Integrated Goods and Services Tax: The Brief Guide

 India gives both central and state governments the power to levy and collect taxes. Traditionally, there were so many types of indirect taxes running together that made the country's taxation system complicated. However, after GST (Goods and Services Tax) 2017, the system became much smoother and easier to understand.

Inventory Management Software- The Complete Guide

 Warehouses, manufacturing companies, and retail businesses depend on accurate inventory management to maintain production, fulfill customer orders, and monitor available inventory. 

This article explains what inventory management software is and discusses its benefits.

GST- A Reform in the Taxation System

Many countries across the world have implemented GST to facilitate smoother operations. Understanding GST and its benefits helps both businesses and consumers. This blog examines GST, its types, GST registration, and its importance.

Stock Management Software – A Complete Guide

Stock Management- Meaning

Stock management is helpful for safety stock, also known as buffer stock. It means keeping a little more goods than you expect you will require. It is helpful if demand is unusually high or you want to exchange a faulty or damaged product.

CGST- Centralizing Tax Compliance for Businesses

Under the Central Goods and Services Tax Act 2017, the CGST Act replaced indirect taxes and central sales tax, central excise duty, service tax, additional customs duties, and other excise duties.

Basic Overview of SGST

The Goods and Service Tax (GST) is India’s most significant tax reform, and since India is one of the emerging economies in the world, it is one of the world’s most extensive tax reforms as well. The GST has come when India is looking to digitize its economy, and SGST is an essential type of GST. 

SGST- An Introduction

SGST full form is State Goods and Service Tax and covers under the State Goods and Service Tax Act (SGST) 2017. A collection of SGST is the revenue for the State Government. All the state taxes, like Value Added Tax, Entertainment Tax, Luxury Tax, and Entry Tax, are merged under SGST.

Benefits of SGST

The benefits of SGST for business in India include:

• Easy Tax Structure- Rather than paying 17 types of taxes, manufacturers and consumers must comply with the GST tax laws, which can be viewed by clicking this link.

• Simple Online Procedure for Filing Tax Returns- Filing GST returns is effortless and can be handled by any computer-savvy business owner.

• Transparency and Ease of Doing Business- Everything is transparent, as the tax structure is clear and easy to understand. This reduces red-tapism and the scope for corruption and encourages businesses to pay their taxes honestly.

SGST Rates of different commodities

• Household necessities like coffee, tea, spices, edible oil, and sugar- 2.5%

• Life-saving drugs, coal, and Indian sweets- 2.5%

• Hair oil, soap and toothpaste, Capital goods, and Industrial intermediaries- 9%

• Processed Food and computers- 6%

• Luxury items, premium cars, and consumer durables like AC and refrigerators, cigarettes, and aerated drinks- 14%

Difference between CGST and SGST

Regarding the types of GST, there is a difference between CGST and SGST. 

The share of tax revenue under CGST is for the central government, and the allocation of tax revenue under SGST is for the state government.

Taxes under CGST are Central Excise Duty, Central Sales Tax CST, and Service Tax, whereas taxes under SGST are State Sales Tax, VAT, Luxury Tax, and Entertainment Tax.

Conclusion

With this blog, we will give an overview of SGST in India. If you are a business owner, accountant, or someone who wants to start a business of their own, now is the best time to learn about the GST Billing Software.

Eazybills is considered a premium accounting software for GST compliance. This online GST software carries various features to allow for easy alliance between accountants and employees. Eazybills is easy to use and will keep you on track for being GST compliant.