In this blog, we will discuss the Goods and Services Tax features and why to use Goods and Services Tax in the Sage Intacct.
New Stuff: TDS Deduction Process on Accounts Payable Bills
GST is an abbreviation for Goods and Services Tax, which is an indirect tax imposed on the provision of goods and services.
Why to use GST in Sage Intacct:
- By using Sage Intacct GST, Simplify the tax structure and establish a consistent and unified tax system to lessen the tax load on both businesses and consumers.
Sage Intacct GST features:
1. Simplification of Tax Structure
- Unified Taxation System: GST replaces several indirect taxes, including VAT, Service Tax, Central Excise Duty, and others, with a unified tax system, simplifying tax compliance for businesses.
2. Elimination of Cascading Effect:
- Input Tax Credit (ITC): GST enables organizations to receive credit for taxes paid on inputs, ultimately lowering the total tax burden and eliminating the “tax on tax” scenario from the previous tax system.
3. Increased Tax Compliance:
- Unified System: A consistent tax rate throughout the country promotes compliance and diminishes tax evasion.
- Digitalization: The digital tax system of GST promotes transparency and simplifies compliance monitoring for tax authorities.
4. Auto E-Invoicing:
- E-Invoicing: Automated E-Invoicing feature in Sage Intacct on Sales and AR Invoices. Users can print tax invoice having IRN and QR codes received from Government portal.
5. Encouragement of Formal Economy:
- Invoice Matching: The requirement of invoice matching under GST encourages businesses to keep accurate records and transactions, ultimately leading to the formalization of the economy.
6. Uniformity and Removal of Economic Barriers:
- Level Playing Field: Having uniform tax rates in all states guarantees that businesses have an equal opportunity to compete, regardless of where they are located.
7. Transparency and Accountability:
- Taxpayer Services: GST’s online portals and services enhance transparency and accessibility for taxpayers, leading to improvements in overall governance.
- Audit Trail: The digital nature of GST guarantees an audit trail, simplifying the tracking and verification of transactions.
8. Encouragement of Exports:
- Zero-Rated Supplies: Exports are considered zero-rated supplies under GST, which means that no tax is imposed on goods and services that are exported, thereby encouraging global trade.
In conclusion, the implementation of GST aims to establish a tax system that is more efficient, transparent, and simplified, benefiting businesses, consumers, and the government, and ultimately supporting economic growth and stability.
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Greytrix – a globally recognized and one of the oldest Sage Development Partner is a one-stop solution provider for Sage ERP and Sage CRM organizational needs. Being acknowledged and rewarded for multi-man years of experience and expertise, we bring complete end-to-end assistance for your technical consultations, product customizations, data migration, system integrations, third party add-on development and implementation competence.
Greytrix has a wide product range for Sage Intacct- a Cloud ERP. This includes migrations from QuickBooks | Sage 50 | Sage 100 | Sage 300 to Sage Intacct. Our unique GUMU™ integrations include Sage Intacct for Sage CRM | Salesforce | FTP/SFTP | Rev.io | Checkbook | Dynamics 365 CRM | Magento | Rent Manager | Treez | Avalara Avatax | Blackline SFTP. We also offer best-in-class Sage Intacct Development Services, Consulting services, integrated apps like POS | WMS | Payroll | Shipping System | Business Intelligence | eCommerce for Sage Intacct to Sage business partners, resellers, and Sage PSG worldwide. Greytrix constantly develops apps, products, and add-ons to enhance user experience. Sage Intacct add-ons include AR Lockbox File Processing.
Greytrix GUMU™ integration for Sage CRM – Sage Intacct, Sales Commission App for Sage Intacct, and Checkbook.io ACH/Digital Check Payments for Sage powered by GUMU™ are listed on Sage Intacct Marketplace.
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For more information on Sage Business Cloud Services, please contact us at sagecloud@greytrix.com. We will like to hear from you.