GST Billing software in kerala

                                                       GST

Income Tax Slab & Rate for FY 2019-20, 18-19 & 17-18No tax for individuals with income less than ₹ 2,50,0000%-5% tax with income ₹ 2.5 lacs to 5 lacs for different age groups20% tax with income ₹ 5 lacs to 10 lacsInvestments upto ₹ 1.5 lacs under Sec 80C can save ₹ 46,800 in taxes.Invest in Best Tax Saving Mutual FundsSave up to Rs 46,800 in taxesHighest returns among other 80C optionsGet Instant Investment ProofIncome Tax Slabs Rates for FY 2019-20 (AY 2020-21) Individuals & HUF(Age <60 years) Senior Citizens(Age: 60-80 yrs) Super Senior Citizens(Age > 80 yrs) DomesticCompaniesIncome Tax Slabs Rates for Previous Years Income Tax Slabs Rates for FY 2018-19 Income Tax Slabs Rates for FY 2017-18 Income Tax Slabs Rates for FY 2016-17 Income Tax Slabs Rates for FY 2015-16INTRODUCTION FOR SLABSIn India, income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs and such tax rates keep increasing with an increase in the income slab.Such tax slabs tend to undergo a change during every budget.Further, since the budget 2018 has not announced any changes in income tax slabs this time, it remains the same as that of last year.There are three categories of individual taxpayers:1.Individuals (below the age of 60 years) which includes residents as well as non-residents2.Resident Senior citizens (60 years and above but below 80 years of age)3.Resident Super senior citizens (above 80 years of age)Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2019-20 – Part IIncome Tax SlabsTax RateHealth and Education CessUp to ₹2,50,000* Nil Nil₹2,50,001 to ₹5,00,000 5% of total income exceeding ₹2,50,000 4%₹5,00,001 to ₹10,00,000 ₹12,500 + 20% of total income exceeding ₹5,00,000 4%Above ₹10,00,000 ₹1,12,500 + 30% of total income exceeding ₹10,00,000 4%Invest Now & Save Upto ₹ 46,800 on TaxesSurcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.*Income tax exemption limit for FY 2019-20 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2019-20 – Part IIIncome Tax Slabs Tax Rate Health and Education CessIncome up to Rs 3,00,000* No tax Income from Rs 3,00,000 – Rs 5,00,000 5% 4% of Income TaxIncome from Rs 5,00,000 – 10,00,000 20% 4% of Income TaxIncome more than Rs 10,00,000 30% 4% of Income TaxInvest Now & Save Upto ₹ 46,800 on TaxesSurcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.*Income tax exemption limit for FY 2019-20 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)Income Tax Slabs for Super Senior Citizens(80 Years Old Or More) for FY 2019-20 – Part IIIIncome Tax Slabs Tax Rate Health and Education CessIncome up to Rs 5,00,000* No tax Income from Rs 5,00,000 – 10,00,000 20% 4% of Income TaxIncome more than Rs 10,00,000 30% 4% of Income TaxInvest Now & Save Upto ₹ 46,800 on TaxesSurcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.*Income tax exemption limit for FY 2019-20 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)Income Tax Slabs for Domestic Companies for FY 2019-20 – Part IVTurnover Particulars Tax RateGross turnover upto 250 Cr. in the previous year 25%Gross turnover exceeding 250 Cr. in the previous year 30%In addition cess and surcharge is levied as follows: Cess: 4% of corporate taxSurcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7%Taxable income is more than 10Cr. :12%Income Tax Slabs Rates for FY 2018-19(AY 19-20)Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19 – Part IIncome Tax SlabsTax RateHealth and Education CessUp to ₹2,50,000* Nil Nil₹2,50,001 to ₹5,00,000 5% of total income exceeding ₹2,50,000 4%₹5,00,001 to ₹10,00,000 ₹12,500 + 20% of total income exceeding ₹5,00,000 4%Above ₹10,00,000 ₹1,12,500 + 30% of total income exceeding ₹10,00,000 4%Invest Now & Save Upto ₹ 46,800 on TaxesSurcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.*Income tax exemption limit for FY 2018-19 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2018-19 – Part IIIncome Tax Slabs Tax Rate Health and Education CessIncome up to Rs 3,00,000* No tax Income from Rs 3,00,000 – Rs 5,00,000 5% 4% of Income TaxIncome from Rs 5,00,000 – 10,00,000 20% 4% of Income TaxIncome more than Rs 10,00,000 30% 4% of Income TaxInvest Now & Save Upto ₹ 46,800 on TaxesSurcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.*Income tax exemption limit for FY 2018-19 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)Income Tax Slabs for Super Senior Citizens(80 Years Old Or More) for FY 2018-19 – Part IIIIncome Tax Slabs Tax Rate Health and Education CessIncome up to Rs 5,00,000* No tax Income from Rs 5,00,000 – 10,00,000 20% 4% of Income TaxIncome more than Rs 10,00,000 30% 4% of Income TaxInvest Now & Save Upto ₹ 46,800 on TaxesSurcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.*Income tax exemption limit for FY 2018-19 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)Income Tax Slabs for Domestic Companies for FY 2018-19 – Part IVTurnover Particulars Tax RateGross turnover upto 250 Cr. in the previous year 25%Gross turnover exceeding 250 Cr. in the previous year 30%In addition cess and surcharge is levied as follows: Cess: 4% of corporate taxSurcharge: Taxable income is more than 1Cr. but less than 10Cr.Aster billing contact number:-0471 254 5002 | +91 7012558852

Invoicing- Aster Billing

Invoicing

To create all types of sales or purchase invoices, view all created invoices and bulk import the invoices refer the guides mentioned below:

1. All Invoice Settings

 – Adding Company Logo

 – Adding Invoice Prefix and Adding Invoice Start Series

 – Add Terms and Conditions

 – Add Custom Fields

 – Add Bank Details

2. All Contact Settings

 – Create Contacts

 – Create Contact Master

 – View All Contacts

 – How to Bulk Import Contacts

 – Collect GSTIN Information

 – Adding New Contacts

3. Item Master

 – Create Items

 – Create Item Master

 – View All Items

 – How to Bulk Import Items

4. Sales Invoice Generation

 – Normal Invoice

 – Export Invoices

 – Invoices for Reverse Charge

 – Invoices for TCS

 – Invoices for Freight/Transportation Companies

 – Invoices for Customers with Different Billing and Shipping Address (Place of Supply)

 – Creating Bill of Supply

 – Creating Advance Receipts

 – Creating Credit/Debit Notes

 – Create Delivery Challans

a) Job Work Challan

b) Challan for Supply on Approval

c) Other Cases

5. Purchase Invoice Generation

 – Record Purchase Invoices

6. View Invoices

 – View All Invoices

 – View All Bills of Supply

 – View All Credit/Debit Notes

 – View All Advance Payments

 – View All Challans

7. Bulk Import Invoices

 – Bulk Import All Invoices

 – Bulk Import Credit and Debit Notes

8. Printing Invoices

What is a Revised Invoice under GST?

What is a Revised Invoice under GST?

Under GST, all the taxable dealers will have to apply for provisional registration and carry out all the formalities post which they will get the permanent registration certificate.

For all the invoices issued between the period –

1. Date of implementation of GST
2. Date of issue of Registration certificate

the dealers will have to issue a revised invoice against the invoice already issued between the said period. The revised invoice will have to be issued within one month from the date of issue of the registration certificate.

What are supplementary invoices and their uses?

Supplementary tax invoice is a type of invoice that is issued by a taxable person in case where any deficiency is found in a tax invoice already issued by a taxable person. It can be in form of a debit note or a credit note.

Income Tax in India - Aster Billing

Taxes in India can be categorized as direct and indirect taxes. Direct tax is a tax you pay on your income directly to the government. Indirect tax is a tax that somebody else collects on your behalf and pays to the government eg restaurants, theatres and e-commerce websites recover taxes from you on goods you purchase or a service you avail. This tax is, in turn, passed down to the government. Direct Taxes are broadly classified as :

1. Income Tax – This is taxes an individual or a Hindu Undivided Family or any taxpayer other than companies, pay on the income received. The law prescribes the rate at which such income should be taxed
2. Corporate Tax – This is the tax that companies pay on the profits they make from their businesses. Here again, a specific rate of tax for corporates has been prescribed by the income tax laws of India.

Indirect taxes take many forms: service tax on restaurant bills and movie tickets, value-added tax or VAT on goods such as clothes and electronics. Goods and services tax, which has recently been introduced is a unified tax that has replaced all the indirect taxes that business owners have to deal with.

Everyone who earns or gets an income in India is subject to income tax. (Yes, be it a resident or a non-resident of India ). Also read our article on Income Tax for NRIs. Your income could be salary, pension or could be from a savings account that’s quietly accumulating a 4% interest. Even, winners of ‘Kaun Banega Crorepati’ have to pay tax on their prize money. For simpler classification, the Income Tax Department breaks down income into five heads

Taxpayers and Income Tax Slabs

Taxpayers in India, for the purpose of income tax includes:

• Individuals, Hindu Undivided Family (HUF), Association of Persons(AOP) and Body of Individuals (BOI)
• Firms
• Companies

Each of these taxpayers is taxed differently under the Indian income tax laws. While firms and Indian companies have a fixed rate of tax of 30% of profits, the individual,HUF, AOP and BOI taxpayers are taxed based on the income slab they fall under. People’s incomes are grouped into blocks called tax brackets or tax slabs. And each tax slab has a different tax rate. In India, we have four tax brackets each with an increasing tax rate.

• Income earners of up to 2.5 lakhs
• Income earners of between 2.5 lakhs and 5 lakhs
• Income earners of between 5 lakhs and 10 lakhs
• Those earning more than Rs 10 lakhs

'Tax Year' Aster Billing

WHAT IS A 'Tax Year'

A tax year refers to the 12-month period covered by a particular tax return. The Internal Revenue Service allows some flexibility in determining the start and end dates of a tax year, and it is not necessarily the same period as a fiscal year.BREAKING DOWN 'Tax Year'A tax year is an annual accounting period used by a taxpaying individual or firm for tax purposes. The U.S. Internal Revenue Service (IRS) allows most businesses to use either a calendar year or the firm’s fiscal year as its tax year. Exceptions to this are firms that are required to use the calendar year ending December 31 as their tax year. These include sole proprietorships and single-member LLCs. These firms are required to end their tax year on December 31 because they generally pay taxes as an extension of their single owner.

Whatever method is used to define a tax year, the IRS requires that all firms end their tax year on a quarterly basis, so all tax years should end on March 31, June 30, September 30 or December 31. The IRS identifies firms with non-calendar year tax years by their selected tax year end date. The IRS discourages businesses from changing their treatment of the tax year except in the first or last year of a business. Written IRS approval is required to do so.

Individual Taxpayers’ Federal Tax Year

Individuals generally use a December 31 tax year, with an annual return due on April 15 of the following year. When the 16th Amendment was passed in 1913, granting taxation authority to the federal government, Congress designated February 1 as tax filing day. This date was moved progressively backward to where it is today, on April 15. Some commentators have suspected that this has allowed the government to hold onto taxpayers’ money longer. Whatever the case, the movement from February to March to April has coincided with an increase in the pool of eligible taxpayers. When the 16th Amendment was passed, a small number of very wealthy individuals was expected to pay federal tax. The pool of taxpayers has grown significantly since then

.State Tax Years

Every state handles taxation independent of the federal system, but most that do impose income taxes use April 15 as their required filing date. Virginia is one exception, with a filing deadline of May 1. Several states that do not charge income taxes impose taxes on other revenue, such as stock dividends. New Hampshire, which has no income or sales tax, compensates by charging a relatively high property tax. New Hampshire property tax rates are set annually in November, and the property tax year runs from March 21 to April 1 for all property owners

.by 

Aster billing

GST-Concept and Status-Aster Billing

The uniform system of taxation, which, with a few exceptions of no great consequence, takes place in all the different parts of the United Kingdom of Great Britain, leaves the interior commerce of the country, the inland and coasting trade, almost entirely free. The inland trade is almost perfectly free, and the greater part of goods may be carried from one end of the kingdom to the other, without requiring any permit or let-pass, without being subject to question, visit, or examination from the revenue officers. ……This freedom of interior commerce, the effect of uniformity of the system of taxation, is perhaps one of the principal causes of the prosperity of Great Britain; every great country being necessarily the best and most extensive market for the greater part of the productions of its own industry. If the same freedom, in consequence of the same uniformity, could be extended to Ireland and the plantations, both the grandeur of the state and the prosperity of every part of the empire, would probably be still greater than at present”
 Adam Smith in ‘Wealth of Nations’
Whether it was uniformity of taxation and consequent free interior trade orpossession of ‘the jewel in the crown’ at the root of prosperity of Britain isdebatable, nonetheless the words of father of modern economics on the benefitsof uniformity of system of taxation cannot be taken too lightly. Beforeimplementation of Goods and Service Tax (GST), Indian taxation system was afarrago of central, state and local area levies. By subsuming more than a score oftaxes under GST, road to a harmonized system of indirect tax has been pavedmaking India an economic union.

Filing GST Returns for Your Business- ASTER BILLING

As GST will roll out on July 1, 2017, every business will have to file monthly GST returns as part of its GST compliance. Even if there is no activity carried out in business, the business has to still file the returns. Let us check out the various returns to be filed by businesses and their respective due dates. The return has to be e-filed and no paper returns will be acceptable in the GST regime. The table below explains various returns and their due dates which must be filed by businesses under the GST regime.

Return	For	To be filed by
GSTR 1	Outward supplies made by taxpayer (Sales)	10th of the next month
GSTR 2	Inward supplies received by a taxpayer (Purchases)	15th of the next month
GSTR 3	Monthly return	20th of the next month
GSTR 4	Quarterly return for Composite Taxpayer	18th of the month next to quarter
GSTR 5	Return for Non-Resident Foreign Taxpayer	Last day of registration
GSTR 6	Return for Input Service Distributor (ISD)	15th of the next month
GSTR 7	Return for Tax Deducted at Source	10th of the next month
GSTR 8	Return for e-commerce operator	10th of the next month
GSTR 9	Annual Return	By 31st December of next financial year

Monthly GST Returns Filing

Regular taxpayers would have to file GSTR-1, GSTR-2 and GSTR-3 (monthly returns). Taxpayers with multiple registrations within a state would have to file GSTR-1, GSTR-2 and GSTR-3 for each of the GST registrations obtained separately. All the monthly returns have to be filed online through a common portal managed by the Goods and Service Tax Network (GSTN).

Annual GST Return Filing

Each business will have to file an annual return, known as GSTR 9. This will be on top of the monthly returns and is to be filed by 31st December of the next financial year.

Composite Taxpayer and GST Filing

Composite taxpayers will have to file GSTR 4, which will be filed quarterly. The composite tax will be a flat rate of tax, which a business pays based on their turnover in a specific period. They will not be able to take input credits for their purchases. Taxpayers eligible for the composite scheme can opt against the composite scheme and file monthly returns and thereby claim input tax credits on their purchases/supplies as well. Annual return (GSTR-8) will be filed by all normal / regular taxpayers. It will be based on financial records. A compounding taxpayer will also need to file a simple annual return. With GST, though the taxes are getting simplified which is a good for all businesses, there may be an increased burden of compliances on businesses as they have to file a total of 37 returns in year (3 x monthly returns for 12 months; and one return annually) Related Articles: GST Compliance Rating and Why It is Important for You, Composition of Tax Levy Scheme for Small Business in GST, GST Impact on IT and Consultancy Services