CountMagic

1. Reversal of Input tax credit – As per the rules of Input tax credit, after issuance of tax invoice if receiver does not made the full pa​​yment of amount   within 180 days then the credit taken on that invoice is to be reversed. And whenever the payment is made, the receiver can take the credit of the amount. Therefore the aging analysis of the debtors and creditors is to be done. all old invoices   issued before 1st October, 2017, should be paid before 31st March 2018. Ex. Suppose the fees Rs. 10000 is payable to the Chartered Accountant on 15th September, 2017, and the credit on that of Rs. 1800 has been taken in the return of that month, then the fees should be paid before 31st Marsh, 2018. Otherwise the extra payment of Rs. 1800 is to be made in the month of March. 2. E way bill – It is compulsory to issue E way bill from 1st April, 2018 for inter state transport.   In case of inter state supply, the goods are in transit as on 1st April, 2018, it is com...

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...

If you are a business, it is nearly certain you deposit some tax other than income tax. It could be in the form of service tax, excise duty, VAT or some version of custom duty. These taxes are called indirect taxes. Nearly all of these taxes will now be replaced with GST. But the implementation of GST is not merely a change in tax. GST is an overhaul in the way in which indirect taxes will ‘levy’. Currently, excise duty is levied on manufacture, VAT is levied each time goods change hands and value is added to the product. CST (Central Sales Tax) is charged when goods move between states. This way a finished product can have excise duty, VAT, CST added to its cost before reaching its final consumer. All of these have a different ‘point’ of tax levy. These different taxes will now give way to GST. When is GST Levied? The most important thing about GST then is its point of levy. Under GST, point of tax levy is ‘supply’. What constitutes a supply has been defined in the GST Act....

Gurugram, Nov 15 : Rashmi Khetrapal has been appointed an Independent Director of the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) for two years, an official said on Wednesday. “In pursuance of Section 149(10) of the Companies Act of 2013, Rashmi Khetrapal is appointed Independent Director on the Board of Director of HSIIDC, Panchkula, with immediate effect for two years,” Industries and Commerce Department Principal Secretary Sudhir Rajpal said in an official order. Rashmi Khetrapal is founder of CountMagic.com , a Goods and Services Tax billing software company aimed at making businesses simple in the new tax regime. She is a chartered accountant, apart from being an entrepreneur. This article has also been published in  Yahoo This article has also been published in  Suryaa , This article has also been published in  ThePeoplePost  This article has also been published in  DailyWorld  This article has a...

Since the demonetisation of high value currency in November last year, the government has been pushing for digital payments to move towards a less-cash economy as well as enhance tax base. The government is working on launching the second phase of promoting digital payments from January, according to an official source. "A committee under DAVP (Directorate of Advertising and Visual Publicity) is working on plans to start promotion of digital payments from January onward," an official source told PTI. "Information and Broadcasting ministry along with Meity (IT ministry) are involved in firming up this plan," he said. The logo and jingle are being prepared and the next meeting of the DAVP panel is expected to be held within a week to submit the plans, he said. "There is a proposal that every ministry should come up with its plan to promote digital payments," he added. Since the demonetisation of high value currency in November last year, the gov...

While the first quarter of demonetisation created initial disruption in the Indian economy, industry as well as consumers eventually witnessed the positive impact of demonetisation within the first year of its implementation. Some industry experts now claim that, this indeed, was a master stroke for the industry. According to them, though the growth slowed down for a quarter but eventually it proved be a boon to the economy. Sharing the success story of demonetisation for the commercial real estate industry, Puneet Chandra- Founder and CEO, Skootr said, “Demonetisation and efforts from the government to restrict black money and its digital policy has boosted the confidence of legitimate businesses. Economic stability and a consistent political environment are directly proportional to business sentiments in the country. I feel this has turned a lot of businesses internationally very positive about India; as a result, we see a lot of traction in the commercial real estate industry....

Digital push provides more training opportunities demonetisatio he consultancy sector is one area where demonetisation of high-value notes and implementation of the Goods and Services Tax (GST) seem to have had a positive effect. Consultancy firms have seen an increase in demand, say industry members. Sumit Peer, founder and CEO of Aurelius Corporate Solutions, a leading knowledge solutions integrator, said, “Our business has improved a lot, with more training opportunities on Enterprise Resource Planning (ERP) customisation and automation of homegrown Customer Relationship Management (CRM) solutions. We have seen good demand on programmes like SAP-GST from all segments of the market.” Rshmi Khetrapal , founder of Count Magic , a GST software company, said demonetisation and GST has helped create transparency and increase tax base and revenue. “A large number of shell companies have been identified. This has helped our business grow much faster. India was a largely cash-driven...

Today all the tax payers are taking lot of the time for reconciling the GSTR2 report with Purchase Invoice by checking one by using the offline utility software provided by the GST Portal, but here I am introducing the new utility created in the Microsoft Excel Format which will helps us to convert the Json File which is created by the GST Portal to Microsoft Excel Format and it will helps us to reconcile the data by using Vlookup formula in the less time and you can relax in the GSTR2 filing process. Step-1 Download the GSTR2A Report from the GST Portal Step-2 Download the Offline Utility software of the Json file convertor to Excel using the below link (It will work only above version of Microsoft Excel 2010 and above) Step-3 Convert the Json file to CSV Format by uploading the file to site https://json-csv.com/ Step-4  Convert this to CSV Format Step-5 Copy and Paste  the data in  the CSV File to the Excel Utility and pasting same using Paste ...

The third GST Council meeting since the implementation of Goods and Services Tax in India brought a spate of good news for exporters and small businesses, but also had something to offer to consumers as well, albeit less than what was widely expected. The GST Council, headed by Finance Minister Arun Jaitley, reviewed the rate of tax under GST on as many as 27 goods and services, mostly lowering the tax on these items of common use. However, the number of items discussed for a review of rates in Friday’s meeting in New Delhi was far lower than the 60 items under review, on which the government was expected to cut taxes. The council responded favourably to the the call by small businesses to lower the compliance burden by allowing them to file returns only once in a quarter instead of once every month as is required at present. Further, for exporters reeling under tight liquidity conditions due to tax refund claims aggregating to Rs 65,000 crore stuck with the government, the GST...

Since the passing of the GST Constitutional Bill by the Rajya Sabha in August last year, the country has been preparing itself for the new tax regime. The new GST law is India’s biggest tax reform initiative which is expected to improve compliance levels, increase government revenue, and create a common playing field for the businesses by amalgamating a host of central and local taxes. On the face of it, GST seems to be a mixed bag with some of the necessities becoming cheaper, while the others might get more expensive. While in the longer run the Goods and Service Tax might have a favorable effect on most of the sectors of the economy, in the short run, as with the most of the reforms, the benefits seem to be limited. Based on the experience of GST implementation in other countries, India could observe an inflationary impact at the onset of the reform, which might fade away once the legislation sinks in. Things that might get costlier: The present rate of service tax is 15 p...

The financial year is going to end soon and you may be busy planning last minute tax saving for FY 2016-17. But no matter what time of the year it is, understanding how to save taxes on salary can be very helpful. Changes announced in Budget 2017, have lowered taxes for all in FY 2017-18 (unless you earn more than Rs 50L). Take a look  here  to check how much tax you will save in FY 2017-18. You can also use our calculator  here . If you are looking for information on how to lower taxes on SALARY INCOME, this article explains how. This article will help you to Save tax legally on salary   income Change your salary structure There are various allowances and perks which are exempt from tax and you can easily claim them  provided that they are a part of your salary structure . So by restructuring your salary, and including these allowances, you can reduce your taxes in a big way. You will have to rework your salary structure with your ...