GST - IA { Impact Analysis Solution }
One of the biggest taxation reforms in India -- the Goods and Service Tax (GST) -- is all set to integrate State economies and boost overall growth. GST will create a single, unified Indian market to make the economy stronger. Finance Minister Pranab Mukherjee while presenting the Budget on July 6, 2009, said that GST would come into effect from April 2010.
The implementation of GST will lead to the abolition of other taxes such as octroi, Central Sales Tax, State-level sales tax, entry tax, stamp duty, telecom licence fees, turnover tax, tax on consumption or sale of electricity, taxes on transportation of goods and services, etc., thus avoiding multiple layers of taxation that currently exist in India.
A system made by Lateral Praxis called the Impact Analysis Solution enables the companies to
- Upload sales and purchase data along with taxes applicable, indication of taxes paid or adjusted against the credit available
- Provide facility to enter following rates for GST against various types of Sales & Purchases
- SGST
- CGST
- IGST
- Provide MIS to view Credits available and adjusted as per existing tax structure
- Allow for calculation of Tax as proposed under GST
- Allow for Impact Analysis based on calculation of existing tax structure and GST
- Make provision to upload and save multiple scenarios
- Facilitate comparison between current and various future scenarios