Logo Infosoft joins hands with APRA & Associates LLP

Logo Infosoft, a technology leader in providing GST compliant business solutions to MSMEs in India, has announced the launch of its easy-to-use mobile ERP application ‘Vyapari’ for SMEs, MSMEs and trader community, that facilitates recording and processing of all kinds of accounting transactions.

Like all products of Logo Infosoft, ‘Vyapari’ is GST compliant. This user-friendly application, delivers seamless processing of business data, providing accuracy for chartered accountants (CAs) to file taxes in a timely manner. Vyapari’s state-of-the-art accounting and GST Compliant Mobile ERP solution will make life easier for 100K MSMEs.

After free download of this app on their existing Android or Apple based mobile phone, the users simply have to register using their respective GST number and start selling/purchasing. Once active, ‘Vyapari’, takes care of all inward and outward processes including purchase order, sales invoices, material dispatches and accounting entries that get performed under strict compliance. The app allows to generate statutory reports recommended by GSTN to file GSTR. This app also has a built-in barcode scanning system which takes care of managing inventory accurately.

‘Vyapari’ data is 100 per cent secured where only the authorized users and their approved CAs selected by you can access the information, taking care of access rights and required security protocol. You can easily change list of authorized users.

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GST Council to meet in March to usher in single monthly return

Moving away from the complicated system of filing three returns every month, the GST Council is likely to approve a single monthly return with annexure on sales and purchases.

The new return filing form will reduce the compliance burden for taxpayers as they would have to file only one monthly return and invoices have to be uploaded only by sellers. It will be put in place within six months and the transition will be done in a phased manner.

Finance secretary Hasmukh Adhia said the monthly return filing system will come into force in six months and the present system of filing of return through GSTR 3B and GSTR 1 forms would continue for not more than six months. Photo: Indranil Bhoumik/Mint

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GST: No Decision Yet On Simplification Of Returns Filing Process

The Group of Ministers tasked with simplifying return framework under Goods and Services Tax regime could not finalise the new design in its meeting today.

The GoM has invited suggestions from industry and tax experts within a week, which will be incorporated in a report and tabled before the GST Council, GST Network head Sushil Modi told reporters. The Council will then finalise the new return filing framework.

In a meeting with industry representatives and tax experts the GoM headed by Modi discussed whether input credit paid on tax can be provided on a provisional basis or linked to tax payments. The committee headed by GSTN Chairman Ajay Bhushan Pandey suggested several options, including having the seller upload all invoices and giving the buyer credit for the bills he acknowledges. As per this suggestion, no credit will be made available if the buyer claims there are missing invoices, an official involved in the deliberations told BloombergQuint on the condition of anonymity.

The other suggestion was to provide provisional credit to buyers if the seller fails to upload an invoice, the official said. If seller disputes that transaction, the credit given to the buyer would be reversed.

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GST Council to meet in March to usher in single monthly return

Moving away from the complicated system of filing three returns every month, the GST Council is likely to approve a single monthly return with annexure on sales and purchases.


AB Pandey, Chairman, GSTN

Bringing relief to taxpayers, the Goods and Services Tax Council is likely to meet early next month to finalise a new and simplified monthly return filing format.

To this end, GST Network Chairman AB Pandey met with stakeholders including industry chambers and traders on Thursday to get their views on a simplified return filing process.

“All participants are keen for a single and simplified return format,” said a person familiar with the development.

The expert panel under Bihar Deputy Chief Minister Sushil Modi is now expected to meet later this month to finalise its recommendations.

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E-way Bill: Why the nation needs a successful rollout at the earliest

The GST Council in its 22nd meeting held in October last year, had decided that the e-way bill under GST will shall be rolled out nationwide from the April 1, 2018. This was surely good news for businesses across the nation, as they got more time to get acclimatized to the various changes brought in by the GST era.

However, a couple of months later, at the 24th GST Council meeting held in December 2017, the powers that be, sprung a surprise at the business and transporter communi ..

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THE HINDU : 19 JAN 2018

GST e-way Bill System rolled out on trial basis

The Finance Ministry has rolled out the nationwide e-way Bill System for inter-state movement of goods on trial basis from Tuesday. The GST provision requiring transporters to carry an electronic waybill will be implemented from February 1 for inter-state movements.

The e-way bill system eliminates the need for transit passes for inter-State movements of goods and works on the self-declaration model, according to a commercial taxes department release.

The e-way bills can be generated through the portal by giving details such as invoice related to the consignment, vehicle details, tax value, GST rates, among others. A copy of the bill will be sent as an SMS to the registered mobile number.


GSTN chairman-led panel to consult experts to make return filing easier

The committee tasked with simplification of GST returns filing will consult tax experts and trade bodies to make the process convenient for businesses that have minimal transactions, its chairman said today.

GSTN Chairman Ajay Bhushan Pandey-headed panel comprises tax commissioners of Karnataka, Gujarat, Andhra Pradesh and Punjab and senior officials from the Department of Revenue and the CBEC.

“We are also discussing with experts and taking opinion from various o ..


GST tax returns filed increase as compliance rises, tax mop-up jumps

Thanks to the proactive steps taken by the Goods and Services Tax (GST) Council to remove the sundry glitches that used to trouble taxpayers in the initial months after the GST launch and also the progressive lowering of tax rates by the council over its last few meetings, compliance and tax collections have picked up of late. This has not only reduced the states’ revenue shortfall considerably over the period but boosted the government’s confidence that GST would eventually expand the tax base and yield revenue higher than the taxes that collapsed into it did in the previous regime.

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GST Council eases filing norms till March 2018:

In a major relief for the industry, the GST Council has eased the compliance burden on the industry till March 2018. It has extended the simplified form GSTR3B till March 2018, introduced simplified GSTR3B with indicative filing facility and form for those businesses which have nil tax liability or have no transactions to file in invoice.

About 40% of the businesses filing returns on GST Network portal have nil tax. The GST Council also set up a committee under GSTN Chairman Ajay Bhushan Pandey to look into making GSTR-2 and GSTR-3 business friendly.

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ET NOW : 27 SEP 2017

EY-ET Now Poll:
India Inc Feeling The GST Pinch

Three months into India’s new tax order and GST collections are not very encouraging. With tax compliance at just about 55 per cent, it is not surprising that India Inc is feeling the pinch. ET Now has joined hands with Ernst & Young to get you a comprehensive poll and Ahswin Mohan gives you an overview on what this poll points out to. Tune-in to ET Now at 9 pm today for detailed insights.EY-ET Now poll: India Inc feeling the GST pinch?


Hard times for small business in India

Informal manufacturers are reeling under the twin shocks of last year’s cash ban and the new sales tax. Amy Kazmin reports from an industrial hub in Delhi.

EY-CNBC TV 18: 31 AUG 2017

EYE ON INDIA -Episode 5
‘ GST implementation: The story so far’

As the new GST era continues to unfold, EYE ON INDIA – Insights on doing business has been providing keen insights into the experiences and challenges faced by the India Inc. In this episode our panellists shared their insights into policy developments and practical issues in filing of returns faced by businesses.

EY - CNBC TV 18: 31 AUG 2017

EYE ON INDIA -Episode 4
‘ GST: The Compliance Factor’

Watch EY – CNBC-TV18 episode on GST: The Compliance Factor. Navin Kumar, Chairman, Goods and Services Tax Network (GSTN), Mahender Singh, Member – Central Board of Excise & Customs (CBEC), Harishanker Subramaniam, National Leader and Partner, Indirect Tax, EY India share insightful view into compliance issues businesses are facing

EY - CNBC TV 18: 01 AUG 2017

EYE ON INDIA -Episode 3
‘GST Experiences and Compliance Challenges’

Watch the third episode of EY – CNBC-TV18 show. In this episode, a panel of industry leaders, EY specialist discuss practical issues businesses are facing related to compliance, role of technology and impact on operations in the first three weeks of GST (Goods and Services Tax) – the new tax regime. The panellists include P.B. Balaji, Chief Financial Officer, Hindustan Unilever Ltd., Dr. T.M. Thomas Issac, Minister for Finance and Harishanker Subramaniam, National Leader and Partner, Indirect Tax, EY India

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