GST Software

We are almost there. They day has come. July 1 is near. There still are apprehensions about GST and people still don't know about it. It is being touted as the best reform of the country till date. It will remove tax-on-tax and integrate the entire market. Following are some important facts about GST provisions relating to invoice for information to stakeholders. 1. All the GST tax payers are free to design their own invoice format. 2. Only certain fields are mandatory in it. The format can be in any way they like. 3. The time period prescribed for issuing invoice is different for goods & services - for goods, it is any time before its delivery and for services, it is within 30 days from the date of supply of services. 4. Small taxpayers like retailers don't need to issue invoice for every small transaction. They can issue an invoice for all the transactions during the day at the end of the day. But they​ will have to issue it if the customer demands for it. 5...

GST is round the corner and the things need to be understood. The indirect tax is set to replace all the existing taxes levied by Central and State governments. It was introduced as Constitution (122nd Amendment) Act, 2017. It is governed by the GST council and the chairman is ArunJaitley. There are several tax rates under it and the people need to migrate under the existing law. There is additional tax on sin goods like cigarettes and luxury goods like Gold. It is to be applicable from July 1 this year. Section 139 of CGST Act, 2017 read with Rule 16 of GST registration, prescribes the process of migration which can be summarized in the following manner: 1. As per rule 16, every person who is: -Registered under any of existing laws and -having valid PAN shall be required to enroll on the GST portal. 2. Provisional ID and password have been made available for enrollment under GST: -one provisional ID shall be issued PAN and state are same. -every state tax authority sho...

Import–export code or commonly referred to as IEC is required by a person for importing or exporting goods. It is a PAN number based, 10-digit code which is issued by the Directorate General of Foreign Trade (DGFT), under the Foreign Trade Act,1992. IEC is mandatory for undertaking any import export activities i.e. any firm involved in any import and export shall be required to obtain an IEC number. However, with GST coming into effect, a new number GST Identification Number (GSTIN) shall be issued which will condone the need for IEC. GSTIN is a 15-digit identification number which will be based on PAN number. It is an alpha numeric code that will be used for purposes of (i) credit flow of IGST on import of goods, and (ii) refund or rebate of IGST related to export of goods. GSTIN is a different entity from IEC and has various differences. GSTIN requires several filings of return every month whereas IEC did not require any filing what so ever. Once the code is obtained nothing ...

The roll out date of GST is round the corner and it is time all business owners get going. It is believed that GST is going to revolutionize the tax structure. This is said that issuing invoice is going to be a burdensome process. But only time will tell whether or not is this true. Till then we can only wait and prepare for the thing that’s coming our way. There are still apprehensions about what are the points of action before the roll out date of GST. Here is a guide to those points of action: 1. HSN/SAC HSN code means Harmonized System of Nomenclature code is used for classifying goods under the GST. SAC means Service Accounting code under which the services that fall under GST are classified. Both these codes are used to classify goods and services under GST regime. 2. Carry forward of CENVAT/VAT credit forward on inputs/input services 3. Adjustment of CST Differential Tax Liability for carry forward of VAT Credit balance. (Applicable in case of refund carried forward ...

You are an entrepreneurship material if you are worried about taking a leap and going forward. It takes a lot of efforts to be an entrepreneur. Bravery is at the heart of an entrepreneur. An entrepreneur must be brave enough to take risks and understand that nothing can substitute experience. An entrepreneur is a person who sits down and makes plan without being worried of failure. He is a person who doesn’t stop when failures arrive, neither does he get overwhelmed when he succeeds at what he does. For an entrepreneur, it’s hard to know that you’re alone with your business idea-to wonder whether you’re doing the right thing or whether you’ve already failed and you just don’t know it yet. An entrepreneur doesn’t create what’s hot now. He doesn’t care about what’s hot now. He who cares about what is going to be hot in the future is going to success and go on to become a successful entrepreneur. He who creates what will be hot years from now is the man of modern era. He is who a bra...

This time is an exciting time to be an entrepreneur. ‘Make in India’, ‘Start-up India, Stand-up India’ and ‘Digital India’ are some of the few programs launched for the entrepreneurs by the central government. This is the time to stand differently and bring about a change in the existing ideas and products. Also there is a time to bring about the change in terms of adding values to lives that is the key driver that predisposed one to be an entrepreneur. The role of an entrepreneur is to be the harbinger of change, being an entrepreneur calls for a responsibility. An entrepreneur generally lacks the support systems and often has to find motivation from within.An unwavering passion of an entrepreneur and the ability to love and execute the ideas drives a person to be a successful entrepreneur and contribute to the societal progress. An entrepreneur must have greater risk taking ability. Few essential qualities of a successful entrepreneur are: sense of purpose-a visionary, data dri...

Are entrepreneurs born or made? This has been the talk of the entrepreneurial world for long. And the answer is yet to be found. In start-up circles, this has been endlessly debated. It is always pleasing to see how leaders emerge from various backgrounds and with vivid traits and personalities. Different people learn from different situations and different ways. Entrepreneurship is as important as any other part of a business. It has a big say in the growth of any company and in the success of an idea. ‘Entrepreneurs create customers and customers, in turn, create jobs and economic growth’. Based on the way human minds work, here is a list of 10 essential attributes of an entrepreneurial mind. 1. Power punch There is cut throat competition in the world at this point of time. So, the entrepreneurs need to be aggressive and move towards the goal without being stuck in the mid and without being injured by the impediments. The mind of theirs must be power packed. 2. Confidence...