it very important to know the gst and the way we can calculate the gst very easily . there are few software that provide the feature .the best software for creating the gst online u2026u2026..click here u2026u2026GST, a new era of indirect taxation law is all set to transform the current indirect taxation system which may propose to become applicable with effect from 1st April 2024. GST system is targeted to be simplified, transparent and efficient. As it is the new tax reform, it will not be easy for the professionals to compute the taxes as per law without the simplified software in the world of time.Now almost all organization whether it is SME or non-SME require software for ease of doing businesses. For Professional, the main lifeline is the client database. It will become very hectic to manage all the things without software.Goods and Service tax is going to implement from 1st July and it is essential for registered businesses to buy the accounting software for filing the tax returns easily and smoothly. Through better software, it sorts out all business problems easily and profitable for the organization.While on another hand, the worst accounting software enhances the problems for the company. A small or medium businesses enterprises must follow the following points while purchasing accounting software.Large organizations/taxpayers prefer SAP softwareMiddle size, Some small and growing organizations/taxpayers prefer TallySmall and Micro organizations prefer Excel, QuickBooks, and ZOHODifferent Accounting and Filing Software for GSTSAPSAP provides software and technology solutions. . To do GST compliances, existing users will have to switch to the relevant version of SAP. For this purpose, taxpayers are required to get SAP ERP 6.0 (600) SP26 or higher version.Along with tax management, Tally can also help in;InvoicingInventory managementFinancial managementHR and payroll managementPurchase order management, etc.Quick BooksQuickBooks is one of the popular cloud based accounting system, which helps in the management of stock and handling customer transaction. It has quick and easy to use and helps in;Book-keepingTax determination and filing.One of the main features is that fully cloud based thus no data loss risk exists and free upgrades of the software are available.With all those features it still lacks in many parts, as following facilities are not available in it:It doesnu2019t work without internet connection.No inventory management feature is available.Cannot be customized.Only seven users can use it.Branch consolidation not possible.A QUICK GUIDE TO INDIA GST RATES IN 2017The Goods and Services Tax (GST) has been one of the most important things that have caught the attention of the media and the market because of its implications on the earnings of companies. A large number of items have been kept under 18% GST rates slab by the government. Around 1211 items were categorized under various slabs based on their GST rates. Given below is low-down on the tax slab that these items would attract, along with their GST rates:The complete updated list:Gold and rough diamond will be taxed at 3% and .25% respectively. They do not fall under the current rate slab ambit.No tax(0%) Goods No tax will be imposed on items like fresh meat, eggs, fresh meat, fish chicken, milk, curd, butter milk, natural honey, fresh vegetables and fruits, bread, besan, flour, salt ,jute, prasad, bindi, sindoor, judicial papers, stamps, newspaper, printed books, bangles, handloom, Bones and horn cores, bone meal, grist, bone grist, etc.; horn meal, hoof meal, Cereal grains hulled, Palmyra jaggery, kajal, Salt u2024 all types, human hair, Childrenu2019su2024 picture, drawing or colouring books.Services Lodges and hotels with tariff below Rs 1,000, grandfathering service has been exempted under GST. Semi-precious and rough precious stones will attract GST rate of .25 percent.5%Goods Items like packaged food items, fish fillet, Apparel below Rs 1000, footwear below Rs 500, skimmed milk powder, cream, frozen vegetables, branded paneer, tea, coffee, spices, rusk, pizza bread, sabudana, coal, kerosene, medicines, lifeboats, stent, raisin, Cashew nut, Cashew nut in shell, Ice and snow, insulin, Biogas, kites, Agarbatti, revenue or postage, stamps, stamp-post marks, first-day covers.ServicesPrivate-run lotteries which are authorized by the states, hotels with a room tariff above Rs 7,500, race club betting, 5-star hotels, cinema will attract tax 28 percent tax slab under GST12%GoodsApparel above Rs 1000, butter, ,ghee, cheese, animal fat, frozen meat products, sausage, dry fruits in packaged form, fruit juices, ketchup and sauces, namkeen, Bhujia, Ayurvedic medicines, agarbatti, tooth powder, colouring books, picture books, sewing machine, umbrella, cell phones, All diagnostic kits and reagents, note books, exercise books ,fork, Spoons, ladles, cake servers, skimmers, tongs, fish knives, Spectacles, Playing cards, carom board, chess board and other board games, like ludo.Services Non-AC hotels, State-run lotteries, business class air ticket, fertilizers, Work Contracts will fall under 12 percent GST tax slab18%GoodsMost of the items are under this tax slab which include footwear costing more than Rs 500,bindi patta, Trademarks, goodwill, software, Biscuits (All categories), pasta, flavoured refined sugar, cornflakes, cakes and pastries, jams, preserved vegetables, sauces, soups, instant food mixes, ice cream, mineral water, envelops, tissues, tampons, steel products, note books, printed circuits, speakers, camera and monitors, Kajal pencil, aluminium foil, Headgear and parts thereof, Weighing Machinery [other than electric or electronic weighing machinery], Printers [other than multifunction printers],CCTV, Electrical Transformer, Optical Fibre, Bamboo furniture, Swimming and paddling pools ,Curry paste; salad dressing and mayonnaise ; mixed seasonings and condiments .ServicesAC hotels which serve liquor, IT services, telecom services, financial services and branded garments will attract 18 percent tax under GST, Room tariffs between Rs 2,500 and Rs 7,500, Restaurants inside five-star hotels28%GoodsChewing gums, bidis, molasses, pan masala, chocolate not containing cocoa, aerated water, waffles and wafers coated with chocolate, paint, deodorants, dye, shaving creams, aftershave, hair shampoo, sunscreen, ceramic tiles, wallpaper, water heater, washing machines, dishwasher, weighing machine, ATM vending machines, vacuum cleaner, hair clippers, shavers, motorcycles, automobiles, aircraft for personal use, will attract 28 % tax u2024 the highest under GST system.ServicesPrivate-run lotteries which are authorized by the states, hotels with a room tariff of above Rs 7,500, 5-star hotels, race club betting and cinema will attract tax 28 percent tax slab under GST rates.
