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No.1 Biiliing software Kerala

GST has brought in ‘one nation one tax’ system, but its effect on various industries is slightly different. The first level of differentiation will come in depending on whether the industry deals with manufacturing, distributing and retailing or is providing a service. 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 ProvidersAs 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...
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GST Billing software kerala

What is HSN Code? The Harmonized Commodity Description and Coding System generally refers to “Harmonized System of Nomenclature” or simply “HSN”. It is a multipurpose international product nomenclature developed by the World Customs Organization (WCO). It first came into effect in 1988. How does HSN code work?It has about 5,000 commodity groups, each identified by a six-digit code, arranged in a legal and logical structure. It is supported by well-defined rules to achieve uniform classification.Why is HSN important?The main purpose of HSN is to classify goods from all over the World in a systematic and logical manner. This brings in a uniform classification of goods and facilitates international trade.HSN WorldwideThe HSN system is used by more than 200 countries and economies for reasons such as:Uniform classificationBase for their Customs tariffsCollection of international trade statisticsOver 98% of the merchandise in international trade is classified in terms of the HSN.Harmon...
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Location: Kerala, India
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best gst billing kerala

Income Tax Slab & Rate for FY 2019-20, 18-19 & 17-18No tax for individuals with income less than ₹ 2,50,0000%-5% tax with income ₹ 2.5 lacs to 5 lacs for different age groups20% tax with income ₹ 5 lacs to 10 lacsInvestments upto ₹ 1.5 lacs under Sec 80C can save ₹ 46,800 in taxes.Invest in Best Tax Saving Mutual FundsSave up to Rs 46,800 in taxesHighest returns among other 80C optionsGet Instant Investment ProofIncome Tax Slabs Rates for FY 2019-20 (AY 2020-21) Individuals & HUF(Age <60 years) Senior Citizens(Age: 60-80 yrs) Super Senior Citizens(Age > 80 yrs) DomesticCompaniesIncome Tax Slabs Rates for Previous Years Income Tax Slabs Rates for FY 2018-19 Income Tax Slabs Rates for FY 2017-18 Income Tax Slabs Rates for FY 2016-17 Income Tax Slabs Rates for FY 2015-16INTRODUCTION FOR SLABSIn India, income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs and such tax rates keep incre...
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GST Billing Software in Kerala

What is HSN Code? The Harmonized Commodity Description and Coding System generally refers to “Harmonized System of Nomenclature” or simply “HSN”. It is a multipurpose international product nomenclature developed by the World Customs Organization (WCO). It first came into effect in 1988. How does HSN code work?It has about 5,000 commodity groups, each identified by a six-digit code, arranged in a legal and logical structure. It is supported by well-defined rules to achieve uniform classification.Why is HSN important?The main purpose of HSN is to classify goods from all over the World in a systematic and logical manner. This brings in a uniform classification of goods and facilitates international trade.HSN WorldwideThe HSN system is used by more than 200 countries and economies for reasons such as:Uniform classificationBase for their Customs tariffsCollection of international trade statisticsOver 98% of the merchandise in international trade is classified in terms of the HSN.Harmon...
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Location: Kerala, India
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Billing Software in Kerala

What is a GST invoice and who should issue one? The GST system has replaced the invoices such as tax invoice, excise invoice and retail invoices with one general GST tax invoice that has to be issued for all sales of goods and services. As a GST registered dealer, you are obligated to provide invoices that are compliant with GST rules and regulations for all supply of goods and services. Mandatory fields of a GST Invoice From July 1st 2017, all tax invoices provided by GST registered suppliers need to contain the following fields: Name, address and GSTIN of supplier; Type of invoice - tax invoice, supplementary invoice or revised invoice; Invoice date, series and number (just as before, a numeric series specific for a financial year); Name, address and GSTIN (if registered) of invoice recipient; HSN or SAC code for goods or services provided; Description of goods or services provided; Quantity and units of provided goods or services; Total amount value...
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Location: India
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GST BILLING IN KERALA

Need to introduce Composition Scheme under GST Every tax administration aims towards timely recovery of taxes, filing of returns, simplified generation and maintenance of records, invoices and others documents. Such elements are often a challenge for small businesses. To overcome this shortcoming a composition scheme was introduced under the respective State VAT Laws with conditions applied on eligibility for the scheme accordingly. The GST Law also contains an option for a registered taxable person having turnover less than the limit to pay tax at a lower rate respect to certain specified conditions.Know about Composition SchemeComposition Scheme will be granted to a taxable person only if he registers all the registered taxable persons having the same PAN under the scheme. Here the motive is to bring all the business segments having same PAN under the scheme.A registered tax payer, whose aggregate turnover does not exceed Rs seventy five lakh in the preceding financial year pay...
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Location: Thiruvananthapuram, Kerala, India
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GST Billing software kerala

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Let’s have a look at a short summary of GST’s impact on small businesses in India: DISADVANTAGES All invoices from B2B transactions have to be captured and compared to the corresponding party’s records. If there are any discorcondances, input tax credit cannot be claimed. Implementation will be tough on businesses as they will have to learn on the go. Returns need to be made more often and cash flow might have suffer. GST software will be the key in their day to day operations. While logistics will get easier for companies that sell goods, businesses in the service sector will suffer more. Currently, service providers need to register once at the central level while GST will require registration in every state such a business operates. ADVANTAGES No more tax cascading and applying tax at the total value of the product on each stage of the supply chain. Tax will be applied to value addition at each stage and businesses will be able to claim input tax cre...
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