Mediaware releases software for new Service Tax

Mediaware Infotech has released a new version of its financial accounting software, incorporating the new Service Tax laws that were changed from September 10, 2004.

"Apart from the increase from 8% to 10% of Service Tax, there has been a number of changes which have wide ramifications for our clients,” said Biswajit Das, CEO of Mediaware
Infotech.

This software provides automatic reports which detail the exact amount of Service Tax payable for each monthly billing cycle, based on actual collections. From this, input Service Tax credits are set-off. And the final figure to be deposited is worked out as the difference.

Cumulative year-to-date figures are also generated. The TDS module in the software now takes care of the education surcharge on
TDS.

“Service Tax has not become one of the major revenue generators to the Government. The Government is paying more attention to streamline the Service Tax structure along the lines of Value Added Tax (VAT). This software will automatically take care of this issue,” said
Biswajit.

Amongst other things, Mediaware Infotech has implemented a unique model where it delivers a new software version every quarter for all its clients.

CI NEWS BUREAU

MUMBAI