GST billing software kerala

India’s biggest indirect tax reform in the form of Goods and Services Tax (GST) has completed 1 year. A comprehensive dual GST was introduced in India from 1 July 2017. The idea of moving towards the GST was first mooted by the then Union Finance Minister in his Budget for 2006-07. The talks of ushering in GST took concrete shape with the introduction of Constitution (122nd Amendment) Bill, 2014. The Bill was passed by the Parliament on 8 August 2016. This was followed by the ratification of the Bill by more than 15 states. On 12 April 2017, the Central Government enacted four GST bills: Central GST (CGST) Bill Integrated GST (IGST) Bill Union Territory GST (UTGST) Bill The GST (Compensation to States) Bill In a short span of time, all the states approved their State GST (SGST) laws. Union territories with legislatures, i.e., Delhi and Puducherry, have adopted the SGST Act and the other 5 union territories without legislatures have adopted the UTGST Act. The GST Council, ...

What is GSTR-2? Every registered taxable person is required to give details of Inward Supply, i.e., purchases for a tax period in GSTR-2. 2. Why is GSTR-2 important? GSTR-2 contains details of all the purchases transactions of a registered dealer for a month.  It will also include purchases on which reverse charge applies. The GSTR-2 filed by a registered dealer is used by the government to check with the sellers’  GSTR-1  for buyer-seller reconciliation. 3. What is buyer-seller reconciliation? Buyer-seller reconciliation or  invoice matching  or is a process of matching taxable sales by the seller with the taxable purchases of the buyer.  It is vital because ITC on purchases will only be available if the details of purchases filed in  GSTR-2  return of buyer matches with the details of sales filed in  GSTR-1  of the seller. For example, Ajay buys 100 pens worth Rs. 500 from Vijay Stationery. Vijay Stationery must show ...

INTRODUCTION FOR SLABS In 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 increasing with an increase in the income slab. Such tax slabs tend to undergo a change during every budget. Further, since the budget 2018 has not announced any changes in income tax slabs this time, it remains the same as that of last year. There are three categories of individual taxpayers: 1.Individuals (below the age of 60 years) which includes residents as well as non-residents 2.Resident Senior citizens (60 years and above but below 80 years of age) 3.Resident Super senior citizens (above 80 years of age) Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19 – Part I Income Tax Slabs Tax Rate Health and Education Cess Income up to Rs 2,50,000* No tax   Income from Rs 2,50,000 – Rs 5,00,000 5% 4% of Inco...