Goods and Service Tax In India 2018-19

Goods and Service Tax In India 2018-19

What is GST and how it will affect you

GST stands for Goods and Services Tax which is concurrent levy of taxes on “Supply” of goods and services. GST in India will be dual system, where the Central and State together will levy tax on supply of goods and / or services, within the State (Intra-State) and Inter-State.

Highlight of GST

(1) Common threshold limit across the country:

GST-ensures a common threshold limit, irrespective of whether your manufacturer or dealer, either dealing in goods and/ or services. Under current regime different indirect taxes have varying threshold limit. Present Example:- the threshold limit for excise is 1.5 crore, service tax Rs.10 Lakhs and under Vat the threshold limit ranges from Rs.5 lakhs to 20 lakhs which are state specific.

Financial Management & Controls

* Trial Balanc
* Income and Expenses Statement
* Trading & Profit and Loss Account
* Balance Sheet (BS in Schedule VI by using Alt S)
* Funds & Cash Flow Statements
* Track your Inventory across multiple warehouses
* Ratio Analysis
* Orders Processing
* Stock Ageing Analysis & Stock Cost Estimation
* Budgets & Scenario
* Interest Calculations and much more

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