best gst billing software kerala

BREAKING DOWN 'Direct Tax ' Direct taxes are based on the ability-to-pay principle. This principle is an economic term that states that those who have more resources or earn higher income should pay more taxes. The ability to pay taxes is a way to redistribute the wealth of a nation. Direct taxes cannot be passed onto a different person or entity; the individual or organization upon which the tax is levied is responsible for the fulfillment of the full tax payment. Direct taxes, especially in a tax bracket system, can become a disincentive to work hard and earn more money, because the more money a person earns, the more taxes he pays. A direct tax is the opposite of an  indirect tax , where the tax is levied on one entity, such as a seller, and paid by another, such as a  sales tax  paid by the buyer in a retail setting. Both taxes are equally important to the revenue generated by a government and therefore, to the economy.  The History of Direct Taxes...

1. What is an eWay Bill? EWay Bill is an Electronic Way bill for movement of goods to be generated on the eWay Bill Portal. A GST registered person cannot transport goods in a vehicle whose value exceeds Rs. 50,000 (Single Invoice/bill/delivery challan) without an e-way bill that is generated on ewaybillgst.gov.in Alternatively, Eway bill can also be generated or cancelled  through SMS , Android App and by site-to-site integration through API. When an eway bill is generated, a unique Eway Bill Number (EBN) is allocated and is available to the supplier, recipient, and the transporter.   2.When Should eWay Bill be issued?   eWay bill will be generated when there is a movement of goods in a vehicle/ conveyance of value more than Rs. 50,000( either each Invoice or in (aggregate of all Invoices in a vehicle/ Conveyance) #  )  – In relation to a ‘supply’ For reasons other than a ‘supply’ ( say a return) Due to inward ‘supply’ from an unregistered p...

BENGALURU: Back offices of multinationals, and Indian companies offering back-office services to MNCs are intermediaries and must therefore pay 18% GST, the tax body Authority of Advance Ruling (AAR) has said. AAR gave this ruling in a case against Vserv, a mobile advertising company. The matter has sent the industry into a tizzy. Till now, these services were treated as exports and were not taxed. If the AAR ruling stands, it is expected to have a big hit on the operations of these companies. “Our preliminary analysis suggests that the concept of exclusion of `main service’ from intermediary service entry has been ignored in the ruling. If the implication of this ruling is not suitably clarified, it will make our companies non-competitive in the global market, potentially resulting in loss of revenue, jobs and customers. This will have a direct impact on the 500+ GICs (global in-house centres), with over 3.5 lakh employees currently operating out of India, and supporting their g...

GST Return Rules-Aster billing GST Return Rules Every GST-registered person or business entity needs to file Return in GST regime either on a monthly (normal supplier) or on a quarterly basis (those suppliers which are opting for composition scheme). An ISD (Input Service Distributor) will have to file monthly returns in GST regime which must show the details of credit distributed during a particular month. A person/company required to deduct tax (TDS) and persons/companies required to collect tax (TCS) will also have to file monthly returns in GST regime which must show the amount deducted/collected tax. A non-resident taxable person will also have to file returns in GST regime for the period of commercial activity undertaken. As per GST rules and regulations in India, GST-registered taxpayers have to file the details of outward supply in Form GSTR-1, which must include: Invoice wise details of all Inter-State and intra-State supplies made to registered persons. Inter-St...

Understanding the basics of GST People have taken note of the GST or the Goods Services Tax law. A new law has been proposed which is set to reform how people do business and the way goods and services are taxed in India. Whether it makes goods cheaper for the common man like you and me, nobody can tell. But this is going to impact our lives in our jobs, our businesses and the overall economic environment.  Reason enough for us to learn something about it! Who does it apply to? To every person who supplies goods and/or services of value exceeding Rs 20 lakh in a financial year. (Limit is Rs 10 lakh for some special category states). Compulsory registration for these. And GST must be paid when turnover exceeds Rs 20 lakh (Rs 10 lakh for some special category states). To any person making inter-state taxable supply of goods and/or services Every e-commerce operator Every person who supplies goods and/or services, other than branded ser...

Impact of GST on Manufacturers, Distributor, and Retailers GST is a boost competitiveness and performance in India’s  manufacturing sector . Declining exports and high infrastructure spending are just some of the concerns of this sector. Multiple indirect taxes had also increased the administrative costs for manufacturers and distributors and with GST in place, the compliance burden has eased and this sector will grow more strongly. But due to GST business which was not under the tax bracket previously will now have to register. This will lead to lesser tax evasion. Impact of GST on Service Providers As of March 2014, there were 12, 76,861 service tax assessees in the country out of which only the top 50 paid more than 50% of the tax collected nationwide. Most of the tax burden is borne by domains such as IT services, telecommunication services, the Insurance industry, business support services, Banking and Financial services, etc. These pan-India businesses alr...

Tax invoice in special cases Aster billing An ISD invoice or, as the case may be, an ISD credit note issued by an Input Service Distributor shall contain the following details:- name, address and GSTIN of the Input Service Distributor; a consecutive serial number not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters hyphen or dash and slash symbolised as , “-”, “/”, respectively, and any combination thereof, unique for a financial year; date of its issue; name, address and GSTIN of the recipient to whom the credit is distributed; amount of the credit distributed; and signature or digital signature of the Input Service Distributor or his authorized representative: Provided that where the Input Service Distributor is an office of a banking company or a financial institution, including a non-banking financial company, a tax invoice shall include any document in lieu thereof, by whatever name called, whether or not se...