Why navigating a tax system is like a foreign holiday
Navigating a country’s tax system is like having a foreign holiday in the same country – you’ll get the best from it with the help of a guide who knows how it works, and how to help you fit in. Getting either wrong can be expensive; getting both right is rewarding…
When India introduced its Goods and Services Tax in July 2017 it was with the intention of making the nation’s taxation system simpler. Sure, there were few taxes, which should have made the whole thing simpler to navigate – but as with anything new, there was a period of adjustment whilst everyone got to grips with it.
It’s like the moment when the aircraft door opens, and the heat – or cold – of a new country invades your senses with its sights, sounds, and smells. It’s somehow new, and mildly familiar at the same time.
For a traveller, the guiding experience often begins with a name written on a piece of card, held by the driver at the arrivals gate. For the businessperson faced with the need to comply with the new tax the guide was – and indeed still is – Solo Expenses expense management software for small business.
By understanding the vagaries of the tax system, and what expenses attracts which rate of tax, Solo Expenses helps you to navigate the rules as quickly and simply as possible, keeping your company on the right side of the law with the minimum of fuss in the fastest-possible time, allowing you more time to get on with doing business.
Solo Expenses already understands, for example, the difference between hotel rooms with aircon and without, and those costing less than INR1000 – and that’s important, because the tax rates are different for each of them.
Solo Expenses understands the differences in tax rates, and the relationships between GST in all its forms – Central, State, Inter and Intra state.
It’s powerful enough to be able to segregate them all, and even to make adjustments when rates change, and produce appropriate reports.
And what’s key in this management of small business expenses is that the power to deal with it all is captured in one easy-to-use app that sits happily on a smartphone so it’s with you day and night, and ready to help you with any tax calculation related to any expense. All it needs are two things – your diligence in recording your spending correctly, and a WiFi signal to allow every new expense to be collated with all your others.
Powerful business expense management at low cost
And what of the cost of this powerful expense manager app? Much less than you might think. In fact, we’d be so bold as to suggest that the money you invest in it amounts to less than you might save in the long run, through better use of your time, and more accurate recording of expenses. Who would have thought it possible that investing in expense management software could turn out to be a new income stream for your business? Will it work for you? Whilst we confidently predict that it will, and users in more than 90 countries have already found that it does for them, there’s only one sure way to discover the benefits for yourself, and that’s to download and use it. We’re so confident of its ability that we’ll offer you a free trial period before you commit. We can’t say fairer than that, now can we? Download it now; there’s a link at the end of this short video.