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Now GST is one of the most innovative step and India has finally come up with clear and better GST system and software. Visit us to know more
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Simple & Easy Gst Billing And Invoicing Software
GST on Banking & Other Financial Services: 5 Things
You Must Know
Now GST is one of the most innovative step and India has
finally come up with clear and better GST system and
software. Visit us to know more.
Things You Must Know
After struggling for years with the notorious tax system, India has finally come
up with clear and better GST system. Eliminating the problem of complexity
of various taxes, GST has come up as a rescue for not only businesses but also
for banking and other financial services.
So, here we are listing few things that you might know about GST on
banking and other financial services. Take a look:
It will increase the compliance level of banks
With the implication of GST now every bank need to get state wise
registration in every state in which it has its presence. This will further
lead to increase in compliance levels of every bank. And this will
directly increase the number of returns of each bank.
As we all know that GST is a “place of supply” tax system in which every
transaction needs to get details of its transaction. Thus, it will become
bit difficult for banks to determine place of supply which is surely not
an easy task. It becomes more tedious when you know that you have
never worked on it before.
Banking services will become bit expensive for end customers
With 18% GST rate on all banking services, there is direct 3% increase in
the price of banking services. From getting demand drafts to issuing
cheque books; everything will now become expensive especially for the
retail end customers. The new GST norms are as difficult for banks to
understand as for the common man.
Now, when we know that banking is not restricted to just cash
transactions, there will be lot more banking products and services that
will charged under GST taxation system. Any banking service that has
not been categorized under banking goods and commodity will now
becomes taxable under the banking service category.
After some time, banking will settle on right place
Definitely, it is not easy to complete you whole working procedures in a
day but after some time everything will surely settle on right place. As if
for now banks only need to work on their policies and procedures in
according to GST and slowly everything will come again in smooth flow.
Believe it or not but yes it is true that till now GST is one of the most
innovative steps that have been taken in the history of Indian economics. It
might be bit confusing initially but soon it will make the tax system clearer
and better. And to help you with its concepts, the internet is full of blogs and
articles that can help you get its better understanding.
With KwikBilling software, creating invoice is indeed the
easiest part of the job. Additionally, you are empowered
to manage the invoice and expenses and ensure easy
reporting, collect payments too. With KwikBilling
integrated invoice solutions, you would feel just hassle free.
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