GST Billing Software | GST Accounting Software India

After implementation of goods and service tax in india every citizen of india got confused about it specially businessmans. After implementing goods and service tax in india everyone wants to know about goods and service tax. If you are one of them then this article for you my friend, In this article we will talk about all things about goods and service tax.

All About Goods And Service TAX : What is Goods and service tax?

The short form of Goods and service tax GST.If we talk about implementation of gst then this act is implemented on 1st july 2017. In a simple language gst is an indirect tax and it is levied when we supply goods and services to any any one. Basically, gst replaced all the indirect tax which is earlier levied on supplying goods and services.

Why GST implemented?

The first question is arise in the mind of every indian is, why we need gst? The answer is very easy, before gst we paid many taxes like VAT, Service tax, sales tax etc. even we have to pay taxes on every level which increase the cost of the product and in the end the end consumer has to pay all this taxes. This is the main reason why government of india implemented gst.

Rates of GST?

GST is comes with 5 tax rates which are as follows-

  • 0% GST rate- The first gst rate is 0% tax rate in this tax rate, the product is not affected by gst and we can say that it is exempt from gst. There are some examples of the products which is comes under 0% tax rate salt,milk,eggs etc
  • 5% GST rate- The second gst rate is 5% tax rate.those products which is consumed by mass population comes under this rate. There are some examples of the products which is comes under 5% tax rate sugar, coffee, tea, oil etc.
  • 12% GST rate- The third gst rate which is comes under gst is 12%. This rate is also called as a standard rate because it is not too higher nor to lower. In this tax rate there are some products like agarbatti, cheese, butter, ghee etc are included.
  • 18% GST rate- The fourth rate is 18% this is somehow higher than other tax rates but it is not the highest tax rate which comes under gst. In this rate there are some products like camara, steel products, pasta,ice cream etc are included.
  • 28% GST rate- The last rate and we can say that highest rate of gst is 28%. This rate is basically implemented on luxurious products. There are some examples of this type of products is automobile, bikes, gold etc.
  • Advantages of GST?

    There are number of advantages of implementation of gst in this article we will cover some advantages of implementation of gst which are as follows-

  • Filing online GST is very easy and simple.
  • GST also eliminates the cascading effect of tax.
  • GST also reduce the cost of the product.
  • GST is more transparent than other old taxes.
  • In GST composition scheme is available for the small businessman.

  • Disadvantages of GST?

    We all know that gst is best but there are also some disadvantages of implementation of gst which are as follows-

  • GST makes some products costally which are not that much costly earlier.
  • Regular gst return makes businessman frustrated.
  • We have to purchase accounting software for calculation of gst which is costly.
  • Somehow after implementation of gst the real estate prices also rises.
  • Still unclear to many businessman.

  • Now It is easy with GST Accounting Software

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    About GST
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    Get Notifications on time

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    Tips for saving GST

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