about opting for the composition scheme as they worry that large players will stop buying from them. This needs rectification,” he said.

“If input tax credit is to be given, the contours of the scheme will need to change wherein composition dealers will have to show tax on invoice and file regular GST returns, unless some kind of a deemed credit mechanism is worked out,” said Pratik Jain of PwC India.

Also Read: More relief for SMEs as GST Council set to reduce late filing penalties

The ministry of small and medium enterprises has been asked to discuss with industry representatives what they expect from the composition scheme and what more can be done to make it more attractive.

Inter-state supply may come under GST compositionThe other members of the GoM are Bihar Deputy Chief Minister Sushil Modi, Jammu and Kashmir Finance Minister Haseeb Drabu, Punjab Finance Minister Manpreet Singh Badal and Chhattisgarh Minister of Commercial Taxes Amar Agrawal.

The ministerial panel would look into whether the turnover of exempted goods can be excluded from the total turnover threshold for levying tax in the composition scheme. The final decision would be taken in the upcoming meeting ahead of the GST Council meeting.

The council, chaired by Union Finance Minister Arun Jaitley, raised the eligibility threshold for the composition scheme to an annual turnover of Rs 1 crore from the current Rs 75 lakh at its last meeting. The scheme offers a flat rate of tax and quarterly filing of tax returns. The window, that ended on October 1, has been extended till March 31. The scheme already received extensions twice earlier.

In the scheme, a trader pays the GST at one per cent, a manufacturer at two per cent and a restaurant owner at five per cent, but they are not allowed input tax credit.

So far, 1.5 million registered entities have opted for the composition scheme, which amounts to a sixth of 8.9 million GST assesses.

Anyone availing of the scheme cannot claim input tax credit. Such a dealer cannot issue a tax invoice. Hence, someone buying from a composition scheme dealer cannot claim input tax on the goods bought. Besides, one cannot undertake inter-state supplies in order to opt for the scheme.

Also Read: GST refund claims for exporters for August, September to start this week

A composition scheme dealer needs to furnish one return, i.e. GSTR-4, on a quarterly basis, and an annual return, Form GSTR-9A, as against three forms every month by a normal taxpayer. Besides, there is no requirement of invoice-wise details or HSN (harmonised system of nomenclature) codes in their returns.

The scheme is not available to manufacturers of tobacco and tobacco substitutes, pan masala and ice cream. Revenue Secretary Hasmukh Adhia had said in an interview to PTI that the government was considering easing the compliance burden on small and medium enterprises. “There is a need for harmonisation of items chapter-wise and wherever we find there is a big burden on small and medium businesses and on the common man, if we bring it down, there will be better compliance,” the report cited Adhia as saying.

At the previous GST Council meeting, small taxpayers with up to Rs 1.5 lakh turnover were extended the option of quarterly tax payment and filing of returns. Around 94-95 per cent of tax revenue comes from big taxpayers.

 


GST Ready Invoicing Software – Generate GST Compliant Invoice

Source :  Business Standard
India’s first post-GST budget process to begin next week: Here’s why Budget 2018 matters a lot to Modi govt

India’s first post-GST budget process to begin next week: Here’s why Budget 2018 matters a lot to Modi govt

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Post GST Budget

Work on India’s first post-GST Union Budget 2018-19 will start next week with the finance ministry issuing timelines for different processes that will culminate with its presentation in February.

It may also be the current government’s last full-fledged Budget as general elections are due in 2019.

Even though independent India’s biggest tax reform of GST was implemented from July 1, the Budget for 2017-18 (April- March), had followed the practice of tax revenue projections under the heads of customs duty, central excise and service tax alongside direct tax numbers.

With excise duty and service tax being subsumed in the Goods and Services Tax (GST), the classifications will undergo change, an official said.

While a new classification for revenues to be accrued from GST will be included in the Budget for next fiscal, for the current year two sets of accounting may be presented – one for actual accruals during April-June for excise, customs and service tax, and the other for July-March period for GST and customs duty.

The official said that since the GST rates are decided by a GST Council, headed by Union Finance Minister and comprising of representatives of all states, the Budget for 2018-19 will not have any tax proposals concerning excise and service tax levies.

Only proposals for changes in direct taxes – both personal income tax and corporate tax, besides customs duty are likely to be presented in the Budget along with new schemes and programmes of the government.

This will be Finance Minister Arun Jaitley’s 5th Budget in a row.

It would also be the last full Budget of the BJP-led NDA government before the 2019 General Elections. As per practice a vote-on-account or approval for essential government spending for a limited period is taken in the election year and a full-fledged budget presented by the new government.

While P Chidambaram had presented the previous UPA government’s vote-on-account in February 2014, Jaitley had presented a full budget in July that year.

The official said the finance ministry will next week issue the Budget circular and start consultations with other ministries from October for Revised Estimates (RE) of expenditure for the current fiscal.

The Budget Circular contains the timelines for submission of information of budget requirements to the Ministry of Finance along with prescribed formats.


GST Ready Invoicing Software – Generate GST Compliant Invoice‎

The ministries will have to provide the actual money spent in 2016-17 along with the budget estimates and Revised Estimates for current fiscal.

Along with this, they have to give the Budget they are expecting for 2018-19 as well, the official added.

Scrapping a colonial-era tradition of presenting the Budget at the end of February, Jaitley had for the first time presented the annual accounts on February 1, 2017.

With the preponement of Budget, ministries are now allocated their budgeted funds from the start of the financial year beginning April.

This gives government departments more leeway to spend as well as allow companies time to adapt to business and taxation plans.

Previously, when the Budget was presented at the end of February, the three-stage Parliament approval process used to get completed some time in mid-May, weeks ahead of onset of monsoon rains.

This meant government departments would start spending on projects only from August-end or September, after the monsoon season ended.

Besides advancing the presentation date, the Budget scrapped the Plan and non-Plan distinction and merged the Railway Budget with it, ending a nearly century-long practice.

 


XaTTaX GST Billing Software can handle: Sales invoices, Purchase invoices, Credit and debit notes Advance payments/ receipts, Refund vouchers and many more features.

Source :  Business Today
How software technology can be leveraged to deliver sustainable GST solutions

How software technology can be leveraged to deliver sustainable GST solutions

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GST Solution

The Goods and Services tax (GST) was rolled out by the Government of India on July 1 and ever since, it’s compliance has become a debatable topic for the corporates of all sizes.

The switchover to this new tax regime, along with its compliance, thereafter have been particularly under the microscope, rushing businesses to take support from technology and tax software providers.

With expertise in their field of work, software companies have already started rolling out GST specific products. The offered tools are being put in action by the firms for better conformity of the newly amended tax regime.

On the corporate front, companies are facing a problem of rapid reaction to GST but their lack of knowledge and experience is making it a tedious task for them, to make a choice of which among the many to exercise, resulting in chaos and confusion within uninitiated firms. Many may not even be acquainted with what tax-solution providing software can do.

These software products are complete business management software and help a company keep track of all departments and maintains an account of everything in the business.

XaTTaX GST Software

Here are some tips by Pavan Peechara, director at Udyog Software on how software technology can be leveraged to deliver sustainable GST solutions.

1. HSN look up an interesting feature:

A tool to provide a sustainable GST solution must possesses the HSN look up feature. Such feature allows you to search products with HSN code through HSN lookup which further helps in easy identification and categorizing of companies and their goods or services.

2. Cost Effectiveness for better Efficiency:

Like most of the software, GST software should facilitate cost effectiveness by providing the users with an affordable cost quotation which furthermore takes care of the overall cost effectiveness of rolling out and meeting compliances.

3. Easy billing through automated filing:

Software providing the HSN look up makes it easy to calculate tax category and percentage of it that has to be levied automatically. Features like this make it easy to process billing and minimizing human errors.

4. User-friendly software ensures optimum adaptation:

One of the most important aspects of employing software in a business is the level of user friendliness it offers its simplified operations. It results in quick learning and operational ease. Therefore software must be user-friendly for easy adaptation.

5. Filling complicated tax forms in one click:

Automation features should be provided by these software. It eliminates the hassle of paperwork and filing as it is taken care of by direct uploading of tax filing formalities online itself.

6. Innovation and technology as major facilitators:

Technology has always been a sector where innovation is its bread and butter to remaining on the top as most preferable. Technology goes through tremendous R&D to outpace the outdating. A firm must be aware to adapt to the software that best meets the corporate requirements and itself. In short, it should be future proofed to meet new tax slab incorporation or changing of slabs.

7. Accessibility of Location increases efficiency:

The most important feature of such software should be the ability to work beyond your 9 to 5 premises to access the required data. It should have the ability to be operated from anywhere and at any time to ensure effectiveness as efficiently online as it should do offline.

8. Customer support as an integral part of the process:

Due to the conundrum created around the GST system, it is of utmost importance for the software agencies to be readily available to handle all queries put up by its users in order to maintain a strong and impactful relationship.

Before selecting a GST compliance solution – use this time to take stock of your business and its operations:

– How many branches and locations do you have?

– Are you clear on the tax treatments for what you sell and buy?

– Do you understand what returns you will file?

– Are you able to generate a tax invoice each and every time with the correct rates applied?

– As you go through this analysis work with your CA or seek out a CA to make sure this moves smoothly.

Custom made solutions – this is a phrase that brings up the thought of a string and twines software, which isn’t tested, supported and has to be managed through an expensive contract. People want solutions which work “out of the box.


XaTTaX GST e-filing software – Simple, Secure, Reliable

Source: Business Standard

GST returns filing: Deadline ends, figures suggest robust collections

GST returns filing: Deadline ends, figures suggest robust collections

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GST

As the extended deadline for filing the first tax returns under the goods and services tax (GST) ended on Friday evening, taxpayers inundated the GST Network (GSTN), the technology back end. However, no official word was available on how many of the 87 lakh businesses registered on the portal filed the returns or paid taxes before the deadline. Although it is too early to make any estimate, the tax collections under GST seem to endorse the forecast that the new tax will boost government revenues. When just about 20 lakh of the 87 lakh taxpayers registered on the GSTN portal filed their returns and paid taxes as on Wednesday, some Rs 50,000 crore went to the total GST kitty. The Centre’s indirect tax target for the current financial year is Rs 9.26 lakh crore, which means a monthly average collection of Rs 77,200 crore. Given that the states’ combined GST tax revenue is estimated to be roughly equal to that of the Centre, a monthly GST revenue of Rs 1.55 lakh crore would meet the projections. This doesn’t appear to be a tall order given the collection trend. Of course, the GST collections being cited now are gross figures, without deducting the input tax credits that businesses are expected to claim and are estimated to be substantial, given the inherent nature of the new taxation system.

Till Thursday, 25 lakh taxpayers had filed their returns while an equal number had saved relevant details on the portal. GSTN officials told FE that the final numbers on the returns filed and taxes collected would be revealed by the revenue department. The GSTN has, however, been grappling with a large number of taxpayers who are yet to complete their registration. This would prevent them from filing their return for July. The GSTN had prepared for a potential 39 lakh taxpayers to use the portal for filing tax return on Friday. This, GSTN officials said, was expected as even in the VAT regime half of the taxpayers filed returns on the last two days of the deadline.

Of the total GST amount of Rs 50,000 crore collected till Wednesday, Rs 20,000 crore had come in as integrated GST, which is levied on interstate movement of goods and imports. An amount of just over Rs 5,000 crore had been paid by assessees by way of cess on demerit goods such as cars and tobacco. The remaining Rs 25,000 crore had come in as central GST and state GST, which would be split equally between the Centre and the states. Last Saturday, the government decided to extend the deadline for filing the interim summarised tax returns to August 25 from August 20 earlier, citing requests from taxpayers and difficulty experienced by states hit by floods. This came after taxpayers and GST Suvidha providers — IT companies authorised to file returns on behalf of customers — complained that the GSTN system wasn’t accepting the filings.

Separately, nearly 10 lakh have registered on the portal for the composition scheme, which allows simpler compliance for businesses with an annual revenue of up to Rs 75 lakh. Of 87 lakh registered on the GSTN portal, nearly 71 lakh businesses have migrated from the earlier VAT, central excise or service tax regime, while 16 lakh are new taxpayers.

 

Source :  FInancial Express
Understanding the Intricacies of GST While Buying a Home

Understanding the Intricacies of GST While Buying a Home

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Intricacies of GST

House, a place we stay in, a place we call home, the place that shelters us, is one of the basic requirements. People can’t just stop buying houses just because a 12% or 18% GST is being levied on it, this need is one that cannot be done away with and so this article aims to help all those homebuyers take a decision about the most feasible and easy on the pocket option for them.

Since after the roll out of GST, purchase of any developed plot or apartment attracts 12% GST, however, the purchase of a housing unit in a completed project, which has received occupation certificate (OC) or where registry can be done is exempt from GST.

However, if the OC has only been applied for, but has not been issued by the Authority the buyer will be subject to 12% GST of the total value of the apartment. Therefore, a project which has received OC is less expensive than the one that has not received the OC merely owing to the applicability of GST at 12%.

Once the developer receives the OC, he will be required to get the registry of the housing unit done however he will only be allowed to get it done if he has cleared all the dues against the project.

GST was introduced with the aim of reduction in prices by availing input tax credits and passing it on to the customer. So a developer whose project has been completed but has not received the OC yet, can avail tax credit of 2.40% of the cost by simply submitting the invoices and bills of the purchase inputs like cement, steel, etc. this credit will be paid out to the developer from the taxes that the buyer will pay for the final apartment.

However, this tax credit can be availed by developers only for the taxes paid by them after July 1 i.e. after the rollout of GST and also if the entire project was implemented after July 1st. According to the Govt. the benefits are shifted on to the consumer and it will result in reduced prices of a medium and affordable range of housing units.

On the other hand, prices of premium ranged housing units are expected to rise substantially.

A developer whose project was partially complete and under construction as on July 1, can claim tax credit as well however such tax credit can only be availed only on certain inputs and taxes paid after July 1thereby reducing the benefit being passed on to the developer to the consumers.

 


XaTTaX: Cloud and On-Premises Based GST Filing Software For India

Source: http://www.news18.com/news/business/understanding-the-intricacies-of-gst-while-buying-a-home-1492509.html
gst benifits
Benefits of GST (Goods & Services Tax)

Benefits of GST (Goods & Services Tax)

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The GST (Goods & Services Tax)  is relied upon to give following advantages:-

  Elimination of Multiple Taxes

 The greatest advantage of the Goods & Services Tax is a disposal of various aberrant expenses. All expenses that as of now exist won’t be in the picture. This implies current assessments like extract, octroi, deals charge, CENVAT, Service imposes, turnover charge and so on won’t be relevant and all that will fall under a basic expense called as GST.

  Saving More Money

For a typical man, GST materialness implies the disposal of twofold charging in the framework. This will diminish the cost of products and enterprises and help normal man for sparing more cash.

It is normal that the cost of FMCG items, little autos, silver screen tickets, electrical wires and so on is required to lessen.

  Ease of business

 GST will bring one nation, one assessment idea. This will counteract unfortunate rivalry among states. It will be useful to do interstate business

   Easy Tax Filing and Documentation

 For a representative, GST will be a shelter. No numerous assessments imply consistence and documentation will be simple. Return recording, impose instalment, and a discount process will simple and bother free.

  Cascading Effect lessening

GST will be material at all phases from assembling to utilization. GST will give charge credit advantage at each phase in the chain. Today at each stage edge is included and impose is paid entire sum, in Goods & Services Tax you will have charge credit advantage and expense will be paid on edge sum as it were.

It will lessen falling impact of duty consequently diminishing the expense of the item.

   More Employment

As GST will lessen the cost of item it is normal that request of an item will increment and to take care of the demand, supply needs to go up. The necessity of more supply will be tended to by just expanding work.

  Increase in GDP

 As request will develop normally generation will develop and subsequently it will build a total national output. It is assessed that GDP will develop by 1-2% because of the GST.

  Reduction in Tax Evasion

 GST is a solitary assessment which will incorporate different expenses, making the framework proficient with next to no odds of defilement and Tax Evasion.

  More Competitive Product

As GST will address the following impact of expense, between state charge, high coordinations cost it will make fabricating more aggressive. This will convey favourable position to agent and buyer.

  Increase in Revenue

 GST will supplant every one of the 17 roundabout assessments with single duty. The increment in item request will eventually expand impose income for state and focal government.

Products and administration assess is a help for the Indian economy and the regular man. It is an appreciated stride taken by the administration.

 


XatTaX: India’s most trusted GST compliance software – 100% accurate GST filing

History of Indian Tax Structure

History of Indian Tax Structure

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Introduction – (History)

The Income Tax was added in India for the first time in 1860 by using British rulers following the mutiny of 1857. The duration between 1860 and 1886 turned into a length of experiments inside the context of Income Tax. This duration led to 1886 whilst first Income Tax Act came into lifestyles. The pattern laid down in it for the levying of Tax maintains to perform even today although in some modified shape. In 1918, another Act- Income Tax Act, 1918 changed into surpassed, but it became quick lived and become changed by way of Income Tax Act, 1922 and it remained in lifestyles and operation until thirty first. March, 1961.

The previous Taxation Structure of the us of a played a completely vital function inside the running of our economy. Some time again the emphasis become on better charges of Tax and more incentives. While designing the Taxation shape it must be seen that it is in conformity with our financial and social objectives. It needs to know not impair the incentives to non-public financial savings and investment float and on the other hand, it ought to not result in lower in sales for the State.

In our beyond day, financial system structure Income Tax played a critical function as a source of Revenue and a degree of removal economic disparity. Our Taxation shape affords for Two forms of Taxes: – DIRECT and INDIRECT.

indian tax structure

There are one of a kind varieties of taxes; they’re as follows:

Direct Tax

  • Income Tax: This is one of the most not unusual sorts of tax and maximum of you will be familiar with it. This tax is deducted immediately from your income in case yornings exceed the taxable limit.
  • Capital Gains Tax: This tax is levied if you sell your house, bonds, stocks, rings, or something that gives you earnings. The profit can be calculated by way of deducting the entire quy you get through selling your asset and the quantity you paid for it. You must pay tax on the income.
  • Securities Transactions Tax: When you purchase or promote an inventory form the percentage market, you need to pay the Securities Transaction Tax. This tax is imposed by means of the Government because the general public who earn their income from the share market do no longer declare their property. As a result, they can avoid paying capital advantage tax, as the government can levy tax simplest on the inchey earn if these are not declared. Securities Transactions Tax or STT is levied on derivative gadgets, fairness stocks, fairness orientated mutual budget and many others.
  • Perquisite Tax: Perquisite Tax (in advance Fringe Benefits Tax or FBT) is levied to employees for the non-monetary blessings given to them by mea their employers. For instance, in case your organization offers you non-monetary advantages life a rented condo, an automobile with a driver, you’ll need to pay tax for it. This tax turned into in advance borne with the aid of the employers
  • Corporate Tax: These taxes are paid by the businesses to the Government of India and it’s far levied on the earnings of the corporation. Apart shape the company tax, additionally, they ought to pay different types of taxes.

Indirect Tax

  • Sales Tax: When you buy any commodity, you have to pay its cost price plus the sales tax. The manufacturer then pays the tax to the Government. In India this kind of tax is paid to both the state government (Sales Tax) and the central government (Central Sales Tax). The Sales Tax is levied only on the intra-sale of commodities (sale within one state). The Central Tax is levied for interstate sales (sales within states). Apart from the Sales Tax, there may be additional tax that can be levied on the sale of a commodity.
  • Service Tax: When you avail offerings you have to pay tax on it and that is known as Service Tax. This tax becomes brought in 1994 and is now relevant on every kind of services, besides the bad listing of services and is applicable in all of the states, except Jammu and Kashmir. Some of the services for which you have to pay taxes consist of, marketing, splendor saloon, fitness care, monetary services, and so forth.
  • Customs Duty and Octroi: This tax is levied on the goods imported into the u. S. A. In addition to the goods which might be exported to some other overseas use. It is charged atthe access point of the united states like airport, docks and many others. The Octroi Tax is levied for goods which might be transported from one municipality to another.
  • Excise Duty: The Excise Tax or the Central Value Added Tax (CEVAT) sort of assessment is collected on the products that are created inside the nation.
  • Anti Dumping Duty: When goods are exported from one use to any other at a price this is decrease than the real charge of that commodity, then the authorities charge anti-dumping duty tax on it.

Other Taxes

  • Professional Tax: If you are a running in a personal corporation, you need to pay this tax and it’d be deducted by your employer from your profits. The fee of this tax may also range from one nation to another.
  • Municipal Tax: You should pay this tax to the municipal enterprise in case you own a belonging.
  • Entertainment Tax: When you purchase tickets to watch a motion picture or a show, display, you have to pay Entertainment Tax for it.
  • Stamp Duty, Registration: When you purchase a property, you have to pay this expense notwithstanding the value consistent by the dealer, on the off chance that you need the advantages exchanged at your call.
  • Gift Tax: If you get a present that is additional than Rs 50,000 out of a year, you’ll must pay exhibit to assess for it.
  • Toll Tax: You should pay this duty in the event that you utilize the framework simply like the streets, thruways and numerous others. To save them eventually.

Some different types of expenses comprise of preparing charge, profit circulation assessment and riches impose. Different sorts of duties have developed as an imperative a piece of change of a kingdom. These expenses help in the execution of various fiscal approaches to advance the development of a nation. So they help in giving monetary soundness and ffurthermore,for the most part, ave a tendency to diminish the joblessness rate in a natural. In spite of the fact that people whine roughly paying expenses, a very much arranged tax assessment gadget is very basic for a vocal specialist.

GST: GSTN portal begins invoice uploading for businesses

GST: GSTN portal begins invoice uploading for businesses

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GST

The GSTN portal has started accepting uploading of sale and purchase invoices of businesses generated post Goods and Services Tax rollout on July 1.

GST Network (GSTN) is the company handling the IT backbone for the new tax regime.

The uploaded invoice data can be saved at the portal and the GST system operated by GSTN will auto populate the invoice data of the respective buyers, the company said in a statement.

The GST kicked in from July 1 and so far, the Goods and Services network has been facilitating registration of businesses.


GST Compliance – Register Now To Get Free Demo

“If the taxpayer has limited number of invoices, he can directly enter the details at the GST portal. However, this would not be practicable if the number of invoices is in hundreds or thousands,” it said.

It added that to help such taxpayers, GSTN has developed a tool which can be downloaded from the portal and installed on the taxpayer’s computer to prepare the return in GSTR-1 format at one’s ease in an offline mode without connecting to the Internet.

“The GSTR-1 software and the offline java tool have been elaborately tested. The portal has started accepting invoice uploads into GSTR-1 from July 24. Now taxpayers can prepare GSTR-1 at their convenience on their own computer and upload the data to the Portal easily within a matter of minutes using the offline tool,” Navin Kumar, Chairman, GSTN said.

He said businesses, particularly MSMEs and larger businesses that generate a large number of invoices should to start uploading invoice data to portal straight away and not wait until September when the July return will be due.

The company has stated that the invoice upload facility is available 24×7.

“It has advised that the taxpayers, such as large manufacturers, distributors and wholesalers, should frequently upload their supply invoice details at regular interval to prevent any hiccups near the due date,” it added.

Generating invoices for dealings above Rs 200 and keeping invoice records in serial number even if maintained manually, are pre-requisites for claiming input tax credit under the GST regime.

Under GST, which is a single tax in place of multiple central and state levies like excise, service tax and VAT, businesses are required to upload on GSTN portal invoices of their trade every month.


XaTTaX: GST Ready Software – For Small And Medium Business

Source: ET