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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.
GENIUS is Top Income Tax Return Filing Software for Tax Practitioners in India which is filing returns Since Financial Year 2002-03. The software provides unlimited client return filing of income tax, e-TDS, AIR, etc with it's up to date taxation procedure. The Genius Software has the total of 6 modules including GEN Balance Sheet, GEN Income Tax, GEN CMA, GEN FORM MANAGER, GEN e-TDS (Tax Deducted at Source) and AIR. Genius tax return software offers multiple features like Backup, Restore, Password Settings which makes it an overall tax filing software among the category of best taxation software in India.
The company is preparing more software modules in such a way that the GST tax filing and billing work can be made faster and easier while everyone knows that the return filing under the GST will be done online and the payments will be accepted via Net banking, Credit/Debit card as the company has already been working consistently on online taxation software since last 16 years and it understands the professionals' requirements in a better way. As the Indian Govt. has already revealed that the returns and registrations under the GST regime will be carried away online and so the requirement of a good user-friendly software will be much needed. The GST software is designed in such a manner that the GST work becomes hassle free.
Genius Software is Most Useful for Chartered Accountant, Tax Practitioner, Accountant, and Taxation Field.
Genius Software is Total Taxation Software
Most of Professionals Like Chartered Accountant, Tax Practitioner, Accountant and Taxation Industries are use Genius software for Income Tax Return Filing, TDS/TCS Return Filing, Service Tax Software,
SAG Infotech provides various tax software for CA and CS professionals in its catalogue with some highly demanding solution like Gen Genius and following it the Gen GST, Payroll, CompLaw & XBRL. We are already certified by CII (Confederation of Indian Industry), More-over, we are also a member of the FICCI and DSCI, which is known for promoting data security and privacy. In the era of Chartered Account's software it is valid for every businessman to keep a wide variety of automation and software for taxation Field.
Genius is Top Tax Return Filing Software for Taxation industry
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