The current taxation process we have in India is very complicated. Different states follow different taxation rules and on top of that for few products & services, central Govt. puts duty charges, import-export excise duty etc. Entire tax paying process became untraceable and there are many loopholes.
To streamline all the tax applicable on a product/service, Indian Government came up with a common taxation process, Good and Service Tax, which is commonly known as GST. We have gone through many news on GST and still many of us are not holding much clear idea about it. Let’s have a quick look on what is GST.
Goods and Service Tax (GST) will be a comprehensive tax on production, sale, and consumption of any product/good and services, which will be followed across India. This tax would be collected at each stage of a product cycle or service steps. GST will eliminate the escape route of any direct or indirect tax applied on a product. So that collected tax would be uniform and in the financial year end calculation regarding taxation would be easier both for retailer or service provider and as well as for Govt.
The expected start date to follow GST in India is from the financial year 2017.
Why does a trader require a billing solution before GST gets applied:
Every business has a transaction cycle – both incoming & outgoing cash flow comes under this cycle. It starts from purchase quotation, purchase invoice, operational expenses, sales price, sales quotation and many other depending on the business type & volume.
Maintaining all the trade transactions, which includes purchase record till sales history is difficult for any business, yet essential at the financial year end. For a small to medium size business, keeping an accountant or a dedicated finance person is expensive and not a good investment.
On top of that once the GST is applied, ‘Kachha’ bill will be of no value. Every business would require to provide a tax invoice (Pakka Bill). To answer all these need for small & medium size businesses, EffiaSoft brings the ultimate solution for any retailer, restaurant or service provider.
GST Enabled Billing: Just Billing is the first GST enabled solution designed to solve every day operational issue faced by small-scale business men. Starting from billing to sale, purchase, inventory & commerce, Just Billing keeps an eye on every single transaction that takes place. A one stop solution to answer all your need related to finance & accounting.
On top of it Just Billing captures GST Input Tax Credit (ITC) and GST Carried forward for every financial transaction automatically. Hence enabling business to prepare GST report both at the state and central level to file GST on a single button click.