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Reconciliation Reconciliation of GSTR-3B with Input Credit Register Reconciliation of GSTR-2A with Input Credit register for the assessing difference in ITC in GSTR-3B and GSTR-2A Reconciliation of credit of GSTR-3B with GSTR-2A for match/mismatch Reconciliation of GSTR-3B with GSTR-1 Get actual Sales amount after giving amendment effect Reconciliation of Purchase amount of GSTR-4 with GSTR-4A
New Feature in our Gen GST Software Sag Infotech (1) Summarized and rate wise Sales figures Report. (2) Get return filing status of supplier or receiver along with their monthly/Quarterly mode to know whether GSTR-1 is filed or not and when the credit will be available. (3) Difference Between GSTR 1 and GSTR 3B (4) Option to view GSTR-2A as per return, as per period i.e. monthly/Quarterly etc. and supplier GSTN wise with their excel export (5) Reconciliation of Purchase amount of GSTR-4 with GSTR-4A (6) Get filing status of GSTR 1, GSTR 3B in bulk (7) GST credit register (calculation of credit as per rules 37(2), 42 & 43) (8) Resolve errors before final uploading based upon GSTIN, POS & Inter-Intra, match mismatch with schema validation along with error report (Zip) file (9) Import data from excel of Tally, Busy, SAG & Govt. Also JSON of GSTR 1 from system (10) Download bulk status of return filing details of GSTR-1, 3B, 4 (11) Download all the return data from GSTN portal on single click
All About GST India (Goods and Services Tax) After a long wait finally a new tax reform related to indirect taxation will be implement in India. Currently where various type of indirect taxation become hurdle of growth of the nation, GST a smooth and a single tax reform will make a transparent and easily going tax structure will help in fast development of economy. The GST is the single solution for all the Taxation System for Goods and Services. The taxes currently applicable in India include VAT, Entertainment Tax, Service Tax, Excise, Luxury Tax etc. Central Level: The Central Government Goods and Service Tax will absorb following applicable taxes: Central Excise Duty The Excise Duty levied under Medicinal and toiletries preparation Act Surcharge Education Cess and Secondary and Higher Secondary education Cess Service Tax Additional Excise Duty Additional Custom Duty (CVD) Special Additional Duty State Level: The State Government Goods and Service Tax will take in following applicable taxes: VAT/ Sales Tax Purchase Tax State Cess and Surcharge related to supply of goods and services. Entertainment Tax (unless it is levied by local bodies) Tax on lottery Luxury Tax Indian Government discloses the GST draft law and rules related to registration, return, refund, invoice and payments. Draft Law Draft Registration Rules Draft Return Rules Draft Refund Rules Draft Payment Rules Draft Invoice Rules Department has issued some formats related to registration, return, refund, challans and invoices. These formats are as follows. Draft Registration formats Draft Return Filing Forms Draft Refund Format Draft Payment Formats Draft Invoice Formats After pass the GST in the both houses of the parliament a council related to development of rates and exemption notifications and rates is introduce by the department. Rate of GST: The council has been declared the rates related to GST. These rates are as follows: 0%- essential items including food 5%- common use items 12% and 18% - Standard Rates 28% - items which are currently taxable with (30-31%) 28%(with cess) - Luxury and de-merits goods Next Step on GST: GST council will be maintain/developed rates, exemptions and notification. After this the IGST/CGST law will be pass in the both houses of the parliaments. SGST law will be pass in the all legislature of the of the respective states (mention all states here). Then GST become applicable in INDIA. Objective of GST: The major objective of the Goods and Service Tax will be to eliminate the double taxation or cascading effect on the production and the distribution of the goods. The exclusion of the cascading effect on the goods will benefit both the manufacturers and the consumers and would improve the GDP of the nation. The integration of different taxes under the GST will make certain things easy and will make the system more open for the consumption tax under the VAT.
Invoice (Sale & Purchase) for Goods & Services from Tally Software
GSTR 7 form filing is done for tax deducted at source and is to be filed by 10th of next month for a particular tax period, by all the eligible taxpayers who deduct tax at source. Any registered taxpayer who levies the tax at source under section 37 of the GST Act will have to file a TDS return in Form GSTR-7 at the GST Portal. GSTR 7 Form Features TDS is required to be deducted by certain registered taxpayers while making payments to the supplier. It will be deposited to the government. No TDS will be deducted when the supplier location and place of supply is different from the registration place (State) of the recipient. One should note that the form is to be filed monthly by 10th of the month for an immediately preceding tax period. The GSTR 7 form is to be filed only by specific taxpayers, and not by all registered taxpayers as it will contain the details of the tax deducted at source. One significant aspect to notice is that any return cannot be filed in case one haven’t paid the previous tax liability in full. All the details of GSTR 7 will be available to his/her respective suppliers in Part C of the GSTR-2A Form. A TDS certificate will be given to the deductee (from whom tax is deducted) and all the tax amount must be in Indian Rupees. Recently the government has notified the reviews GST due date for filing GSTR 7 form, mentioning the 28th day of February 2019 for the time period from October 2018 to December 2018. We have mentioned the notification as stated by the GST authorities.
GSTR 7 Form Features TDS is required to be deducted by certain registered taxpayers while making payments to the supplier. It will be deposited to the government. No TDS will be deducted when the supplier location and place of supply is different from the registration place (State) of the recipient. One should note that the form is to be filed monthly by 10th of the month for an immediately preceding tax period. The GSTR 7 form is to be filed only by specific taxpayers, and not by all registered taxpayers as it will contain the details of the tax deducted at source. One significant aspect to notice is that any return cannot be filed in case one haven’t paid the previous tax liability in full. All the details of GSTR 7 will be available to his/her respective suppliers in Part C of the GSTR-2A Form. A TDS certificate will be given to the deductee (from whom tax is deducted) and all the tax amount must be in Indian Rupees.
e-TDS: One of the Leading TDS Return Filing Software Gen e-TDS is the most reliable and user-friendly software which is exclusively designed for filing the TDS/TCS returns online as per the norms of TRACES and CPC, India. Using this innovative tool you can pre-determine the TDS amount, Prepare TDS returns, calculate Interest and Penalty along with late filling Fees and do much more. It is an authorized software, listed on the government of India’s official Tax Information Network website. Also, during the financial year 2012-2013, it secured the highest rank in the Indian government’s authorized TDS filing software’s. Moreover, you can directly log-in to the TRACES CPC and NSDL through this software, therefore no need of generating the User ID every time. The other useful information such as all India PIN codes, ISD codes, TAN/PAN AO codes, TIN FCs MICR & IFSC codes, service tax ranges, bank BSR codes etc. also come enabled with the software.
There is no change in tax slab in budget 2019, Clarification on 5Lakhs annual income tax Rebate There is Wrong perception created about NO Income Tax upto Rs 5 lakh to all tax payer. Actually Income Tax is still payable @ 5% on Income upto Rs 5 lakh Finance Minister while presenting the Budget speech has clearly stated that there will not be any Income Tax on Income up to Rs 5 lakh, but when Finance Bills came on the records it clears the myth spread on the news media and other websites. As per the Clause 8 of the Bill seeks to amend section 87A of the Income-tax Act to provide relief to the individual taxpayers by increasing the maximum amount of tax rebate to twelve thousand five hundred rupees from existing two thousand five hundred rupees. The tax rebate shall now be admissible to taxpayers having total income up to five hundred thousand rupees, instead of existing three hundred fifty thousand rupees. No tax upto total taxable Income of 5Lakh is in the form of rebate under section 87A which means It will be available to only those Individuals whose Total Taxable Income is less than or equal to 5Lakh (after availing all available deductions). There is no change in Tax slabs and there is no exemption to those Individuals whose total Taxable Income (after all deductions) is more than 5 Lakh. Earlier Rebate u/s 87A was upto Rs 2, 500 for individuals having Total income upto Rs 3, 50, 000 Now Rebate u/s 87A is upto Rs 12, 500, for individuals having Total income upto Rs 3, 50, 000 It means for when total income upto 5L, then no tax. If total income exceeds 5L, same tax as before. Only 10, 000 additional benefit of standard deduction.
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