A Successful Guide to Understand GST Better

 

Is increasing day by day. We are aware of the term Tally, but what is Tally? You often used the term Tally while calculating big numbers or in schools when you were taught the use of Tally table to solve number problems. But, the term Tally which we are referring to is the name of the software which is preferred widely by small, mid-sized and large enterprises for accounting and inventory management. This is the most demanding software in today’s time as it provides complete business solutions to all. From filling GST to cheque printing to ratio analysis to comparative analysis to cash and fund flow statements do as much accounting related work you want.

Before we jump to other aspects of it, let's understand GST first.

What do We Mean by GST?

Good and Service Tax (GST) is the biggest tax reform in India. Moreover, the nation adopted a uniform tax system under the central authority, for the very first time. GST is applicable to all goods such as materials, commodities and articles, as well as services. The GST law has specific principles and is influenced by the GST systems of other countries such as Australia, the European Union and the (Organisational for Economic Co-operation and Development) OECD's recommended international guidelines. Since the government allows both the center and the states to impose taxes, there is a dual system in the GST system that allows the states and central taxes to operate independently.

Features of GST

    The striking features of GST are:
  • The Goods and services tax is under the authority of the GST Council, which is composed of all the states ' Finance Ministers and headed by the Union Finance Minister.
  • The center and the states have subsequent jurisdiction to impose GST.
  • For various products and service categories, GST has a four-tiered slab structure at 5 per cent, 12 per cent, 18 per cent, and 28 per cent. Some important categories like wheat and rice have Zero percent of GST.
  • For various products and service categories, GST has a four-tiered slab structure at 5 per cent, 12 per cent, 18 per cent, and 28 per cent. Some important categories like wheat and rice have Zero percent of GST.
  • Some goods and services are exempted from GST umbrella such as; alcohol, five petroleum products and the entertainment tax levied by local authorities.
  • GST is imposed on the amount value-added at each stage. The end customer bears the GST only of the final stage.
  • Imports and Interstate commerce will be imposed by the center under GST.
  • GST is easy to understand and learn, all you need to do is enroll in a Tally course in Delhi to instil expert GST filing methods.

This unified taxation system ensures that the same goods or services do not receive cascading and repeated tax levies. This will support the country's economic growth by reducing the time, effort and cost spent on taxation. It will contribute to the ease and accountability of business transactions.

 Read More :-  A Successful Guide to Understand GST Better

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