Saturday, Aug 17 2019 | Time 20:14 Hrs(IST)
image
  • We all were expecting since long, says Jadeja sister
  • Ajmer experiences rain fury
  • No permit for three-wheelers using diesel in Patna: Modi
  • Jagan Reddy's govt failed in tackling flood situation: Chandrababu Naidu
  • Kejriwal expresses concern on AIIMS fire, says all efforts being made to control the blaze
  • Karnataka Cabinet likely to take place on August 20
  • UP govt working for all sections of society: Yogi
  • UNI NEWS DIGEST AT 2000 HRS FOR AUGUST 17, 2019
  • Easing of restrictions in process, telephone lines to be functional by Sunday evening: J&K Govt
  • Houthis claim carrying out large drone attack on major Saudi oil field
  • Conflict of Interest: Mary recuses herself from sports award panel
  • Influenza H1N1 death toll inches closer to 100 in Myanmar
  • Lt Col MS Dhoni returns after completing 15-day Army stint
  • National Projects Construction Corp bribery case: Bail granted to accused Anish Baid
  • 278 migrants rescued off coast of Libya's capital
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.
UNI XC RAJ SW 1722
More News

Ahmedabad Oil Market rate

17 Aug 2019 | 4:26 PM

Ahmedabad, Aug 17 (UNI) Ahmedabad Oil Market showed a firm trend here on Saturday.

see more..

Ahmedabad Cotton Market rate

17 Aug 2019 | 4:26 PM

Ahmedabad, Aug 17 (UNI ) Ahmedabad Cotton Market ruled steady here on Saturday.

see more..

Ahmedabad Gur Market rate

17 Aug 2019 | 4:26 PM

Ahmedabad, Aug 17 (UNI) Ahmedabad Gur Market ruled steady here on Saturday.

see more..

Ahmedabad Sugar Market rate

17 Aug 2019 | 4:26 PM

Ahmedabad, Aug 17 (UNI) Ahmedabad Sugar Market showed firm trend here on Saturday.

see more..

Ahmedabad Grain Market rate

17 Aug 2019 | 4:25 PM

Ahmedabad, Aug 17 (UNI) Ahmedabad Grain Market ruled steady here on Saturday.

see more..
image