Best billing software 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...

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...

To help fund public works and services and to build and maintain the infrastructures used in a country, the government usually taxes its individual and corporate residents. The tax collected is used for the betterment of the economy and all living in it. In the US and many other countries in the world, taxes are applied to some form of money received by a taxpayer. The money could be income earned from salary,  capital gains  from investment appreciation,  dividends  received as additional income, payment made for goods and services, etc. A percentage of the taxpayer’s earnings or money is taken and remitted to the government. Payment of taxes at rates levied by the state is compulsory, and  tax evasion  - the deliberate failure to pay one's full tax liabilities - is punishable by law. Most governments utilize an agency or department to collect taxes; in the United States, this function is performed by the  Internal Revenue Service  (IRS). The...

How Bonuses Are Taxed OVERVIEW Working hard all year to help your company meet its annual goals deserves a reward, and you've definitely earned that bonus. But bonuses count toward your income for the year, so they're subject to income taxes. Read on to learn how much tax you can expect to pay on your bonus—and for tips on reducing your tax liability. Federal and state taxes While bonuses are subject to income taxes, they don't simply get added to your income and taxed at your top marginal tax rate. Instead, your bonus counts as supplemental income and is subject to federal withholding at a 22% flat rate. Example: If you receive a $6,000 bonus for the year, you'll likely have $1,320 withheld in federal taxes to be sent to the IRS ($6,000 x .22 = $1,320). Your bonus may also be subject to state taxes, although the withholding rate will vary depending on your state. If you receive a very large bonus—over $1 million—some of it will be taxed at a higher rate. You'll ...

Matching & Reconciliation under GST – Importance & Procedure GST Reconciliation and Matching are not new to any taxpayer. This has been prevalent in earlier VAT and excise regime too. Then, the matching of data between the books of accounts and tax returns was an easy task for many business organisations. If the tax department on processing returns found some discrepancy, communications would be sent to the taxpayer and accordingly further scrutiny and audits would be carried out by the authorities. But under  GST , this process has gained significance as the sanity of the Input tax credit utilised by businesses is monitored by the GST authorities regularly. Also, the taxpayers must on regular basis reconcile their data every month with the data declared by its vendors too. The return filing and processing are semantically automated and the  GST returns  are inter-linked. 1. What is Matching & Reconciliation under GST? Following Mismatches can b...