The tax structure of India was a point of debate for a long time among the experts, and a majority of them were in favor of the implementation of GST only.
What are GST and GST return?
GST stands for goods and services tax. GST is an Indirect Tax; It has replaced many indirect taxes from the system which came into effect on 1 July 2017. GST return is a document which comprises of all the information of a taxpayer required to file with the tax administrative authorities. All businesses have to register under the GST act to enhance the details of the sales and purchases of goods and services. This can be done through filing online returns.
An individual can catalyze GST compliant invoices for free on Clear Tax Bill Book. Clear Tax, an e-filing website, launched a GST software called Bill Book for preparing GST compliant invoices. Bill Book is a software podium that works both online and offline to help Small and Medium Businesses (SMEs) in the country. This Bill Book automatically identifies IGST vs. SGST in the invoice.
Features supported by GST Bill Book
- Creating a sales invoice
- Recording of discount
- Package handling charges
We see that each and every day, a new updated version is being announced and we do update our software when these updates are made. E-filing GST return is compulsory for all entities having GST registration, disregarding of business activity or sales or profitability during the return filing period. If an individual wants to file GSTR through Clear Tax, he can file it in the following ways:
- GSTR-3B–A monthly self-declaration that has to be filed a registered dealer from July 2017 till March 2018.
- GSTR-1 – A monthly return that sums up all sales (outward supplies) of a taxpayer.
GST system software provides a summarized and rate wise sales figures report. It downloads bulk status of GSTR-1, 3B, 4. It also downloads all the return data from GSTN portal on a single click. These accounting softwares help many business entities to flourish and makes the taxing system more translucent.
Advantages of GST system software
- Helps to make the entrepreneur aware of the applicable tax rate they need to pay.
- GST is making life a bit simpler as it is expected to replace seventeen indirect taxes sooner or later leading to falling in compliance cost.
- Upliftment of GDP growth in coming 3-5 years.
- Proposed model of GST and its rate as Goods and Service Tax (GST)has two components:
- Central GST
- State GST
This step will help in making Indian market more competitive than before and create a standard playing field between small and large enterprises. There have been numerous debates regarding the impact of GST on the Indian market, and until now the trend has been positive. With ample education of the new tax regime and its proper implementation, there is little doubt that the economy will propel to success.