The GST Act has hit the highest on the list of the most impactful regimes of all time. As of now, more than 7.95 million applicants have made their mark on taxation through GST registration. The new regime of the taxation is setting new benchmarks for both the government and people as well. With dynamic changes in the economy of the nation, the successful implementation of the Goods and Services Tax Act has opened new gates of opportunities. These opportunities, if wisely administered, could be used for the substantial growth of the economy.
Until now the new taxation regime has managed to attract an impressive amount of the taxpayers of the nation. It has also added an accountability that assures that the vision of the government is not hollow. The people were expecting that there will be a shuffle of things in the taxation but weren’t expecting a complete modification. There was a huge backlash that came on the government’s shoulders. But still through GST, the government have been able to:
- Create an unbreakable network of millions of taxpayers.
- Generate effective tax revenues.
- Streamline all the earlier taxes like VAT, excise duty, service tax etc.
You might wonder that why there is not a mentioning about the complexity of GST. With that being said, there has been the arrival of an unassailable solution the moment the Goods and Services Tax arrived. The advent of the GST tax calculator in the people’s lives has made the taxation much easier and hassle-free. Here’ an insight to how the tax calculator brought ease into the taxpayer’s lives.
1) Quick as a flash calculation– The initial struggle of GST calculations was expected as the regime was completely new with a strenuous user guide. The need was to make things simple. The simpler the rules and regulations would be, the more people would deviate towards GST. But this aspect was not thoroughly considered by the government. Since the taxpayers started using the tax calculator, there has been less repercussion about the regime as the tax is divided into five different tax slabs. Although, the government is making up its mind to merge the 18% and 28% tax rate into one. But for the time being the tax calculator will keep things simpler and the calculations apt.
2) Incorporated code finder– Some people overlook the fact that the new taxation regime is destination based. In such condition, your entire taxation could lapse. But as the icing on the cake, the tax calculator covers it all for you. It comes incorporated with an additional search bar that lets you determine the HSN and SAC codes based on the place of supply. This extra advantage cuts the tediousness of the tax calculation just in half. And since the government has separated the codes for businesses from different backgrounds, it becomes extremely tough to fill them up manually. So, the best option is to use a dynamic GST tax calculator.
3) Accuracy and safety- The major problem that the taxpayers face under GST are making an accurate calculation of the payable tax. As every business has the businesses from every dynamics in its sale/purchase circle, the tax calculation becomes complex. You‘d have to first determine that which tax percentage does the business you are dealing with falls in. Then you would be able to do the final calculation. But the high-end technology of the tax calculator automatically determines the tax rate of the supply of the goods and services. And the technology not only untangles the strings of the taxation but keeps your records and inputs safe. It is made sure that high-security measure is available to keep the user’s information of all sorts intact and secured.
Although, the regime, to some extent, has put an end to the confiscation of the money that was going out of the control making the economy weaker. A survey reveals that since the implementation of the new regime, the numbers of registrants rose by a great amount only when GST software came into existence. Witnessing the uneasiness of the new taxation regime, some of the IT businesses in the market took a conscious effort to provide support. No one has ever wondered a small technique taking a humungous turn and becoming almost everyone’s taxation need.
In today’s times, the technology has taken over almost every area of the nation’s progress and has created alternatives for the most of it. And with a constant pace and accuracy, the overall compliance of the new taxation regime would become integrated. Ultimately, the government would also be able to achieve its end goals and make the future of the people bright and corruption-free.