Kwik Billing

With KwikBilling's 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 Kwik Billing's integrated invoice solutions, you would feel just hassle free.

Get to know the effect of GST on real estate industry through this blog provided by KwikBilling

GST has been introduced; here is the Businessman's Guide to GST. Contact us for uncomplicated the entire process of filling GST returns

Under revised order from the government, under-construction properties will be taxed at 18% which includes 9% SGST and 9% CGST. Visit KwikBilling today to easily fill GST returns.

To Get more information about GST on Retail Business, you must know these Top 5 things

GST on Manufacturing Business, to learn how the entire GST framework works, and how manufacturing units react to the changes read this blog

The impact of GST is factually evident on literally all the services. The entire impact of the GST can be experienced only after a few months

Here is the detail information regarding Exemptions Under GST in INDIA

GST on IT sector will be 18% on software services provided by software companies. Click here to know more about GST impact on IT service

While the actual impact of GST is yet to be known, and it might take some time before we get used to or realize the fruits of the new taxing system, for now, at least, we can be hopeful that it will unify and simplify the entire taxing system. The previously designed VAT/service tax regime in the country was complicated because of many taxes, compliance regulations and tax cascading. However; under the GST regime; the entire taxing system is expected to become uncomplicated; especially for the IT sector.

Let us cover some unique ways GST will impact the IT sector

Tax rate

Under the previous taxing system, the sale of packaged software used to attract both VAT and service tax.

Many taxing system, regulations and cascading taxes used to populate the entire system and make it hard. Let us take an example; If a software can come printed, developed and designed on a CD, DVD or hard disk, then 3 taxes used to apply on it

• Excise duty for manufacturing of product
• VAT
• Service tax for providing service as software

Under the new taxing system, these multiple taxing brackets can be removed.

GST on IT sector will be 18% on software services provided by software companies. For entirely software services, the cost might increase. It is expected that once the GST is fully implemented, the existing average tax rate of 25–35% might reduce to around 18–25.

Business

Expert IT resources will be on demand.

Companies are eagerly looking to sync their existing workforce and process with GST. This means increased infrastructure cost and facelifts in business system. This means a hike in the need for skilled IT resources

In many cases companies are redesigning their ERP software that were provided by the IT majors. They are restructuring the entire system so they can accommodate the complexities of calculating GST.

Under GST, there will be a periodic supply OF ERP systems. Freelancers who offer software and other types of services such as designing, app development, website designing etc., used to pay a service tax of 15%; which has now been revised to 18%.

So, although the GST rate for the service has been increased, availability of ITC is expected to bring down the operating costs. The overall impact of GST on the IT is expected to be good, however, for small scale service providers, such as freelancers it might take time to see how GST benefit.

KwikBilling

KwikBilling informs us about 22nd GST Council Meeting and the top 5 updates you must be aware off

Here are the Top 5 Things You Must Know about GST on Telecom Services . Read it now

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