Don’t Mess With Taxes

India has a long history of agrarian civilization, and agriculture has always been the foundation of the Indian economy . Before starting with the classification, let's understand the importance of agriculture with some datasets; India has the second-biggest amount of cultivable land in the world and the highest amount of irrigated agricultural land (8.26 million hectares) (159.7 million hectares). India ranks third in the world, In terms of major crops including wheat, rice, cotton, fruits, vegetables, and pulses. According to NITI Aayog, agriculture comprises roughly 54.4% of India's employed workforce, which was 18.29% of GVA (Gross Value Added) in 2019-20, sustaining 45.6% of the workforce. India is the world's #1 producer of milk, fruits, and vegetables, according to PRS figures. Following IMARC figures, India's agriculture sector generated 71,220 billion rupees in 2021 and is projected to increase to 142,280 billion rupees by 2027, with a compound annual growth ra

  The introduction of GST (Goods and Services Tax) has overshadowed the indirect taxation system in India, such as VAT (value-added tax), excise duty, and service tax. The primary reason for this is the elimination of the cascading effect of taxes on the economy. VAT is a state-level tax charged on the sale of goods immediately upon preparation of the Sale Invoice or when the goods are moved for sale.  Value Added Tax or VAT: Fundamentals  The Value Added Tax (VAT) was, in fact, introduced in 2005 as a replacement for the earlier Sales Tax. The goal of VAT was to create a unified tax rate for products and services across India. However, the VAT regime did have a few drawbacks. The key reasons for the implementation of Goods and Services Tax (GST) as a replacement for VAT included: - Being a state subject, the applicable rate of VAT for the same product/service tends to vary from state to state. - Differences in VAT rules and regulations from one state to another increased the complian

  Between January and September of this year, total investments in Indian real estate increased by 18% to USD 3.6 billion. The majority of the inflows were driven by the office sector, which accounted for 50% of them. According to the report, institutional investments worth USD 754 million were made in Delhi-NCR during the first nine months of this year.  Investments increased by 18% in Bengaluru, from USD 317 million. Chennai had a substantial increase in inflows, going from 98 million to 345 million USD. Institutional real estate investment in the Mumbai market increased by 5% to USD 477 million, however, it decreased by 96% in Pune to USD 9 million.  Between January and September of this year, investments in other cities or multi-city surged by 54% to USD 1619 million. With active involvement from domestic institutional and retail investors, the capital in Indian real estate is becoming increasingly diverse. Domestic investors are now more active in the market than they were a yea

Finally, the GST Council has mandated the adoption of the e-way bill in all states beginning from April 1, 2018. The intrastate e-way bill generated has been rescheduled to be implemented across the country from the earlier date of 1st June 2018 for unspecified reasons, but the GST council with the central government has notified that the said date, i.e. 3rd June, is the deadline for all states to implement intrastate GST eway bill regardless. What exactly is the GST E Way Bill? E-way bill GST is an electronic bill that will be required for the movement of products whose value exceeds 50,000 rupees. The bill can be generated through the GSTN portal, and every registered taxpayer must include it with the goods transferred. And become acquainted with its implementation features, fundamentals, and process of creating GST E Way Bill via the government's official e-way bill webpage https://ewaybillgst.gov.in/. What Documents Are Necessary to Generate an E-Way Bill Online? The sections

  Bank Reconciliation is an important process of matching bank statements with the deals that are recorded in the accounting software. The matching of the bank deals versus entries in the diurnal journal entries is done automatically by replacing homemade work, this is called AI Grounded Bank Reconciliation. The stylish Accounting Software should be the done  that helps you to give options to produce trial balances, easy journal entries, produce tally accounts, and attune all your bank deals directly with the records in the Accounting Software.  The crucial reason to buy Accounting Software for the entrepreneur is, to have an AI- grounded Bank conciliation point as it maintains clear, accurate, and inspection-ready data.  Find below the details of how The Best Accounting Software for Small businesses is helping them with AI- grounded Bank Reconciliation point      1. Royal Reconciliation  An automated bank Reconciliation Accounting Software enables you to integrate all your current s

  Over the past ten years, the retail sector has seen a significant transformation. Modern POS systems are being adopted by companies of all sizes more frequently. These systems improve customer experience, speed up the checkout process, and greatly increase business efficiency. They are also effective inventory management tools that have eliminated the onerous chore of "taking inventory." However, a significant proportion of the work can be automated with a modern POS system.  Inventory is said to be the livelihood of the business owner. The ability to maximize the sales potential of your products determines your company's profitability and development. Every element of the business is interconnected, and each one affects net revenue in some way. Best POS software for retail business like HostBooks recognize this reality and capture the interconnected nature of business components.  1. Higher Accuracy Performing inventory manually leaves a lot of possibility for error

  One of the greatest and most prominent modifications to the GST in 2020 has been the introduction of einvoice . The integrated approach to e-invoicing was favourably appreciated by all taxpayers notwithstanding the use of proprietary invoicing systems. What is E-invoicing? E-invoicing under GST  is a system in which normal B2B invoices are electronically authenticated by GSTN before being used on the central GST system. Through the Invoice Registration Portal (IRP) or  e invoice portal of the GST Network (GSTN), a unique number or identification (IRN) number is issued for each such receipt. This process is also known as E-invoicing or e-invoice under GST. Reason behind the implementation of GST e invoice system. The main reason behind the implementation of the e invoice system is to increase businessmen's or companies' level of transparency. The extent of tax evasion can be reduced if the government receives online and instantaneous information about all of the transactions

TDS software provides the most simple and user-friendly interface which is specially designed for filing the TDS/TCS returns online as per the norms & regulations of TRACES and CPC, India.  With the aid of a cutting-edge tool, it is possible to accurately predict the amount, produce TDS returns, compute interest and penalties, as well as late filing costs, all in one place. What does TDS mean? Taxes are collected by the government in two ways:  from individuals and corporations via direct tax and indirect tax. TDS stands for Tax deducted at source, it can be levied on various incomes such as salaries, fixed deposits, recurring deposits, etc. Let's break this down into its simplest form: Every company or organization deducts some part of the income of its employees and remits the same into the account of the Central Government; this is called TDS. What is the Difference between TDS and TCS? Tax Deducted at Source and Tax Collected at Source is both incurred at the source of in

  Manufacturing in India is among one the industries with the highest growth rates. We are actively growing to establish ourselves as a manufacturing center that the entire world can recognize. An IBEF analysis claims that by 2030, India can contribute more than US$ 500 billion yearly to the global economy and become a major center for manufacturing.  However, the manufacturing industry faces a plethora of challenges. In this article, we'll talk about those problems as well as the best solutions.  There are numerous distinct manufacturing industries, some of which include the food manufacturing industry, Clothing manufacturer, garment manufacturing, etc. Starting a new industry without proper management of inventory, and good software to track the progress of reports could be risky. Production and supply chain disruptions have been a key outcome of this pandemic's impact on manufacturing; one of the causes of this suffering was the unavailability of good software to access dat

According to the data provided by the Micro, Small, and Medium Enterprises Ministry, the MSME sector makes around 30 percent of India's GDP, 45 percent of its exports, and employs the second-largest number of people in the country after agriculture. But many MSMEs are having issues coping with their business growth. In addition to that, they also struggle with adapting to digitalization in day-to-day activities. And the limited availability of resources also contributes to small business owners’ losing control over Business growth   Hence, business management mobile applications are revolutionizing the landscape of business. They're growing more common and potent, but most importantly, they can make your daily business activities more efficient. As business owners can now create and manage professional purchase orders, quotations, and invoices from anywhere at their convenience.  An all-in-one business management application helps users to track and automate day-to-day busines

  Businesses have come a long way despite the significant setback caused by lockdown in the past 2 years. While many enterprises have begun to gain momentum once again, the taxes structure has also evolved. Businessmen can now easily and quickly file all required taxes through digitization. With the implementation of the new tax system, businesses must adhere to the GST compliance regulations. The rules established by the government for GST compliance must be followed by all businesses. This compliance under GST is divided into three groups: GST registration compliance - The first step toward compliance is the registration of GST. The registration process can be completed online at www.gst.gov.in. Although the procedure is rather simple, there are a few considerations to make in order to remain compliant. The annual turnover of a business must be taken into consideration while registering for GST. Applicable to businesses that engage with the provision of commodities and had a re

The best accounting software for small businesses is not a one- size- fits- all result, and your choice will vary greatly by industry and your individual preferences, which we ’ll cover in this companion. We chose our top accounting software for small businesses grounded on pricing, ease of use, and how they perform across colorful account tasks, similar as invoicing, design operation, and force account. Our experts developed an internal case study to estimate each operation and compare them head- to- head. Grounded on it, then are our top five recommendations, plus a couple of perk recommendations for druthers to traditional accounting software Hostbooks  Busy  Tally  Marg  My Bill Books  Vyapar  Which Accounting Software is the Best for Your Business? Rank the following software features from most important to least important for your company. Based on your rankings, we'll provide a customized score for each of the software including in this buyer's guide.  Banking, Cash Man

  On 1st November 2022, the finance ministry recommended a common ITR Form for all taxpayers. Currently, there are 7 different types of income tax return (ITR) forms, from ITR 1 to ITR 7, that can be filed by various taxpayer groups based on a number of factors, such as the source, level, and type of income, among others. To ease the ITR e-filing process, The Central Board of Direct Taxes (CBDT)  has put out a draft universal ITR form for comment from stakeholders and the general public. Except for ITR-7, all ITR Forms would be replaced with the common ITR Form. ITR-1 and 4 would still exist, but people would also be able to submit their ITR using the common ITR form. However, The common ITR will be the only alternative available to taxpayers who are entitled to file ITR-2 (ITR for capital gains) and ITR-3 (ITR for business returns) once it is adopted. Advantages of Common ITR Filing as per CBDT Taxpayers will have the choice to file their returns at their convenience in the proposed

Businesses having Development further than Rs. 5- Cr will soon come under the GST tab. Right up 'til now, the edge furthest reaches of e-invoicing is Rs. Businesses that exceed the 20- crore development need to induce e-invoices either with the Government GST portal or using the Stylish GST Software in the format commanded by the GSTN council. Each e-invoice has a unique identification law that's handed by the tab enrollment gate( IRP). A unique identification law enables machines to read the tab word and identify them. checks not generated in proper format are considered to be invalid. Speaking in an interview with The Hindu Business Line, Revenue Secretary Tarun Bajaj says that the timeline for lowering thee-invoicing threshold is still not determined, but it may apply in the forthcoming months. In the coming phase, e-invoices will be applicable to businesses having a development 10 Cr or further and also 5 Cr or further. He stressed settling the IT system as the quantity of

All About The Best GST Software  Whether you like it or not, paying GST bills and fulfilling other tax compliance is certain if your business comes under the GST software Tax slab. For this, either you hire fresh hands and increase the burden of paying them collectively for your compliance or just use smart GST software to fulfill all your GST needs in one place and access the stylish GST experts at a call. Yeah! We're offering comprehensive GST software that breaks down your entire GST complications. Our best GST software fits nicely into the GST requirements of small businesses and facilitates compliance like GST return train, enrollment , GST bills, computation of Tax returned-filing, GST Tax-invoices, and more.  Features of GST Software – A Need of Every Business  Cloud- Grounded  Enjoy managing and controlling your account and interacting with the GST operations from any position and from any device. Our pall- grounded GST software enables you to manage your compliance just