BUSY ACCOUNTING SOFWARE BY DARSHAN BASRANI

Description

LEARN BUSY ACCOUNTING SOFWARE

BUSY is an integrated business management software that covers Financial Accounting, Inventory Management, Billing, Statutory Reports and MIS. It is one of the leading enterprise software for MSMEs in India with over 3,00,000 licenses worldwide. The number of users is growing fast with thousands of users adding to the list every month. BUSY Courseware is already a hit among various institutes and students and benefitting thousands of people who want to learn BUSY. With the success of BUSY Courseware - Basic edition, which has created its place in the market, we are continually getting requests for creating a courseware which would be intended to deal only with GST related issues. To meet this demand of our Users, we have designed GST Courseware (a copy of which is in your hand right now) in which we have covered each and every aspect of GST extensively. GST Courseware is designed on the basis of BUSY Courseware – Basic Edition and is intended to be taken up only after studying BUSY Courseware – Basic Edition in order to have a prior working knowledge of BUSY. Some of the common characteristics of all the Units of GST Courseware are:  Each Unit begins with Objective that informs students of what to expect from the Unit and the topics that will be covered in the Unit.  Liberal use of figures and screenshots to ensure better understanding of the content. Use of real time examples, so that the students can easily correlate with the topics.  Quick Review and a small Exercise at the end of each Unit.1.1 Basic GST Concept GST is an indirect tax which was introduced in India with effect from 1st July 2017. GST has subsumed many state and central taxes like Excise, Service Tax, Entry tax, Octroi and so on and has paved way for single tax across nation. Introduction of GST is a significant step in Indian economy as it has removed the double or cascading effect of sales tax on goods and services which in turn led to reduction of cost of goods. GST is applicable on supply of goods or services. GST is based on the principle of destination based consumption taxation. It is a dual GST with the Centre and the States simultaneously levying it on a common base. GST is based on Value Added Principle which implies that the tax shall be collected on value-added to goods or services at each stage of the supply chain. Right from the original producer or service provider to the end User, GST will be collected on value added at every stage of the supply chain. GST paid on the purchase of goods and services can be set off against the output tax payable on the supply of goods and services. Thus, GST does away with the cascading effect of tax. The backbone of the GST is the provision to set off input tax against the output tax. When a registered dealer buy goods from another registered dealer and pay GST on it then while selling these goods further, he will charge GST on it. In such a case, person can adjust the tax paid at the time of purchase with tax charged at the time of sale and needs to pay only the balance tax amount i.e. Output Tax – Input tax. This is the net tax payable to the government and we can say that net tax is calculated on the mechanism of Input Tax Credit GSTIN – GST Identification Number, all the business entities that register themselves under GST are provided a unique identification number which is termed as GSTIN. GSTIN is a fifteen digit unique number which is state wise and PAN based. The first two digits are state code, next ten digits are PAN of the entity, thirteenth digit shows number of registration for a business entity with same PAN within the same state, fourteenth digit is by default Z and fifteenth digit is a check code used for detection of errors. Given below is a diagrammatical representation of GSTIN format.

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