(Available in Desktop and Online(Cloud) Variant)
Due Dates: GSTR 3B, GSTR 1, (GSTR 9, and GSTR 9C) and GSTR 4 Respectively as Follows: 20 March, 11 March , 31 March and 18 Apr 2020 (Read a Guide)
Gen GST is a comprehensive goods & service tax solution designed to make the GST return filing and billing process easier for businesses and professionals in various industries including jewellery sector. Among many features of Gen GST, the primary one is its ability to file all types of GST returns, including GSTR-1, 2, GSTR-3B, GSTR-9 (annual return), etc.
The Goods and Services Tax, or GST, was introduced in India on July 1, 2017, as a reformed indirect tax structure that effectively replaced all the existing indirect taxes such as sales tax and VAT. GST is a consumption-based tax levied on the supply, purchase, transfer, lease and/or import of relevant goods and services as instructed by the GST regulatory of India.
Gen GST is a feature-rich, complete GST return filing and e-billing software designed for CAs and taxpayers. The software lets you generate GST-compliant tax invoices and file your monthly/quarterly/annual GST returns in the easiest way possible. With Gen GST software for textile industry, you can now manage all your Textile business accounts in one place, track inventory, generate tax reports, maintain records, file returns and pay taxes directly to the government.
On 18th May 2017, a meeting was held in which the GST council declared the tax on certain goods and services under GST, the new tax regime, which has effectively replaced the existing VAT taxes on goods and services. In this article, you can read about GST rates on various wooden furniture items and supplies and how is the GST regime better (or worse) than the VAT regime.
GST is a consumption tax levied on the sale of goods and services. GST is collected at pre-fixed rates from consumers or purchasers of goods and services. On the other hand, TDS is deductible by payee from the amount payable by it to provider/supplier of services. TDS is deducted on services, Contract payment, Professionals, etc. The deducted or the balance payment has to be deposited as tax amount with the government. The tax amount is deposited on behalf of the recipient as future tax liabilities. Let’s understand how TDS under GST works.
The Goods and Services Tax (GST) rate for all types of services is based on the SAC Code (Services Accounting Code). SAC is a services classification system which was developed by the service tax department for the demand of service tax. The GST Council thought of adopting the same classification system for the demand of GST. GST rate services has five slabs namely – 0%, 5%, 12%, 18% and 28%. 18% is the default GST slab so the majority of the services fall under it. Given below are the GST rates for beauty parlours, gyms and health care services in details.
GST Council in India has decided the GST rate for goods and services. The GST Council consists of members from State Government as well as Central Government. After several meetings, the GST Council has successfully decided the GST rate. Now let us look at the GST rate for passenger transport services like air travels, railways, GST on bus services or taxi services and more.