New GST return forms may force firms to change ERP systems

The new Goods and Services Tax (GST) returns from April 2020 that mandate providing more details may require companies to amend their enterprise resource planning (ERP) systems.

Tax experts and chartered accountants (CAs) said that the new return systems would require a lot of details such as purchases from unregistered dealers.

"Besides, bill of entry-wise import details and bill of entry-wise purchases from SEZs (special economic zones) would be required. As of now, there is one-way traffic. Presently, suppliers upload these data, but from April 2020, recipients will also have to upload all these data," said Vivek Jalan, Partner, Tax Connect Advisory Services LLP.

Instead of the GST returns being the current supplier-driven traffic, starting April next year, it would become a workflow driven mechanism, he added.

Moreover, electronic or E-invoicing for business to business (B2B) transactions would also kick in from January 1, 2020. This would also require changes in the ERP systems to ensure thgat every invoice is tracked by the tax authorities. The move is aimed at curbing tax evasion.

In addition to the current invoices which are generated on the companies' ERP, the new system would require automatic uploading of the data on government systems.

 

reference : http://tiny.cc/0vjvez

GST Help 2017

Goods and Services Tax (India)

What Is GST?

Goods and Services Tax (GST) is an indirect tax throughout India to replace taxes levied by the central and state governments. It was introduced as The Constitution (One Hundred and First Amendment) Act 2016, following the passage of Constitution 122nd Amendment Bill. The GST is governed by GST Council and its Chairman is Union Finance Minister of India - Arun Jaitley.

Introduction of Goods and Services Tax (GST) is a step in the reform of indirect taxation in India. Amalgamating several Central and State taxes into a single tax would mitigate crusading or double taxation, defoliating a common national market. The simplicity of the tax should lead to easier administration and enforcement. From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated at 25%-30%, free movement of goods from one state to another without stopping at state borders for hours for payment of state tax or entry tax and reduction in paperwork to a large extent.

A four-tier GST tax structure of 5%, 12%, 18% and 28%, with lower rates for essential items and the highest for luxury and de-merits goods that would also attract an additional cess, was decided by the all- powerful GST Council. GST is expected to be applicable from 1 July 2017.

Why GST?

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.
GST rollout missed several deadlines due to disagreement among many states over certain important issues on the new tax reform. However, as per recent reports, GST is scheduled for a nation-wide rollout on April 1, 2016.

Advantages of GST:

1. Revenue will get a boost
- Evasion set to drop - Input tax credit will encourage suppliers to pay taxes - States and Centre will have dual oversight - The number of tax-exempt goods will decline.
 
2. Logistics, inventory costs will fall
-Checks at state borders slow movement of trucks. In India, they travel 280 km a day?? compared with 800 km in the US.

3. Investment boost
-For many capital goods, input tax credit is not available. Full input tax credit under GST will mean a 12-14% drop in the cost of capital goods. Expected: A 6% rise in capital goods investment, 2% overall.
 
4.Composition scheme for small businesses
-GST also has an optional scheme of lower taxes for small businesses with turnover between Rs. 20 to 50 lakhs. It is called the composition scheme. This will bring respite from tax burdens to many small businesses.
 

5.Simpler online procedure under GST

-The entire GST process – starting from registration to filing returns and payment of GST tax – is online. Startups do not have to run around to tax offices to get various registrations under excise, VAT, service tax.

Implementaion Of GST?

Seventy years of indirect taxation framework of India is giving its way to a unified tax Goods and Service tax (GST) regime. Federal structure of Indian polity required on boarding of some 30 Indian States before GST could have been on its way for rollout. The convergence of Central-State Government and ruling -opposition political parties took almost a decade, missing several deadlines, before implementation from 1 July 2017, appeared to be a reality.

The policy matters were finalised at two levels, Central and States before both stakeholders merged to form 'GST Council', a body entrusted to make fundamental decisions such as implementation date, draft law, rules, and rates. The Council did about a dozen meetings and reached consensus on various issues such as division of powers for assessment of tax payers between Central and State Government, formulation of law, draft rules and finally the rates during the last 8 months.

The law is passed by the Central Government and about one-third State Government, so far. Remaining State Governments are expected to pass the law in a month's time.

Implementation of GST on an electronic filing system required putting together a sound IT infrastructure. Goods and Service Tax Network (GSTN), non-profit company, was tasked with implementation of the portal that is meant to serve as a communication channel between Government and tax payers. One of the key features of Indian GST is 'matching'. Which means correlating the tax paid by the suppliers with tax credit claimed by its customers. This would require uploading transactional level voluminous data into GSTN. GSTN has made steady progress and its portal is undergoing testing. Application programme interface (APIs) is also made available recently for testing in the sandbox environment by the GSTN to help the taxpayers gear up for the massively detailed level of filling.

The GST Council's recently concluded a two-day meeting on 18 and 19 May, has been by far its most productive meeting. It has finalised the rules where minor tweaks has been done. The final rules would help freezing requirements around the IT systems, designing internal processes and compliance functions. The Central and State Governments would soon notify the Rules.

It has also agreed on classification of goods and services into 5-tier rate structure (nil, 5%, 12%, 18%, 28%) based upon Harmonized System of Nomenclature (HSN) code. Finer look at the rate on goods reveals that the Government has done a good job in classifying goods into the rates closed to the existing rates. There has been some exceptions as well, such as solar photovoltaic modules which has been taxed at 18% rate, from almost zero rate of tax under the current system of taxation, when supply of electricity has been kept outside GST net.

With around 40 days to go-live, the Government needs to step up its efforts in educating the tax payers and providing test access to each tax payer to the GSTN portal to experience the GST filling requirements, besides bringing clarity on the pending issues.

Some tax payers also believe that both Government and tax payers would benefit, where a 90 days clear window is available for preparation with full visibility about the final law including the rules, favouring the implementation to be postponed to 1 September, 2017, one last time. However, the Government appears to be bracing up for the GST roll out from 1 July 2017.

Calculation of GST?

When adding 10% to the price is relatively easy (just multiply the amount by 1.1), reverse GST calculations are quite tricky: To figure out how much GST was included in the price you have to divide the price by 11 ($220/11=$20); To work out the price without GST you have to divide the amount by 1.1 ($220/1.1=$200)



Particulars

Value and Tax amount under GST (in INR)

Value and Tax amount based on current rates (in INR)

Value to the Manufacturer

Cost of Production

1,00,000

1,00,000

Addition of 10% Profit Margin

10,000

10,000

12% Excise Duty

13,200

-

Total Cost of the Production

1,23,200

1,10,000

Addition of 12.5% VAT

15,400

-

Addition of 6% SGST

-

6,600

Addition of 6% of CGST

-

6,600

Invoice Value for the manufacturer

1,38,600

1,23,200

Value to the wholesaler

Cost of products

1,38,600

1,23,200

Addition of profit margin @10%

13,860

12,320

Total Value

1,52,460

1,35,520

Addition of 12.5% VAT

19,058

-

Addition of 6% SGST

-

8131

Addition of 6% CGST

-

8131

Invoice value to the wholesaler

1,71,518

1,51,782

Value to Retailer

Cost of products

1,71,518

1,51,782

Addition of profit margin @10%

17,152

15,178

Total Value

1,88,670

1,66,960

Addition of 12.5% VAT

23,584

-

Addition of 6% SGST

-

10,018

Addition of 6% CGST

-

10,018

Invoice value to the wholesaler

2,12,254

1,86,996

 

What is SGST, CGST & IGST?

The GST to be levied by the Centre on intra-State supply of goods and/or services is Central GST (CGST) and that by the States is State GST (SGST).

On inter-state supply of goods and services, Integrated GST (IGST) will be collected by Centre. IGST will also apply on imports.
GST is a consumption based tax i.e. the tax should be received by the state in which the goods or services are consumed and not by the state in which such goods are manufactured. IGST is designed to ensure seamless flow of input tax credit from one state to another. One state has to deal only with the Centre government to settle the tax amounts and not with every other state, thus making the process easier.

Why are we getting 3 taxes -SGST, CGST, IGST?

India is a federal country where both the Centre and the States have been assigned the powers to levy and collect taxes. Both the levels of Government have distinct responsibilities to perform, as per the Constitution, for which they need to raise resources. A dual GST will, therefore, be keeping with the Constitutional requirement of fiscal federalism. The Centre and States will be simultaneously levying GST. 3 taxes will be implemented to help tax-payers to take credit against each other thus ensuring “One nation one tax”.

GST Enrolment – HSN Codes

Product

Quick Sale 9.O - Integrated Banking options inside

India's First GST Ready Business ERP Software that is suitable to support almost every kind of business. If you are a Retailer / Wholesaler / Distributor / Manufacturer / Accountant / CA / Broker / Commission Agent, this software is for you.

Auto-Bank Reconciliation

Gone are the days for manual reconciliation.
Experience Auto-Bank Reconciliation features with Quick Sale Software  ICICI bank integration.

Lifetime Zero Balance Account*

Get a lifetime zero balance current account for Ltd,
Private Ltd, LLP & OPC Constitutions.

Maker - Checker Payment System

A much efficient and easy to use maker - checker payment system

Advance Payment Scheduling

Now Schedule Your future Payments in Advance as Per your business Requirements.

Fraud-Less/Secured

Move to a Fraud-less/secured Internet Based Cheque Printing Facility.

Automatic ledger entry

Eliminates chances of manual data entry errors in your books.

Real-time Payments

Real-time direct payments through Quick Sale Software
(NEFT/RTGS/IMPS/Fund transfer).

Specialized for any kind of business be it a Supermarket, Mobile Shops / Computers / Electronics / FMCG Dealers / Automobile / Spare Parts / Book Shops, Bakeries, Grain Market, Pesticides, Fertilizer, Seeds, Invertor/ Battery, Bags, Bakeries, Sweet Shops, Electrical goods, Kitchenware, Gift houses, RO Filters, Jewellery, Grain Market Commission Agents. Almost every kind of business can be managed using Quick Sale 8.0 GST Software.

A Complete Business ERP Software that caters to every need of modern day business tycoons. Richly featured with Accurate Accounting, Powerful Stock Managment, Barcode Printing, GST Billing To Reporting, Multiple User designable Bill Formats, SMS Plugin / Email / EBill Facility, Label Printing, Cheque Printing, SMS Plugin, Multi Company management, Automatic Backup and highly protected with User Rights Management. Excel Import / Export feature gives the user an option to switch from any software to Quick Sale 8.0 GST Software.

Everything related to GST right from GST Billing to Returns, just need to start your billing and you will see all the reports like, b2b, b2cl, b2cs, hsn summary, exports, nil rated, Expense Voucher, Reverse Charge Entry, Ecommerce Sellers Sale Entry, Advance Receipts, ITC, Non ITC, GSTR3B, GSTR-2 everything generated automatically at a single click.

Implementing Quick Sale software is quite easy. No Accounts or computer training required, no experience required. Anyone with knowledge of basic computer operations can operate it very comfortably.

Download Quick Sale 8.0 GST software and start using.

 

Free B2B SMS
Price : INR 15000/*-

Free Demo download

 

Verification

________________________________________________

Smart POS

Software esp. for Apparels, Footwear, readymade garments retail showrooms to manage their stock Size / Color / Article wise. No need to purchase separate barcode printer to print tags.

Download Smart POS   

Price : 12000.00*

Contact us for more information or Licence .

call: 9370559900 /9730070172

________________________________________________

medical software

Medibook

Software Erp. For Pharmaceutical Dealers and Distributors (Wholesale and Retail Chemists) with Stock management, Billing, Expiry, Breakage and Accounts

 

Free Demo download

 

Verification

Download Support Setup after Demo Download  and install it.

________________________________________________

Book Library

Library Management System for Schools and Colleges to manage their books records, Library Card, Automatic fine calculation with audit reports. Very Simple to maintain.

________________________________________________

School ERP

ERP Software for Schools & Colleges to handle Enquiry, Admission, Fee Management, Library, Attendance, Time Table, Certificates, ID Card, Reminder Letters, Demand Register, SMS, Birthday, Stock, Financial Accounting & more.. Now with Mobile App.

________________________________________________

My Hotel (GST Ready)

Software for Hotels and Restaurants with K.O.T. Management, Table Service, Check in, Check Out, Stock Management, Production. Very Easy to operate.
We can completely digitalize customer data with the help of its fully integrated Document Management System.

More Info

 Download Demo

GST Foe Hotel

________________________________________________

food Sale

E.R.P. Software For Sabzi Mandi Commission Agents with Supplier / Customer Bills, Rate / Weight Adjustment, Stock Management, Accounts, Crates, Ugrahi Register and much more

________________________________________________

Milk Shop

First time software esp. for Milk Dairies operate in your own Language like Hindi, Punjabi, Tamil, Gujarati Etc. Collect FAT, SNF automatically from Eko milk analyzer machine.

________________________________________________

Drycleaner's

Drycleaner's Automation Software to manage order booking, delivery with tag printing to track any item in stock. software controls stock and delivered stock integrated with financial accounts

________________________________________________

Cold Stores Management Software

Cold Stores Management Software to track customer's stock Lot No. / Rack Wise. Record Material Inward / Outward challans, Stock Shifting From One Rack to another etc. Fully Integrated with financial accounts

________________________________________________

Software for Weighing Scales

Software for Weighing Scales (Dharam Kanta) to automatically pick weight reading from weighing scales using RS232 Data Cable. Export your data to Excel. High Protection with user defined rights.

________________________________________________

Institute Management Software

Institute Management Software to handle daily inquiries and student records with Financial details, Fees collection / Accounting Management, Easy Banking, Interest Calculation, Sale/ Purchase, Admission with Photo. Now With Mobile App.

________________________________________________

Software For Clinical Labs

Software For Clinical Labs to maintain record of patients with accurate test reports. Easy to handle, Fast Implementation, Completely customizable with own Tests and formulations.

________________________________________________

Software for Courier Agencies

Software for Courier Agencies to Record Daily consignments, Make accurate monthly bills, Define party wise rates for all zones. Import existing data from excel. High protection with user defined rights. Integrated with Financial Accounting

________________________________________________

Order software online

Remote Installation after Payment successfully paid.

 

Bank Name : Bank Of India
Branch: Jalgaon(MH)
A/C Name : S B Infotech 
A/C NO: 067020110000216
IFSC : BKID0000670

Need Help ??

 just call: 9370559900

Mail : support@sbinfo.in 

Download Setup support file

A Setup of runtime dll files required to complete the software setup process for any software.

Solver Support is a must to install one time on any computer to run 

 

Mobile App

See your business on your mobile @ anywhere, anytime.

Any customer's, Supplier's Statement, Dues, Birthdays,

To-Do, Outstanding From Market, Cash Book always in your pocket.

Business Eye ERP – Modules Of ERP

ERP Banner

Business Eye ERP - Modules

CRM

Read More

Indian Accounting

Read More

Project Management

Read More

Inventory Management

Read More

Sales Management

Read More

HR – Human Resource

Read More

MRP – Manufacturing Process

Read More

Purchase Management

Read More

POS – Point Of Sale

Read More

Every organization work in a different way depending upon the size and the workflows they carry towards the growth of their business. It should also be noted that it is impossible for every organization to work in a similar manner completely. Therefore customized Business Eye ERP software is available which can be crafted as per the business, so to ensure the same workflows are in place.
Customization as per the requirements of the organizations.

Did you looking for customized Business Eye ERP Software

So hurry up and contact us.

We will respond in less than 24 hours.

About Us

About S B Infotech

We are associated with the it industry’s since 2010 and we provided the technical support to the industry and also deals with the developing the software and website Designs. Our mission is to provide a range of easy to use business applications that form a complete suite of tools to a company any business need. Make business software should cover complex needs without being complicated.
We provide full feature web services including E-commerce solution. We act as an offshore development centre for overseas development firm. We take pride in providing a striking visual as well as communication platform. Which enables our esteemed customers to present their business profitably and effectively?
We developed the software, Website and online ERP system for the companies and academic sector with high quality accessories and services that’s give you paces of mind during your work and keeps you updated.
S B Infotech is Software Company which consists of dynamic and innovative people we build customized software products for the industries providing them business solutions.
Efficiency and Effectiveness is what we see in providing customization software product. We believe that customization is the key to customer satisfaction and his business growth.