The Goods and Services Tax or GST is scheduled to be launched on the 1st of July, and it is set to revolutionize the way we do our taxes. Government of India passed the Goods & Service Tax (GST) bill in the country to discard the complete indirect taxation regime.
What is GST ?
GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
How Does GST Work?
A nationwide tax reform cannot function without strict guidelines and provisions. The GST Council has devised a fool proof method of implementing this new tax regime by dividing it into three categories.
- CGST (Revenue Collected By Central Government)
- SGST (Revenue Collected By State Government For Intra-State Sales)
- IGST (Revenue Collected By Central Government For Intra-State Sales)
GST Rate For Hospitality Industry
|Non Air-conditioned Eatery||12%|
|Eatery With Liquor Licence||18%|
|Hotels With Room Rental less than 1000/day||0%|
|Hotels With Room Rental less than 1000 to 2500/day||12%|
|Hotels With Room Rental less than 2500 to 7500/day||18%|
|Hotels With Room Rental Above 7500/day||28%|
Microgenn PMS With GST Enabled!!
GST Payable Tax Calculation
Simple Tax Structure Creation
Multiple Returns With GSTN Easily
GST-compliant Invoices and Receipts
Automatic Tax Calculation Reduction in Manual Errors
Applicable GST Rates Facilities as Per E-Payment
Reports for ITC and GST Amounts in Detail
Report Submission Integration With GSP