The role of technology in making lives easier cannot be underestimated. In fact, making life easy and reducing effort are the basic aims of introducing and developing technology. Indians, at present times, are given the challenge to decode GST and live life according to this newly introduced tax system. Thanks to technology, that GST is no more a headache and life is going on smoothly everywhere. Explained here are two important tools that are proving to be a great respite from the complexities arising from single unified tax system.
1. HSN and GST rate finder
There are four slabs suggested for calculating GST; then there are terms like CGST, SGST and IGST. These are sufficient to make a person lose his mind. Thankfully, all these calculations are not your headache as technology-driven tools are there to help us.
One such tool is HSN and GST rate finder. It is a readymade solution to find the rate at which your business entity will be charged. Suppose you want to know GST rate in India for IT services. Then, this rate finder requires you to only input or select the category from a drop-down list provided in this tool. Rest all is done by the software. Once you input the category, and hit ‘find rate’ button, you get the GST rate applicable in no time.
2. HSN and SAC code finder
It is a well-known fact that all commodities travelling from one country to another are given an HSN code called Harmonized System Nomenclature code. The same codes are being used under GST for seamless application of this new tax law. Another code is Services Accounting Code and is used by service tax department of India. So, HSN and SAC code finder helps you find the code for your services, which is the first step in GST calculation.
Thus, in order to make GST calculation a matter of few clicks, the innovators have devised soft tools like these. Make use of these tools and sail through GST smoothly.