GST Software India & Latest GST News

The Goods and Services Tax is an Indirect Tax which has been implemented in India on 1st July 2017. The GST is one of the primary considerations of the Government in Budget 2015. On the other hand, the Black Money is the other matter of the Budget 2015. Moreover, it is expected that this tax will remove the tax burden of other taxes and makes the financial system smart. You can read the full details at here: https://www.gst.gov.in

The GST is an indirect tax that is levied on the manufacturing, sales and consumption of goods and services at the state and national level under the Act of Finance, 1994. Moreover, the Goods and Services Tax improves the overall growth of the Economy of the country and will make the economy stronger. The goods and services tax gives a number of benefits to the various departments of manufacturing and sales.

The GST council which is headed by Arun Jaitley has decided a slab rate of 5, 12, 18, 28 Percent GST rates accordingly on numerous goods and services The SAG Infotech Company has developed a highly efficient GST Software for billing and e-filing of goods and service tax in India.

Latest News on GST India

This section tells you latest information about GST news and updates. We publish recent and most important topics for GST readers.

GST Impact Over Financial Services Revealed By CBIC

The recently conducted FAQs session by the Central Board of Indirect Taxes and Customs (CBIC) shows the GST impact on various financial services. The FAQs cover questions related to tax applicability on multiple fees, penalty, and charges including applicable charges on the late payment of credit card due-bills, in loan instalments extra interest gained for payments and exit loads gained by mutual fund firms at an instance of redemption. Here is the detailed information on GST impact over financial transactions and investments.

GST Charges On Credit Card

Various doubts regarding Credit card have been clarified by the FAQs including charges rendered for late payment of credit card dues and additional interest payable for default in case of payment of loan instalment are considered to be charged under GST.

Pralay Mondal, senior group president – retail and business banking, Yes Bank Ltd said in this regard, “Credit card outstanding may comprise retail spends, EMIs and/or fees and charges pertaining to the use of credit card. However, GST is not applicable to the entire outstanding on credit cards. It is applicable only to fees and charges levied on credit cards. For example, components like interest charges, late payment fee or annual fee attract GST as per regulatory norms. Currently, the GST rate applicable is 18%.”

BSNL Tries Offering GST Services With a Private Tie-up

Chairman and Managing Director of BSNL on Tuesday said that State-owned Bharat Sanchar Nigam Limited (BSNL) has launched an ASP/ GSP services to address the problems related to the Goods and Services Tax Regime. It has collaborated with a similar service provider Master India to provide assistance to customers in various procedures.

BSNL recently launched a Goods and Services Tax (GST) Software Application for their customers which helps to resolve all GST related issues such as GST returns, filing GST returns, withdrawing GST invoices for payment, returning mismatched invoices and so. The customers can access the GST software application either through smartphone or computer.

CMD, BSNL Anupam Srivastava said, "We are passing through the most competitive times in the telecom industry. The new entrant has changed the telecom landscape. Tariffs are coming to rock bottom." He further added that the company wants to expand their existing business. While addressing at the launch event Srivastava said, "We believe that when this GST service will be offered to customers, they will choose to remain with us. The stickiness of the customers remaining with Bharat Sanchar Nigam Limited (BSNL) is going to be there because, first and foremost, we are launching this service free of cost for our customers."

To avail the services being offered by the BSNL, firstly users have to visit the link bsnlgst.mastersindia.co and register themselves by using their respective account numbers. After then, users will be able to file their returns straightly. The BSNL is offering three plans to users that are as follows:-

  • Basic plan in free of cost up to 2,000 invoices
  • Plus Plan at Rs 1,999 up to 6000 invoices along with other
  • Pro Plan is available for enterprises

Shrivastava said, "Beyond 2,000 invoices, there is a charge to be shared between BSNL and service providers like Masters India. That will be offered to those who wish to join hands with BSNL." Master India is one of the 34 organizations which has been selected by the Goods and Services Tax Network (GSTN) as GSP.

Chief Executive of Masters India, Nishank Goyal said, "Masters India has invested diligent efforts in developing proficient GST solution to ease the teething pains for businesses becoming GST compliant." According to the BSNL executive, Goods and Service Tax (GST) facility would be based on a revenue-sharing basis and Masters India has started a call centre to handle the queries related to GST.

Amit Mitra: Exports Down Sized By GST Regime

Amit Mitra, Finance Minister of West Bengal said that export hit with the implementation of the Goods and Services Tax (GST) Regime. Neither Small and Medium Enterprises (SMEs) has getting benefits nor has made a transition smooth to the new indirect tax regime.

Due to the multiple slab rates in the new regime, small traders are facing problems, the party has raised several issues. Mitra speaking to industrialists at the ASSOCHAM (Associated Chambers of Commerce and Industry of India). On Thursday, the Committee has organised a meeting in the city, remarked that the Centre Government is not looking into the matters, issues, and troubles that come up with the GST implementation

Amit Mitra said, "We had foreseen the troubles that would arise during the switch to GST and accordingly, I had requested a postponement. I had also asked for a white paper on GST preparedness. These were ignored." He further added, "SMEs are in jeopardy and now I come to know that even exports industry has been hit. I have asked (Arun) Jaitley to produce a white paper and call an emergency meeting. The matter has to be taken up at the GST Council. People are desperate," he added.

Finance Minister has requested to the apex industry body ASSOCHAM to speak out something on the issues and difficulties they are facing due to the implementation of the new tax regime. He also asked from the industry to 'give inputs' so that the issues faced by them can be taken at the right direction.

Mitra is also seeking investments in Bengal from ASSOCHAM. He has asked from the industrialists not to invest only in projects but also in human capital improvements, through with training programs, adopting Information of Technology. He said Investments were coming from such sectors like cement, industrial, mining and garment parks and much more.

Apex body ASSOCHAM had released a study, 'Most Backward Regions of West Bengal', in which focused the industry body's development strategy.

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