Goods and Services Tax bill is India’s biggest reform in India’s indirect tax structure. The purpose of the bill is to introduce one single tax on supply of goods and services, from the manufacturing stage until its delivery to the final consumer. The final consumer of the goods and/or services will only have to bear the GST charged by the final dealer in the supply chain, and avail set-off benefits at all the previous stages. This means interim tax stages such as excise duties and service tax and state levies like VAT will be absorbed under GST. GST has come into effect w.e.f. July 1, 2017.
The recent change in the indirect tax structure in India from a VAT-based regime to a Goods and Services Tax (GST) model will require changes in all business systems used by companies operating in India. The Bharat Edition GST enables Indian Firms to be GST ready and implement the functionality of the new taxation structure in a seamless fashion for existing as well as new NetSuite customers.
Softype introduces Bharat Edition GST bundle to enable the business organizations to record their day to day transactions in GST regime and comply with statutory norms. This bundle covers the scenarios for computing complex GST calculations on Purchase and Sale transactions and provides the required details as inputs, which assists the user to file the statutory returns.