Know About GST: The Basics

GST is a destination based tax where only the additional value added is taxed and the burden of the entire taxation is borne by the customer.

This tax is a destination based tax which is levied at all stages on goods and services consumed, right from the manufacturing stage to the stage of final consumption.

Now that we’ve spoken about destination based tax, it is important to know what it really means. It simply means that the tax will be received over time by an authority which has jurisdiction and regulation over the place of supply or consumption.

GST has saved people from a number taxes that was there before it’s implementation. With GST being rolled out in full force, the following few taxes have been replaced by it.

  • Service Tax
  • Central surcharges and fees
  • Luxury Tax
  • VAT
  • Taxes on advertismemt
  • Taxes imposed on betting and gambling.
  • Central Excise Duty
  • Additional Duties of Customs and Excise

How do GST softwares work?

  1. When it comes to gst return software, anyone and everyone can use it. You don’t need to undergo a crash course in regards to GST or even know the basics of accounting. You can easily transfer data from a system to another and also move them to Busy and Tally which are third party systems.
  2. All you need to do is add the invoices and wait as the software makes the ledger, balance sheets and Profit and Loss Data for you
  3. GST software not only helps in tracking your expenses but also plays a major role in keeping together the inventory management along with orders on sales and purchases.
  4. Nowadays GST return softwares allow you to manage your account on the go. You can connect your clients through the software app and allow them to view the documents.

Instead of getting an assistant who will help you file GST returns and will also charge you for it, you can get GST return filing softwares online that will not only save you from human errors but will also make your work easier through the course of the year. The plans don’t exceed a particular amount for quarterly returns and all this while you not only get valuable insight but also regular reminders about filing your tax which is again taken care of by the GST return software.

Online gst return filing is very important to avoid the hassle which users experience last minute when they use the GSTN portal to pay their taxes. Although the network has the capacity to handle more than one lakh users paying their returns per hour, there have been complaints regarding glitches and technology errors when it comes to paying taxes.

Some have complained that they had to wait for more than an hour to be able to login in to the portal.

However the problem is not always the government even though we use them as an easy excuse to blame the situation. We must avoid waiting till the very last minute to avoid website crashes.

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