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A Simple Instance Of How The GST Regime Operates

A Simple Instance Of How The GST Regime Operates, The pre-GST regime of Indirect Taxation in India was characterized by a lot of red tape and complexity

Published

3 years ago

December 17, 2019

TwinzTech

A Simple Instance Of How The GST Regime Operates

The GST regime has been a game-changer in the sphere of Indirect Taxation in India. The pre-GST regime of Indirect Taxation in India was characterized by a lot of red tape and complexity.

There was a multitude of taxes and cesses which were in operation and had to be taken care of in a haphazard and disconnected manner by businesses. The actual rate of taxes on many products was almost impossible to determine for the average consumer, which was terrible for transparency.

How GST Regime Works

With the introduction of the GST system, all of those taxes were subsumed under the Goods and Services Tax, with a few exceptions. This drastically cut the number of taxes that businesses and consumers had to keep track of.

The Goods and Services Tax also was a game-changer in the field of Information Technology concerning taxation. Previously, there was almost no way for the Government to track down all of the transactions and invoices which were generated throughout business every day.

But, with the introduction of the GST, the entire system has now migrated online, so a GST invoice is now online and easily trackable by both the Government, as well as the business on the GST portal, which runs on the GSTN (Goods and Services Tax Network). This has increased transparency and compliance.

The GST is a comprehensive indirect tax affecting almost all goods and services in India, barring few items which have been kept outside the purview of the tax. It has several features which are illustrated below:

Table of Contents

1.Basic Overview:

The GST, as mentioned above, is a comprehensive tax, a single tax that has subsumed almost all of the taxes and cesses operating under the previous tax regime. GST was created to simplify procedures and create a transparent system of Indirect Taxation.

To this end, the GSTN Information Technology network was created to make the entire system online. Various forms need to be filled by businesses that are dependant on the type of business and turnover.

Unlike the pre-GST regime, a GST invoice generated in the course of business needs to be uploaded onto the GSTN network by both the supplier and the dealer who purchases the goods to be sold to the consumer. This ensures compliance.

2.Controlling Body:

How GST Regime Works

The GST system is controlled by a unified body called the GST Council. This body monitors the GST to ensure everything works smoothly. From time to time, the council publishes revisions to the tax structure when it feels that certain elements need to be revised. This is usually done in response to market conditions or anticipation of future market conditions.

3.GST Structure:

The GST is structured into slabs. There are four underlying slabs under the GST regime. On top of that, there is a fifth slab, which is essentially an exempted item slab, which includes items that have no GST attached to them.

The 4 major slabs are :5%, 12%, 18%, and 28%. Everyday items are placed in the lower slabs while sin goods and luxury items fall under the highest 28% slab. Some examples of items within the various slabs include vegetables, milk, honey, bread, etc. under the exempt category.

Items like apparel costing less than INR 1000, frozen vegetables, coffee, tea, etc. under the 5% category. Frozen meat, butter, cheese, ghee, etc. under the 12% category. Cakes, pasta, biscuits, mineral water, etc. under the 18% category. Things like pan masala, aerated drinks, aftershave, etc., fall under the highest 28% category.

This list keeps on changing, and for the latest information, official records are available with the current GST rates in effect.

4.Forms:

As briefly mentioned above, there are various forms under the GST system which need to be filled when filing returns. The dates in which those forms are due are also published on the official GST council website.

The current forms need to be filed range from GSTR-1, which details all outward supplies of goods and services, GSTR-2, which describes all of the inward supplies of products and services right through GSTR-9, which is the annual return to be filed by registered taxpayers. The GST council website has detailed FAQs regarding the filing of the forms.

The GST forms will be changing from April of 2020, and many of the ways will be done away with in favor of new forms, so businesses must keep track of the changes being announced by the GST council.

Conclusion:

The GST regime was created to ensure tax compliance as well as tax transparency in the Indian economy. By employing digital tax returns and online GST invoice processes, the Government has tried to create a simplified tax regime to replace the complicated old one.

There are many more aspects of GST that can be reviewed online on the official website as well as other websites containing updated information.

Business

4 SaaS Link Building Tips For Beginners

Published

2 weeks ago

November 25, 2022

TwinzTech

The most effective techniques to promote your software as a service (SaaS) business and increase organic traffic to your website are content marketing and search engine optimization (SEO).

Note that improving your SEO rankings entails acquiring more high-quality backlinks. Thus, it’s essential to increase the number of backlinks to your SaaS business’s website from authoritative, high-quality websites in order to boost its search engine optimization performance.

In reality, link-building is a tough process, especially in the SaaS context. Why? Backlinks for SaaS websites are difficult to come by, and with the rise of new SaaS businesses, this will get more challenging. Therefore, building links the right way is the key, and you can find out how to plan your own link-building strategy from https://linkflow.ai/saas-link-building/ and other helpful resources.

Link-Building Strategies For SaaS Companies

Regardless of your niche, you may need to actively develop backlinks to your SaaS business in order to get your content discovered, consumed, and, ultimately, attract new clients. Here are ways to do it.

Table of Contents

1. Write Guest Posts

Building backlinks and establishing yourself as an authority in your field can be accomplished effectively through guest posting. When you create content that is both original and helpful, other websites may link to it.

Take the website’s domain authority into account when guest posting. It’s recommended that you start with a well-regarded website with a Domain Authority (DA) of 50 or above. In addition, it would be beneficial to search for niche-specific websites interested in your writing.

After discovering a website open to guest posts, your next step is to learn more about the site’s target audience and content before seeking content marketing managers. Also, check to see if there are any guest posting requirements for the site.

However, you should exercise caution in deciding which blogs to publish on. There’s a wide variety of authoritative websites, and the same holds true for blogs.

2. Take Advantage Of Brand Mentions

Utilize your SaaS network to its full potential and make the most of brand-mention opportunities.

Backlink mentions are an excellent approach to making use of the websites, businesses, and services that you discuss in the content you create. Utilize methods such as co-mentioning or mention-me-back to get the advantage from your network.

This is an excellent strategy to obtain backlinks with very little effort on your part.

Link-Building Strategies For SaaS Companies

3. Pitch Link Round Ups

SaaS isn’t the only industry that can benefit from link roundups, but it is one in which they excel.

A link roundup (also known as a link list) is a regularly scheduled set of external links to relevant online content, such as articles, blog posts, and other online resources. Audiences can use them to find new content to read and share. They provide a dependable method for website owners to acquire inbound links.

Creating high-quality content that follows SEO best practices is the first step to being featured on authoritative link roundups.

Content that is educational, thoroughly investigated, and supported by reliable sources has a much better chance of being included in link roundups. The odds of being featured will improve if you establish yourself as a reliable source of high-quality information.

4. Use Digital PR Tactics To Earn Backlinks

Digital public relations (PR) is one of the most effective long-term approaches to building SaaS links. Digital PR entails expanding a company’s brands using means like podcasting, webinars, and more to attract the media’s attention.

Here are some suggestions for digital PR link-building:

Surveys and studies
Trend reports
Podcasts, webinars, and conferences

In order to get journalists and publications to write about your material and include links to it, you need to generate linkable assets (also known as link bait) and market these to them.

Important Factors In Back Linking

There are differences in the quality of the links. However, how can you evaluate whether or not a link is of high quality?

A link’s anatomy can tell you if it’s high- or low-quality. Look at these principles:

Relevancy
Anchor Text
Domain Strength
Page Strength

Once you’ve made it to the first page of Google’s search results, you can take it a step further by analyzing the anchor texts used by your top competitors to learn which type of anchor Google prefers and then using that data to guide your own link-building efforts.