Simplified Tax Reporting

Tax detail and summary reports provide information
on taxable and non-taxable sales and tax amounts
by taxing authority. Financial reports provide
detailed postings to the General Ledger.

Major Central Taxes

  • Income Tax
  • Customs Duty
  • Integrated Goods & Services Tax (IGST)
  • Central Goods & Services Tax (CGST)

Major State Taxes

  • State Goods & Services Tax (SGST)
  • Stamp Duty & Registration
  • Payroll tax
  • Consumption tax

The tax structure in India is divided into direct and indirect taxes.

While direct taxes are levied on taxable income earned by individuals and corporate entities, the burden to deposit taxes is on the assesses themselves. On the other hand, indirect taxes are levied on the sale and provision of goods and services respectively and the burden to collect and deposit taxes is on the sellers instead of the assesses directly.

Taxes in India are levied by the Central Government and the State Governments.

Over the last few years, the Central and many State Governments have undertaken various policy reforms and process simplification towards great predictability, fairness, and automation. This has consequently lead to India’s meteoric rise to the top 100 in the World Bank’s Ease of Doing Business (EoDB) ranking in 2017. The Goods & Services Tax (GST) reform is one such reform to ease the complex multiple indirect tax regime in India.