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Technology

Technology and GST

Technology and GST: The  geographical scenario and the blue print of GST is technology. Tech will be the backbone for GST implementation to be a success  to boost up the Indian economy and fill up the potholes of same, the government is adamant to apply GST for the  promised change. The change is only possible if there is transparency and if the larger crowd get excess to the information. Technology will cast the sustainability of GST permanent. For the smooth implementation of GST, technology will be the crucial figure for ensuring the infrastructure to probate. The reconciliation process the development of simplified taxation is rightly will be done by technical help. In enduring tax compliance across multiple system,  technology is No1 to relied on. Only if the people aspire for end to end transformation of GST,  systematised tax technology  and infrastructure should be taken into consideration for robust of business.   For an effective GST implementation,  tax technology  will be helpful for addressing the determination of tax, compliance  of arrival  at the correct tax amount to prepare and file the returns accurately, reporting and analysis  of tax system.   A role that cannot be ignored  lays foundation for providing audit trail of transactions  and required reports  which will be also be helpful  in internal analysis and audit by both e the government and the consumers and distributors too. The organisation of tax system is healthy for the GDP to grow and Indian economy to rise in the world. And this can be achieved through  accommodation of technology into the tax system like never before.  At operational levels too,  the technology will be officially handling everything accountable to. It can substantially play a vital role in sectors with different  processes and processing  with business  models,  navigate GST regime to work forward for the aspiration of stability in taxation. GST needs a crew of collective efforts by the stakeholders like central and state governments,  CBEC,  tax departments along with software consultants,  banks and the most importantly the IT  sector as the platform provider of GST implementation. The administration totally depend on the technical capabilities,  IT system to handle pros and cons functions like registration approval,  assessment,audit,  adjudication and more.  Tax atomisation  is the new digital format of  pre taxation for the formation of  interfaced taxpayers. And technology is the spoon to feed on the GST implementation. Implementation of technology will also enable efficient tax administration for registration, returns filing, data exchange, and effective investigation, monitoring, auditing and performance analysis with little human support. It will also provide several user-friendly features such as offline capabilities, alerting capabilities, mobile/tablet interface, and additional mechanisms to avoid duplicity…
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Transitional Provisions

Transitional Provisions Under GST Law

Transitional Provisions Under GST Law: Where the common  man’s pocket is burning troll,  GST is also is an expression of opportunities.It is groundbreaking in open up of new revenue  opportunities for some startups.The incorporation of transitional provisions Under GST, to enable  existing taxpayers to migrate to GST in a transparent and systemic manner. As the…
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Profiteering

Anti Profiteering in GST law

  Anti-Profiteering in GST law: All the cramps of unrevealed profit motives, this goes to you for having any strategic making of unreasonable profits from goods and services post GST. The government of India is enthusiastic of protecting consumers from profiteering during the implementation of GST. Well, initial phase of any formation or implementation are…
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GST impact

GST impact on Common man in India

GST Impact: Next time when you take a cab or even have a puff of cigarette or grab a bite in your favorite  restaurant, you might want to wonder more about GST. Yes, GST-goods and service tax which recently the Indian government implemented has effective results on common man. This can be further enhanced on…
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Types of GST returns

Types of GST returns

  FORMS USES WHOM GSTR-1 Details of outward supplies of the taxable goods Taxable person GSTR-1A Details of outward supplies as modified Taxable person GSTR-2 Details of inward supplies of the taxable goods Taxable person GSTR-2A Auto-populated details of inward supplies on basis of GSTR-1 Taxable person GSTR-3 Monthly returns on basis of finalization of…
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GST on Wholesale goods

GST on Wholesale goods

GST on Wholesale goods: Making the affect on different parts of country GST is ready to influence country from 1st July. Having known the fact that GST will be the only indirect tax in country. GST and its impact on Supply chain is the talk that is in from various manufacturers and also importantly the major…
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GST Startups

GST and Startups. Whats new for them.

GST and Startups. Whats new for them. Start up is the most blooming sector in India now a days. It has influenced India so much that the government decided to start its own scheme called ‘Start Up India, Stand Up India’ in 2015. GST Startups or Start Up has its own value with the innovative youngsters…
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medicine

Medicine getting costlier in GST regime

Medicine getting costlier in GST regime: The medicine industry was on the brief that the goods and services tax (GST) rate on life-saving drugs would be zero, even as it has been capped at 5 per cent and that of all other formulations at 12 per cent. The rates in GST regime are much higher than rates in current…
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Tobacco

Tobacco- 290%, Pan masala- 135% cess: GST

Tobacco- 290% cess, Pan masala- 135% cess: GST is a tax structure that is impacting several different aspects and parts of businesses. With all the problems facing with the different taxes in India, India has come up with a single taxes for all needs i.e., GST. GST is now serving to enter in Tobacco and…
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gst affect car

Will GST affect Car Prices?

GST affects Car Prices: India is on the tip of having a simplified taxation system GST that is going to benefit nearly all the sectors in India. But before the Goods & Service Tax (GST) comes into effect on July 1, and replaces multiple state and central taxes with a single taxation system, let us…
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