Say No to Prolonged Billing and Stay Fuss Free
With GST Score – Fast and Compatible Billing
Why GST? – A Juvenile and biggest Tax Reform in India.
VAT rates and regulations differ from state to state. And it has been observed that states often resort to slashing these rates for attracting investors. This results in loss of revenue for both the Central as well as State government.
On the other hand, GST brings in uniform tax laws across all the states spanning across diverse industries. Here, the taxes would be divided between the Central and State government based on a predefined and pre-approved formula. In addition, it would become much easier to offer services and goods uniformly across the nation, since there won’t be any additional state-levied tax.
Goods and services, depending on their nature, have been placed under four tax rates of 5 per cent, 12 per cent, 18 per cent and 28 per cent while some are exempt.
Things to Know about GST:
1) GST helps to eliminate “tax on tax” or the cascading impact of the tax, thus bringing down the overall cost of goods. GST shifts the tax incidence near to the consumer and benefits the industry through better cash flows and better working capital management.
2) Input tax credit: The mechanism of input credit under GST is one of the most important features of GST. It means that While you paying tax on production, manufacturers or service providers, for example, can reduce their tax payable by the amount they have already paid on inputs.
3) Input credit is available to the recipient (the manufacturer in this case) only if details provided by the supplier in its return match with those claimed by the recipient. Thus, it encourages suppliers of goods and services to become GST-complaint. So GST helps in checking evasion of taxes.
4) In the current regime, tax rates vary from state to state. So companies often choose warehouses for their inventory based on tax considerations. Under GST, the country will move to ‘One Nation, One Tax’ regime, giving companies the freedom to set up their own warehouses to optimize cost and improve customer service.
5) Also, transportation costs could also fall due to the reduction in long and winding queues at border checkpoints and other entry points within and between the states. This will reduce operational costs and will benefit companies. According to a World Bank report, corporates can save up to 40 per cent of their logistic costs incurred at check-posts and toll plazas.
6) GST could also boost exports by making Indian goods competitive in global markets. Exports will be treated as zero rated supplies which mean no tax will be payable on exports of goods or services. However, exporters can claim input tax credit.
GST Billing Software – The GST Score
Several business firms are finding it quite difficult to go about their usual way. GST or not, tax management has always been a tedious work. Why do you have to do this boring job yourself when you have several solutions to help you and to make your life much easier. Take a look below.
Softcron Technology is one of the leading Brand in India that offers the best business software services. The main aspect which makes GST Score more user-friendly than others is its simplicity. One such Software which acts as the perfect companion to several business managements is the GST Score. To perform all your activities with ease and make you stay Fuss free from all kind of Billing and Accounting work. With an easy to use interface, it efficiently handles invoice, customer management, inventory, Tax management which include GST and also generates reports when needed.
It Performs Following Operations-
- Generate 100% accurate GST-compliant bills
- Automate your billing process
- Handle all your complicated billing requirements
- Preparing GST Returns
- Making GST Payments
- Extracting General Audit Files Compliant with GST
- GST Accounting
- Inventory Management
- Branch Management
- Purchase Management
- Point of Sales
- Manufacturing Management
- Project Management
It has an Auto Backup feature so you don’t ever have to worry about losing important data. And If we talk about Money, We make GST Score i.e. GST Billing software affordable. We developed a software for cooperative societies and Businesses and in a standardized manner.
Basically, this software helps you out by transforming your tedious, stressful work of tax management into an easy task that can be done in a matter of minutes.