Maintaining the books is the most important task for any business. The introduction of the GST system for goods and services has now made things difficult for businessmen to maintain records. Adding more people by way of an accountant is going to raise the costs and they have to put in more effort also.
You can see many software companies that have come up with apps that will help file taxes and take care of the accounts as well. Businesses have to file returns such as Business Income Tax Return, Service Tax, VAT, TDS, and so on. The software service providers help you by filing advance tax for you for a nominal amount. They also help with TDS return on salary payments. It is useful to choose a GST software company because India follows the GST system and you have to file GST on your goods and services.
Many business people have registration relating to Service Tax Registration. But, they do not know how to do this online. Here we outline the process. If you are a service provider, then you must pay the Service Tax. This came into effect from July 1, 1994. To begin with, you had to pay service tax only for three services. This was Stock Brokers’ Services, Non-life Insurance Services, and Telephone Services. From 2012 onwards, all services have to pay taxes except if mentioned in the negative list.
The tax stands at 15% as of July 1, 2016. The Service Tax remains under the finance act and there is no separate law governing it. You pay tax according to the value of service that you give. When the half-year arrives, you must submit the return for the half before the 25th of the next month. This means that 25 October is the due date for the returns for the period April 1 to September 30. And April 25 is the due date for the period October 1 to March 31.
You have to file the Service Tax online as of October 1, 2011. It does not matter how much Service Tax you have paid in the previous year. The service tax return filing procedure is like this. First, register with Automation of Central Excise and Service Tax (ACES). Fill in the ACES Declaration form along with the email address. They will send the Temporary Personal Identification Number (TPIN) and password to this email address so make sure it is correct. Then, hand it over to the Range Superintendent.
After you receive the TPIN and password go to the ACES Government Website. Click on Service Tax. Log in with the TPIN and password. It is time to change your password and set a new one. Check for the option “RET” and click on “Fill ST3.” A page will open where you must fill in the details. File this return and click on Save.
The advent of software for bookkeeping has helped many businesses change their losses into profits. It helped reduce the time and effort needed to maintain records and so improved their customer interactions.