Taxmann launches GST filing software One Solution

(Representative image) (Representative image)
COIMBATORE: Taxmann, a leading publisher of tax and corporate laws in India and a recognised GST Suvidha Provider (GSP) by the Government of India, on Thursday introduced its GSTcompliance software, One Solution.

One Solution is an integrated software for all GST and Income-tax compliances.

“The compliances under GST are time-bound and every month a registered dealer has to file three returns and an annual return, which means every taxpayer, will file 37 returns in a year,” Taxmann said.

“To file these returns, every taxpayer will require to maintain a database of key information, like, harmonised system of nomenclature (HSN Codes) of Goods/Services, address and GSTN of customers, which will be stated in each GST invoices and GST returns,” it said.

“Therefore, to enable taxpayers, Taxmann is providing the facility to create masters of all key information in GST Module of One Solution. It would enable the taxpayers to collect all required information from parties so that GST compliant invoices can be issued from July 1 onwards,” Taxmann stated.

“As the GST is effectively levied on the difference between the resale and purchase price, an entity can reclaim as well as pay taxes. To ensure that an entity pays what is due and reclaims all legitimate tax credits, the sale and purchase invoices are reconciled,” it said.

“GST, as part of One Solution, will provide a functionality to a taxpayer to reconcile sales and purchase invoices and upload only the reconciled invoices on GST Network (GSTN),” Taxmann said

[Source”timesofindia”]