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Taxes

Tax planning and compliance are essential for minimizing tax liability and avoiding penalties and fines. The System programmed to work both GST and VAT .

TAXES CONSISTS OF

  • GST
  • VAT
  • Filings
  • Reports

GST

GST (Goods and Services Tax) is a value-added tax that is levied on the supply of goods and services in many countries around the world, including India, Canada, and Australia.
In India, the GST was implemented on July 1, 2017, and it is levied on all goods and services, except for a few exempted items. The GST system in India has four tax rates – 5%, 12%, 18%, and 28% – based on the nature of the goods or services being supplied.

VAT

Under the VAT system, businesses are required to charge VAT on the goods and services they sell, and they can claim back the VAT they have paid on their purchases.

The difference between the VAT collected and the VAT paid is the net VAT, which is payable to the government.
VAT Percentage differs country to country. It also varies based on the Goods.

Tax Filing & Payment

You can Define your Tax Filing Period like 1 month, 2 month, 3months, or quarterly, half yearly, or anually. Each Period will be calculated and give you the results. From that you further Mark as filed.

Once the period marked as Filed, further entry for that date has been closed. And you can pay the tax anytime.
Based on the input and output tax, whether it can be Tax Payable or Refundable.

Reports

Tax Reports are vary based on country and type of the tax you are opted. But we have some general Tax summary report. Which helps you to see them in detail.
  • Tax Detailed
  • Tax Summary

Custom Filing Date

You can set the filing date custom. So it can be marked as filed to stop making further entries within that period.

Payment or Deposit of Tax

When you have TAX Payable, You have to make Bank Payment, when its refundable, You can make Bank deposit.

Tax Frequency

Each Country Tax Frequency is different. We can define the Tax frequency from the company setup itself.