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)