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The Service Tax was introduced about a decade ago with a beginning of 3 services. Today around 200+ & many more services are likely to be brought under the Service Tax net in the years to come, as the service sector contributes over 50% of the GDP.
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The Service Tax was introduced about a decade ago with a beginning of 3 services. Today around 200+ & many more services are likely to be brought under the Service Tax net in the years to come, as the service sector contributes over 50% of the GDP.
Service tax is envisaged as the tax of the future. Introduced in the year 1994, service tax was initially restricted to stockbrokers, life insurance agents and telephone bills. The scope of service tax has now widened to a great extent with the count of service categories having reached around 200 this year. With the cross credit of service tax input showing signs of increase, the burden on manufacturers for maintaining records for these service tax transactions is increasing and at the same time the Government’s concern over the service tax payments is also becoming greater. Hence the need arises for most manufacturers with service tax credits to keep a track of all these service tax dealings.
Udyog Software India Ltd. now introduces their new VisualUdyog Service Tax Software that caters to all the service tax compliance needs by not only helping one save time but also also simplifies the operational transactions by keeping track of every Cenvat duty / Service Tax duty that service providers pay for inputs. Mr. Pravin Sawant (VP-marketing) said that VisualUdyog Service Tax software was designed after several, thorough reviews of renowned consultancies, studying financial bills, and takes care of all complicated practical issues. Moreover, it also maintains statutory documents and MIS reports. It is a unique product for any and every kind of “Service Industry”. A few notable benefits of the product :
1 Saves time and resources in computing Service Tax returns & Challans
2 Accurate; Easy to Analyze, & Audit
3 Ease with User Friendly Interface
4 Facilitates easy generation of ST3, GAR-7, etc. forms / Challan
5 Special Provision for Import & Export Services
6 Maintains exhaustive MIS and additional reports at no additional cost
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