Accounting is one of the most important aspects of any financial venture. It is also one of the complicated procedures. With the introduction of GST rules by the Government of India on July 1, 2017, all companies are now subject to GST restrictions.
Computing GST on a given product or service may be time-consuming and difficult. As a result, businesses are now selecting GST billing software for their operations because it helps in saving time, cost and effort.
Business owners may use free GST billing applications to conduct a range of activities such as invoicing, tax computation, billing, accounting, and much more.
What exactly is a GST billing application?
GST billing application is used to generate GST invoices, submit GST returns, and manage bill entries. Retail billing software is suitable for processing invoices, financial accounting, bills of materials, and Service tax. For effective supplier/purchase administration, small business accounting software works well with POS machines and barcode scanners.
Users can maintain their accounts and taxation with the help of free GST billing applications. The applications can be downloaded from the google play store or can be browsed and downloaded from different browsers.
Types of GST
There are four different types of GST as listed below:
- The Central Goods and Services Tax (CGST)
- The State Goods and Services Tax (SGST)
- The Union Territory Goods and Services Tax (UTGST)
- The Integrated Goods and Services Tax (IGST)
The State Goods and Service Tax (SGST)
The SGST is one of the two taxes levied by each state on transactions of goods and services. The SGST, which is levied by each state’s state government, replaces all current state taxes, including Sales Tax, Entertainment Tax, VAT, Entry Tax, and so on. The State Government can claim the benefit cash under SGST.
The Central Goods and Services Tax (CGST)
The Central Goods and Services Tax (CGST) is a tax charged on goods and services exchanges inside a state. The Central Government imposed CGST to replace all other Central taxes, including State Tax, CST, SAD, and so on.
The Integrated Goods and Services Tax (IGST)
The IGST is levied on interstate sales of goods and services. IGST is also levied on products imported for distribution among the various states. When goods and services are moved from one state to another, the IGST is charged.
The Union Territories Goods and Services Tax (UTGST)
The goal of imposing UTGST on the intra-UT supply of goods and services is to perform a collection of the tax to offer advantages similar to SGST. The UTGST applies to the following Union Territories: Lakshadweep, Daman and Diu, Dadra and Nagar Haveli, Andaman and Nicobar Islands, and Chandigarh.