A casual reflection on our history books would reveal that the system of taxation was introduced in India for the first time in 1860 by Sir James Wilson and thereon after the consultation with the Ministry of Law, the Income Tax Act 1961 was passed.
Nevertheless, with the advent of GST in
July 2017, the Indian taxation system has undergone tremendous reforms.
GST abbreviated for Goods and Service Tax is an Indirect Tax that subsumed many
indirect taxes such as VAT, Excise duty, Service tax, and others. In other
words, GST is a multi-stage, destination-based tax imposed on all value
additions. It is regarded as a single domestic indirect tax law that applies
throughout the nation.
With the implementation of the GST system, India's complicated indirect tax framework was transformed into a simple and integrated one. However, GST implementation with a consistent tax structure across India is a difficult endeavour, especially when not everyone in India is on board with the GST processes.
Here comes the role of GST software. A GST billing software is a must-have for all sectors to ease and automate the activities associated with GST billing and adherence so that the new taxation system does not avert them from their fundamental business operations.
A GST billing software is a wholesome package for all the compliance needs and requirements of a business. It allows generation of invoices abiding by the GST guidelines, E-filling and E-payment facility of taxes as per GST rates, Maintenance of Credit ledger, cash ledger, and tax liability register, and a lot more with easy access anywhere and anytime!
The only thing constant in this fast-moving world is ‘CHANGE’ and with an ever-changing global scenario, it becomes indispensable to keep your business ahead by readily accepting the reforms and blending with these technological advancements by opting for them! So if you are still pondering, do not waste your time any further and get yourself a GST billing software today.
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