2019 January | JP Software Technologies Blog

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Monthly Archives: January 2019

Fill GST return regularly for e-way bill

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Soon, no e-way bill if GST returns not filed for 6 months

Non-filers of GST returns for 6 consecutive months will soon be barred from generating e-way bills for movement of goods.

The Goods and Services Tax Network (GSTN) is developing such IT system that businesses who have not filed returns for two straight return filing cycle, which is 6 months, would be barred from generating e-way bills, an official said.

“As soon as the new IT system which will ensure barring of e-way Bill generation if returns are not filed for 6 months is put  ..

The move, officials believe, would help check Goods and Services Tax (GST) evasion.

E-way bill alert: Tighter rule in place; now this code is mandatory for moving consignments

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So far, businesses and transporters are required to broadly mention the distance and place of loading and unloading of consignments for generating e-way bill

Tightening the norms for issuance of e-way bill, the GST Network has made it mandatory for businesses and transporters to mention PIN codes of places of loading and unloading of consignments.

Quoting of PIN codes, according to officials, will help in calculating the correct distance and determine the validity of the electronic way or e-way bill, which is used by businesses to transport goods worth over Rs 50,000 both within and outside a state.

Best tax saving option for FY 2018-19: Here’s a comparison of top 10 instruments

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1. ELSS Funds

The introduction of the tax on long-term capital gains from equity funds has taken away a bit of the sheen of ELSS funds, but they still remain the best way to save tax. The 10% tax kicks in only on gains beyond Rs 1 lakh. Regular harvesting of capital gains can reduce the liability to a great extent.

There are other problems though. Equity markets were volatile last year and 2019 may not be any different. The economy has slowed down and there is a general election coming up. This should not worry long-term investors who stagger their purchases and average out their costs through monthly SIPs. But the SIP window has closed for taxpayers who have to show proof of Sec 80C tax-saving investments in a few days.

“A lot of taxpayers are eager to invest in ELSS funds but we don’t want them to invest recklessly. If a first-time investor loses money, he is scarred for life and may decide to stay away from equities for years,” says Shweta Jain, CEO and Founder, Investography a Bengaluru-based financial advisory frim. Her advice to taxpayers: Do not put a large sum into ELSS funds at one go, stagger it over 2-3 tranches before the 31 March deadline.

Accounting Software

Accounting is the crucial part of any commercial business; therefore, every business requires accountant or simple accounting software to manage their business effectively. Software development companies have introduced simple accounting software with GST ready feature to help businesses in completing their tax obligations successfully. It completes most of the bookkeeping process of the business, generates reports and manages GST calculations.

Simple accounting software is important for tracking the success of your business. It allows users to store all the information that gives a clear picture of the business financial health. The software can easily manage book keeping and allows monitoring costs and revenues to maximize profit margins.

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