With the introduction of the Goods and Services Tax (GST), various industries have witnessed a huge change and tyre industry is not an exception. Talking about ERP systems, many changes were made in the basic structure to calculate taxes and make the implementation of GST easy for the tyre industry. The reform brought in by GST in the industry is anticipated to be good. GST has also brought transparency and clarity to the tyre industry that was lacking in the past. It has brought major and minor...
Year: 2017
How to Claim Transitional ITC in GSTR-3B
Transitional ITC (Input Tax Credit) refers to the tax that is carried over after the closing of your financial books for a specific year. The tax needs to be submitted in the July-August period. This tax is a part of the Goods and Services Tax (GST) and failure to pay Transitional ITC leads to a heavy penalty. To claim this tax, a company has to submit Form GSTR-3B to be eligible for a tax break within 90 days from 1st July.
Claiming Transitional ITC
Businesses need to file form Tra...
How to Claim Input Tax Credit on Business Expenses?
Input tax credit refers to the tax levied on the operational side of a business. These taxes are levied on the items that are meant to further the business. The respective companies can claim input tax credit by submitting the necessary forms and fulfilling all other obligations, it gives them a chance to save money. Given below are the steps you can follow to pay your input tax credit on your business expenses:
- You need to be a registered under GST
- Y...
People Who Need to Register for GST Irrespective of Their Turnover
The Goods and Services Tax (GST) is a landmark legislation tax that has been implemented with the intent of simplifying the tax system in India. It came into effect on 1st July, 2017. GST was introduced with the intent of making the taxation system more transparent and eliminating the confusion caused by the cascading tax system used in India. Earlier, the state and central governments used to levy taxes on products and there were a lot of discrepancies leading to chaos. Many goods that made ...
VAT for GCC
Two of the countries in GCC, the Cooperation Council for the Arab States of the Gulf, decided to introduce VAT from January 1st, 2018. Out of the 6 countries in the GCC namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE), Saudi Arabia and UAE will be the first ones to get started with VAT. The rate for VAT is set at 5%. The businesses with an annual income more than or equal to Dh 375,000 are required to register for VAT system. Value Added Tax (VAT) is a kin...
why it is essential to use ERP software for an organised business?
Each business has its own merits and challenges. However, with the right staff and software, any business owner can streamline the process he uses in his business and takes it to the next level. IT companies provide a range of solutions that can be helpful to carry out various tasks seamlessly. ERP software is one of the most popular IT solutions that are being used today by many businesses all over the world. It allows the business to centralise the data and manage it in one place even if th...
IT Solutions Providers Shine in Truck Trailer and Tyre Expo 2017
The Truck Trailer and Tyre Expo 2017 held at Mahatma Gandhi Convention Centre in Gandhi Nagar, Gujarat was a grand success. Companies from India and around the world gathered for the 3-day event to showcase their products including trailers, truck tyres, fabricated parts, lubricants, etc. This event acts as a bridge the buyers, manufacturers, and sellers and brings them on a common platform. Some of the top companies participated to showcase their products and solutions. Panel discussions by ...
Why Not an Accounting Software for Tyre Business but an ERP Solution?
In recent years, there has been a sea change in the business management software. Enterprise Resource Planning (ERP) has successfully replaced other accounting software due to its multi-specialty features. These days, many tyre companies look forward to implementing ERP systems. ERP is an all-encompassing system that deals with cost fluctuations, inventory management, stock management, finance management, and productivity enhancements. Enterprise resource planning software goes beyond simple ...
The Need of ERP for Tyre Business Owners
The tyre industry comprises of various sub-sectors such as manufacturing, supplying, distributing, and services. With increasing competition and demands, tyre trading companies, retailers, and service providers are looking out for ways and tools to streamline their operations and speed up the sale and distribution process to meet escalating demands and Tyre ERP has helped them significantly to do so. Tyre ERP is a complete solution for all the niche management needs of the industry. The best ty...
Tyre Businesses are Blessed with Tyre ERP
The tyre industry is a multifaceted sector that comprises of tyre manufacturers, distributors, suppliers, and service providers. Tyre businesses are complicated as they have closely linked segments and therefore require intense management. However, with the easy availability of capable ERP software in the market, tyre businesses can easily manage the entire sphere of business. Tyre ERP software is designed after a detailed research of the industry by the experts to fulfil the dynamic requiremen...
