Goods and Services Tax was implemented by President and Government of India in the first hour of July 1, 2017. The GST is an indirect tax collected by the government of India, and it is believed that the imposition of GST will finely re-shape the Indian economy.
The GST has eliminated all the different types of taxes that were levied by the government of India prior to July 2017. With the imposition of GST, the taxation has become centralized, and every business owner gets the benefit.
The GST has to be paid on every sale by the manufacturers and mediators, and it is refunded to them. The GST is paid by the customer by the time it reaches him is not refundable. According to the government policy, GST has to be filed monthly, quarterly and yearly.
Goods and Services Tax Council decides the tax rates and also forms the rules and regulations regarding GST. The GST council is governed by union finance minister and finance minister of individual states.
To provide an efficient taxation system to the citizens of India the government has formed Goods and Services Tax Network (GSTN) software. The software is owned by the government of India, designed by Infosys Technologies and maintained by National Informatics Center.
GST and software
There are many GST software company in the market which have developed the revamped version of government software. The software developed by private companies have multiple functions which can help a business owner file taxes flawlessly. Many companies can provide you with customized GST software according to your requirements and choices.
The business owner can list out his requirements to the company, and they will revert if the customization that is asked for can be possible in the software. Many people chose to buy offline GST software which has limited functionalities. It is hence recommended that the business owner always opts for online GST software because it offers many advantages like centralized tax filing, centralized supervision of sales, immediate ledger sharing and much more.
Before the GST, the service tax filing procedure was much more complicated and time-consuming. The transition from old taxation system to GST has not been smooth in the early days, but as the people are now being accustomed to GST, the process has been quicker. GST software that is available in the market can do many things apart from just filing GST for you.
This software has the ability to help you prepare the business report by analyzing the sales data of the company. In addition to that, all the key persons of the organization can have an eye on the figures generated by their employees. Earlier, it used to happen that to file a tax the business owner who had multiple bank accounts had to login in each of the accounts and go through the statement to assess the income and expenditure record. Now, with single software, a business owner can assess the statement of every bank account in just one place.