Saturday, Jan 18 2020 | Time 02:52 Hrs(IST)
  • About 50 Militants Killed in Clashes With Syrian Army in Idlib, Aleppo - Russian Military
  • Cypriot football fixtures called off after bomb attack on referee
  • At Least 14 People Killed in Armed Assault in Nigeria - Reports
  • Xi meets Myanmar State Counsellor Aung San Suu Kyi
  • Pompeo Discusses Iran, Afghan Peace Process With Pakistani Counterpart - State Department
Business Economy

Leading publisher of tax laws 'Taxmann' launches GST filing software ‘One Solution’

Ahmedabad, Jun 1 (UNI) Leading publisher of tax and corporate laws in India and one of the 34 government recognised GST Suvidha Provider (GSP), Taxmann, today launched its Goods and Services Tax (GST) compliance software, ‘One Solution’, an integrated software for all GST and Income-tax Compliance, in Ahmedabad, the commercial capital of Gujarat.

Senior Consultant of Taxmann and a tax expert who had authored several books on the subject, Bhavesh Chandarana, launching the software, said the government was confident of implementing the GST from July 1 and if that happened, the tax professionals and tax payers have very limited time to get prepared for the GST.

The Compliance under GST were time bound and every month a registered dealer had to file three returns and an annual return, which means every taxpayer, would file 37 returns in a year. To file these returns, every taxpayer would require to maintain a database of key information, like, Harmonized System of Nomenclature (HSN Codes) of Goods/Services, Address and GSTN of customers, which would be stated in each GST Invoices and GST Returns. Therefore, to enable the taxpayers, Taxmann was providing the facility to create Masters of all key information in GST Module of One Solution. It would enable the taxpayers to collect all required information from the parties so that GST compliant invoice could be issued from July 1 onward..

“Post implementation of GST the invoices should be as per the requirements prescribed in the GST law. Various additional information will be required in GST Invoices as well as in the GST Returns. Many of these information are repetitive in nature, therefore, we are rolling out the Master Creation functionality immediately (covering buyer master, supplier master, goods & services master, branch master, bank master, etc.). It will give sufficient time to the taxpayers to configure their system and create the required masters well in advance and get ready for GST,'' he said.

As the GST is effectively levied on the difference between the resale and purchase price, an entity can reclaim as well as pay taxes. To ensure that an entity pays what is due and reclaims all legitimate tax credits, the sale and purchase invoices are reconciled. GST, as Part of One Solution, will provide a functionality to a taxpayer to reconcile his sales and purchase invoices and upload only the reconciled invoices on GST Network (GSTN), he added.

All return filings and compliance work under GST will be handled by GSTN (Goods and Services Tax Network). Until now GSTN has authorised 34 companies in India to directly interact with GSTN. These companies are called as GSPs which shall provide essential solutions like registration, return filing, payment of taxes, ledger maintenance, etc., through their secured network. Every taxpayer will require a gateway of GSP to interact with GSTN, to file return with GSTN, etc.

Taxmann is one of them and will provide infrastructure to other GST software companies, ERPs and CAs to interact with GSTN for various compliances, platform to file GST returns, facility to import data from email, CSV, XML, Raw data, Reconciliation of sales and purchases invoices and vice-versa, Mobile Applications for easy access, Cloud and offline solutions and Artificial Tax Intelligence.
More News
MoU between NITI Aayog, Ladakh for development of infrastructure projects

MoU between NITI Aayog, Ladakh for development of infrastructure projects

17 Jan 2020 | 10:13 PM

New Delhi, Jan 17 (UNI) In an important initiative to promote the development of key infrastructure sectors in the newly constituted Union Territory of Ladakh, NITI Aayog and Ladakh entered into a memorandum of understanding (MoU) on Friday.
Under this MoU, NITI Aayog will be supporting the UT’s administration through its key initiative ‘Development Support Services to States for Infrastructure Projects (D3S-i)’.

see more..

Union IT Minister to inaugurate Centre of Excellence in Blockchain Technology in Bengaluru on Saturday

17 Jan 2020 | 9:08 PM

New Delhi, Jan 17 (UNI) To provide Blockchain as a service and allowing all stakeholders to benefit from shared learning, the National Informatics Centre (NIC) has set up the Centre of Excellence (CoE) for the same in Bengaluru that will be inaugurated on Saturday by Union Minister Communications and Electronics & Information Technology Ravi Shankar Prasad, an official release said here.

see more..

Arcesium announces strategic investment from JP Morgan

17 Jan 2020 | 8:50 PM

Hyderabad, Jan 17 (UNI) Arcesium, an investment management technology and professional services firm, on Friday announced that J P Morgan has invested in the company.

see more..

Bullion Market Closing Rates

17 Jan 2020 | 8:47 PM

Chennai, Jan 17(UNI) Following is the bullion markets
closing rate here today.

see more..
Paytm to increase merchant base in India, says VP

Paytm to increase merchant base in India, says VP

17 Jan 2020 | 7:49 PM

Ahmedabad, Jan 17 (UNI) India's largest payments platform Paytm on Friday said that by the end of the current financial year, its merchant base in the country is likely to almost double to reach 25 million.

see more..