New Delhi [India], Oct 26 (ANI): ClearTax, tax e-filing and compliance platform on Thursday launched an offline calculator to help businesses determine their monthly payout towards the Goods and Services Tax (GST) to calculate full tax liabilities .
With this tool, traders, CAs and tax professionals can calculate their full tax liabilities by simply entering a few key details such as the opening balance of cash and credit ledgers, purchases recorded under reverse charge mechanism etc .
Easily downloadable on any computer, the calculator can be used completely offline .
Once all these numbers are entered, the GST dues will get calculated automatically along with interest, and late fees, if any .
"With the GST Council having recognised the major issues, the problem of errors in calculation of GST tax payout is important to become compliant and to manage tax payments . By using our offline tool, the GST Calculator, businesses can organise funds and make timely payments while avoiding penalties and interest," said Archit Gupta, CEO, ClearTax .
The output tax liability is calculated by multiplying GST rate with total value of supplies and advances . GST on output supplies is taken and GST payable on reverse charge and inward supplies is deducted . The opening balance of the electronic cash ledger and the electronic credit ledger is also considered while calculating the GST dues for a month .
As per the 22nd GST Council Meeting held on Oct 6, taxpayers with an annual turnover of up to Rs . 1 .5 crore are not required to pay GST on advances received against the supply of goods . The GST on such transactions shall be payable only when the goods are supplied .
An interest of 18 percent per annum has to be paid as penalty on unpaid taxes, while failing to file the monthly GSTR on time can cost them Rs . 200 every day (maximum Rs 5,000) once the deadline has passed .
However, to allow businesses to make easier fulfilment of compliance procedures, the government has waived off the Rs . 200 per day late fees for GSTR-3B, for the months August and September . (ANI)