CountMagic

A lot of taxes have accumulated in the ambit of Goods and service tax which has been termed as the most ambitious tax regime and holds the capability to fuel the economy of the nation. The main purpose of the GST is to curb various taxes levied currently on goods and service across states and to rebuilt in  ‘one tax one nation’  mode. Here we will talk about the indirect taxes that are included in GST and its benefits in the GST regime .' The taxes which are being included in Central GST are: Additional Customs Duty, commonly known as Countervailing Duty (CVD) Central Excise Duty (CENVAT) The Excise Duty levied under the Medicinal and Toiletries Preparations (Excise Duties) Act 1955 Additional Excise Duties Special Additional Duty of Customs 4% (SAD) Service Tax In State GST, there are various taxes which includes: Luxury tax Octroi and Entry Tax Purchase Tax VAT / Sales tax Entertainment tax (unless it is levied by the local bodies) Taxes on lottery, b...

Consider GST Software For Your Business: Every business owner be it big or small might be aware of new tax regime enrolled in the country. Though GST is 5 months old in the country, business owners are struggling to handle. GST filing be it generating invoices or filing tax returns. This is the juncture where GST software has become very important for the business owners to simplify their tax filing issues. Long time being spent by the business owners in filing the tax returns can now be utilized for something more productive. Ease of Filing Data Be it before implementation of GST or after implementation, many business owners rely on accounting software to handling their finances. This earlier accounting system has a few complexities to handle while filing returns. With the introduction of GST software in the market, the business owner will no longer find it difficult to calculate GST taxes. The software facilities registration and filing of the complex data easy in just a fe...

We are at the brink of one of the biggest business changes of our times viz. Goods and Services Tax. So far, most of the big businesses have already identified vendors for implementation of GST software. Many of the large enterprises had floated a Request for Proposal/Request for Information (RFP/RFI) late last year, asking software providers to present them with their solutions. They would have then evaluated these providers, over multiple product demos and extensive question and answer rounds, to reach a stage where they can now begin the implementation process, and undertake business process mapping and solutioning. If you, too, are looking for a GST software, then here is a list of some of the key features that you must ask for in your software: 1. Security Needless to say, in today’s digital world security is one of the most critical assurances. A secure software will protect confidential business information and avoid any kind of compromise that may pose threat to your bu...