The landscape of doing business in India has significantly changed in the last one year following two major events, demonetisation and the launch of the Goods & Services Tax (GST). Both measures are expected to have a lasting positive impact on the Indian economy.
GST has come into effect on July 1, 2017 and is expected to simplify the complex indirect tax structure in India by subsuming over a dozen central and state taxes. A question on the minds of several MProfit users is how will MProfit adapt to the introduction of GST. We see two immediate changes:
1. Lower prices! – The tax tier for MProfit under GST has been changed and we are happy to announce that we have passed along the benefits to our users. You can see a price decline of around 4% across all versions of MProfit
2. Updates to import templates – Over the coming months, our technical team will work hard to swiftly modify all our import templates to incorporate expected changes to brokers’ contract notes.
a) All contract notes and bills will have new taxes such as IGST, CGST and SGST instead of Service Tax, Krishi Kalyan Cess and Swachh Bharat Cess
b) MProfit now has over 2,300 templates to import contract notes & files across disparate formats such as PDF, HTML, Excel, CSV, Text and DBF. We will modify templates upon request from our clients on a first-come first-serve basis. This will of course be done at no extra cost to our users!
c) As we undertake this massive task to ensure MProfit continues to deliver seamless import functionality for all our users in a promising post-GST era, we greatly appreciate the patience and co-operation of our users. You can rest assured that the MProfit tech team will be working overtime to ensure a quick transition
In addition to any changes to MProfit required by GST, we are also consistently committed to introducing new features to improve our core platform and address customer requests. We have recently released our new update v9.5 (build 1014.0272) which packs some new features and fixes minor issues. Below is a complete list of all new features and bug fixes.
• Addition of Sovereign Gold Bonds to the traded bonds category along with current prices. If you have already added these gold bonds under the NCD category, click here to learn how to transfer them to the traded bonds category.
• Bulk Delete option to delete records of an entire family in one go
• Recalculate closing balances of all families with a single click
• Move MF records from one MF scheme to another within the same portfolio instantly
• Import STT values from mutual fund CAS statements, CAMS WBR2 and Karvy 221
• New option to transfer STT along with charges in contract notes to purchase & sale value
• Fixed a minor bug in capital gains calculations when using bulk corporate actions for splits
• Fixed a minor bug in the incorrect allocation of contract note charges
• Fixed a display issue in the Balance Sheet report for ledger names with parentheses