We advise you to remain compliant and follow all statutory and legal compliances in terms of taxes on time. It not only helps to strengthen the economy but also your company can benefit under various government schemes rewarding compliant businesses. Over the last few years, the Central and many State governments have undertaken various policy reforms & process simplification towards high predictability, fairness, and automation towards taxes.
Our GST compliant accounting software, TEZ ERP® ensures that the tax submissions made to the Indian government be easy and accurate by helping our clients meet their compliance obligations.
Here’s how we do it……
GST is a comprehensive indirect tax levied on manufacture, sale, and consumption of goods and services at the national level. GST is expected to bring together the state economies and improve the overall economic growth of the nation. You can view the status of your GST in TEZ ERP® software on a real-time basis. It offers easy import and upload of GST data for GST returns. TEZ ERP® is fully GST Compliant. You can effortlessly file GSTR1, GSTR 3B and match GSTR 2A.
Following are the returns which can be generated using our business accounting software:
- GSTR-1:- This return has monthly sales details, which will be filed by the 10th of next month. You can simply download the JSON file from ERP and upload it on GST portal
- GSTR-3B:- Every person registered under GST (Except NRI & composition scheme) need to file GSTR 3B by 20th of next month. If you do not file this return in-time, you need to pay Rs.50/- day as late fee (Rs.20/- day for NIL returns). Tax liability must be paid before filing this return. You can simply download the JSON file from ERP and upload it on GST portal
- GSTR-2A:- When a seller files his GSTR-1, the information is captured in GSTR-2A. GSTR-2A is a purchase-related tax return that is automatically generated for each business by the GST portal. You can simply download the JSON file from GST portal and upload it on ERP. System will highlight all missing entries, mismatched entries and extra entries, which can easily be reconciled
- GSTR-9:- This is annual return, which will be filed by August 31st
- E-Way Bill: TEZ ERP® helps to Generate E-ways bills of specific consignment/movement of goods from one place to another, either inter-state or intra-state and of value more than INR 50,000 as per GST regime. You can enter transport details and download the JSON file from ERP which can then be upload on GST portal
Penalties may arise when there is a delay in filing GST Return. This happens when you need to submit all your financial data in excel-sheet formats to your CA’s. It is not only a time-consuming process but would need extra human resources to gather all the data which is already stored in physical form. TEZ ERP® helps in reducing the delay by generating the returns, thus simplifying your work.
Features of TEZ ERP® in terms of GST:
- Setting up your account effortlessly. A huge timesaver
- GST Compliant Invoices
- Generate eInvoice with IRN No. and QR Code
- Maintaining E-Way Bill transactions
- Calculating of Input Tax Credit efficiently
- Filing of GST Returns simplified
- Match GSTR2A against purchases and expenses
TEZ ERP® also supports TDS entries, TCS entries and generates TDS/TCS reports.
The software also facilitates TDS compliance for every purchase/payment and receipt transaction made. Simply, set the suppliers for TDS by assigning their tax types and tax deduction rate in the master list for vendors, suppliers, and customers in our software.
Here is a list of tax rate deductions that are supported in Tez ERP:
- 193: TDS on income by way of interest on securities to a resident
- 194: TDS on Dividends
- 194A: TDS on Interest (Other Than Interest on Securities)
- 194B: TDS on Prize money above Rs. 10,000/- and an additional three percent education cess on the tax amount
- 194BB: TDS Under Section 194B, in case of winnings which is in kind or part cash, part kind
- 194IC: TDS on Payment Made Under Specified Agreement
- 194C: TDS on payment made to contractor or sub-contractor
- 194D: TDS on insurance commission
- 194EE: TDS on Payments in respect of deposits under National Savings Scheme, etc.
- 194F: TDS Payments on account of repurchase of units by Mutual Fund or Unit Trust of India.
- 194G: TDS on income by way of commission/remuneration/prize on lottery tickets to the person who has been stocking/distributing / purchasing / selling the lottery tickets, deducting TDS
- 194M: TDS by an individual or a HUF (those not covered in TDS), is now required to deduct TDS @ 5% for payments exceeding Rs. 50 lakhs in a year to a resident contractor or to a professional (as defined u/s Section 194C and Section 194J respectively)
- 194IA: TDS on the transfer of any immovable property, barring agricultural land.
- 194IF: TDS from interest other than interest on securities (Section-194A), from fees for professional services/technical services/royalty (Section-194J) and interest on securities (section 193)
- 194J: TDS on payments made towards fees for various professional or technical services
- 194J1: TDS @ 10% above Rs. 30,000 during a financial year; Fees for professional services; or. Fees for technical services; or. Royalty or Non-Compete Fee as referred under section 28 (VA) of income tax act
- 194I: TDS on rent
Please refer to TDS Chart and TCS Chart for current tax rates
Example of Statutory Compliance:
Filing of GST or ITR returns is indeed a significant task in hand while operating an enterprise. One of Clients had outsourced its Accounting to its CA Firm. The CA firm was diligent enough and ensured that his client’s taxes were paid on time. However, as the case is, tax-filing of all businesses happen at the same time in a fiscal year, and the Chartered Accountant is overburdened with too many return filings and supervising a team of Articles doing the audit work becomes cumbersome also.
When our client started using TEZ ERP®, the Accounts were easily maintained in the system thus giving the CA, the month-wise view of the enterprise’s sales and purchases in the Balance-sheet of the Company. What more – with our Document Management System, he did not have to chase the enterprise owner for his documents for tax returns. All records were within a click’s reach. And as with GST returns, the CA was able to generate the Monthly GST data from our software, thus making the GST Filing Process quick and easy.
A Shout-out to all CAs, our accounting software saves your time exponentially. Call us for a demo. Contact us now.