Question 1

How many Returns are required to be filed under GST?

Accepted Answer

Generally, a business will be required to furnish 3 monthly returns and 1 annual return. That means every business will have to file 37 returns in a financial year. However, there are separate returns for the following taxpayers:

Composition scheme dealers
Input Service Distributor
TDS Deductors
TCS Colletors

Question 2

Are there any pre-system requirements to use autoTax GST Software?

Accepted Answer

AutoTax GST Software is a cloud-based software and accessible from anywhere at any time. You need to just sign up using your email-id and choose the plan you want to subscribe based on your requirement. Once, your subscription is activated you will be able to get started. For the uninterrupted use of autoTax GST software you just need a proper internet connection. The GST software price is very affordable.

Question 3

Who all can use autoTax GST Software?

Accepted Answer

Here is the list of user who can choose autoTax GST Software:

Enterprises
Small and Medium Businesses
CAs, Tax Consultants and Accountants

Question 4

What are the benefits of using autoTax GST Software?

Accepted Answer

Here are a few major benefits that autoTax GST Software offers:

Seamless integration with all leading ERPs (SAP, Oracle or Navision)
Import sales and purchase data from ERP, Excel or Accounting Solution
Helps to claim 100% Input Tax Credit by reconciling GST Returns.
Handles all business and business unit using a single login.
Helps in creating GST compliant invoices.
Multi-layer user creation.
Supports creation of suppliers, customers and items directory.
Looks after all the invoices which have imported with duplicity flags such as uploaded/not-uploaded.
Three-layer validation to eliminate every human error.

Question 5

What is a GST Software or billing software for GST?

Accepted Answer

The government has used technology in an unprecedented manner to facilitate taxation of the country. GST regime necessitates a high level of synchronization between tax payer’s system, i.e.an ERP, an accounting or an invoicing software, and the GST system, which without automation would be a difficult task. autoTax GST software by Masters India acts as a bridge between the taxpayer and the Government. A taxpayer can use the GST Software for creating GST compliant invoices, uploading and reconciling their sales and purchase data, filing GST returns, and maintaining overall GST compliance.

Question 6

What is an Application Service Provider?

Accepted Answer

ASPs [Application Service Providers] are third-party entities like GSPs which facilitate the overall GST process for a taxpayer – from registration to returns. These GST returns will then be filed on behalf of the filer with GSTN via the GSPs. ASPs are basically a link between the taxpayer and the GSP to provide GST Return Filing. All the GSPs can act as ASPs but an ASP cannot be a GSP. Masters India is one of the biggest, rapidly growing and the most favoured GSP + ASP with its rich and secure GST software, autoTax, a complete GST Compliance Solution. Masters India is one of the biggest, rapidly growing and the most preferred GSP + ASP with its rich and secure GST filing software, autoTax, a complete GST Compliance Solution for GST Return Filing and Reconciliation.

Question 7

What is GST Suvidha Provider?

Accepted Answer

The GST environ in India is administered by the Goods and Services Network [GSTN], a public-private partnership, which is the whole sole IT module and the backbone of the of GST framework. To strengthen and smoothen the interaction between GSTN and the tax payers, the GST Council has identified and approved [under stringent guidelines] 34 organizations in India, termed as GSPs [GST Suvidha Provider]. A GSP basically provides a third party application which acts as a bridge and synchronizes with the tax payer’s existing financial controlling systems [ERP, Accounting Softwares etc.] and the GSTN, thereby easing the process for organizations, to deal with GST.GSPs are equipped with secure GST APIs [Application Program Interface], which actually act as a connector while the third party GST software provides unique and convenient ways from GST registration to GST Return Filing.Masters India is one of the biggest, rapidly growing and the most favored GSP with its rich and secure autoTax, a complete GST Software.

Question 8

What is GST?

Accepted Answer

GST, which stands for Goods and Services Tax, is a single destination based consumption tax, which will replace almost all the existing Central and State indirect taxes, including but not limited to CENVAT, Octroi, Sales Tax and Excise Duty etc. The methodology and approach while formulating GST have been unlike the old tax structure, where the state of origin receives the tax revenues.

GST is a value-added tax ecosystem, intended to eradicate the cascading effects of taxes in a supply chain environment. Being a destination tax, the mechanism is formulated to pass the burden of taxes to the end consumer.

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