GST & it’s Work
Goods & Services Tax is a comprehensive, multi-stage, target-based tax that will be levied on any added value. GST is a national indirect tax that will make India one common unified market.
GST is a one-time tax on the provision of goods and services from the manufacturer to the consumer. Input tax credits paid at each stage will be available in the subsequent value-added stage, making GST essentially a value-added tax only at each stage.
GST defines a transaction as ‘ Supply ‘ where goods or services are transferred, exchanged, rented, leased, bartered, disposed of or licensed. Whenever a transaction occurs, a tax invoice must be issued within a prescribed time limit, depending on the occurrence of any such event. Any taxpayer registered under the GST network is therefore required to issue a tax invoice for the provision of goods or services.
The invoice includes S.No, product details such as product name, description, quantity, etc. along with supplier details, buyer, tax charged and other details such as discounts, terms of sale, etc.
Current taxes levied and collected by the Center:
- Central Excise Duty
- Additional Customs Duty (commonly referred to as CVD)
- Special Additional Customs Duty (SAD)
- Service Tax
Tax presently levied and gathered by the State:
- State VAT
- Central Sales Tax Entertainment
- Amusement Tax (except where charged by local authorities)
- Tax on Lottery, betting and gambling taxes
GST Billing and Invoice Software Tools
- Sleek Bill
- Zoho Invoice
- MargERP 9+
- Tally ERP 9
- HyperDrive HDPOS Smart
- Sage 50cloud
- Vyapar Accounting Software