Tag: e-invoicing gst

Introduction GST has transformed the technique of running a business in the country. GST is a transaction-based consumption tax that is essential for businesses to accurately calculate and record their transactions’ GST component. Further, effective management makes businesses easier to file GST returns. Somehow, GST filing is a lengthy and time-consuming process that is done manually, causing errors and inaccurate records. However, the invention of the GST billing software simplifies the entire process. It keeps track of all the financial and GST in an integrated manner. Additionally, GST software with financial accounting manages all the different accounting needs of businesses. What is GST Billing Software? GST software is a top-notch option for all your compliance requirements. From issuing invoices to maintaining your inner and outer supplies, the GST Billing Software system allows you to keep your bookkeeping updated all the time effortlessly. Marg ERP determines that your GST returns are in sync with your accounting books and show similar data as used for filing returns in the GST port, becoming the relevant GST software for you. Using the software, you can create GST reports needed for filing in a few clicks, and helps to manage the inventory, purchase, and sales aspects of businesses. It’s an end-to-end business solution with financial accounting features. Book Free GST Billing Software Demo What is the significance of Taxes in India? The government of every country relies on Taxes to generate money which is used for the development of the country. The government can only run, take care of citizens, and maintain the infrastructure of the country through welfare schemes when it has the maximum funds. Hereupon, every individual must pay taxes to let the government function properly. Therefore, filing timely and accurate GST returns is crucial for compliance, as well as, it’s your duty towards your government. Purpose of GST Billing software in businesses One of the major roles of GST invoice software for PCs is to digitize the taxation process to run the business easily. When taxes are processed online, it simplifies managing the financial transactions of businesses digitally. When you integrate a user-friendly business management software system that calculates GST for all applicable transactions, financial accounting taxes become easier. It also ensures easy extraction of GST and invoices, ensuring compliance. In addition to this, you can smoothly create the relevant reports and file taxes timely. This software also files the online GST return seamlessly. List of facts about GST Software A GST software must manage and file your taxes easily. Here are some facts have been listed below that will give you an idea about how the software can help you in your business: 1. Seamless integration for business management If you run an isolated GST invoice software, it may make you reenter lots of data into the other software. However, an integrated any type of GST solution such as Marg ERP manages GST and all the financial functions of a business seamlessly. GST Software possesses essential accounting features that keep the financial and tax details in sync and updated. 2. Analytics & Reporting By analyzing the data, you can get the best out of it and get meaningful reports. The ideal GST invoice software for PCs must be able to extract data, helping you make informed decisions for your business. 3.Compliance The software should be designed in a way that your records and computation of GST for transactions, reports, and invoices created are completely GST compliant. It can also extract and generate all the required reports for GST filing digitally in real time. 4.Financial Management A GST Billing Software that is a part of business management software, like Marg ERP, you can easily generate taxation reports and other financial reports necessary for your business. Moreover, financial auditing and generating reports that are needed by financial companies and authorities can be faster. 5.Inventory Management Inventory management is the foremost factor for businesses and companies. The excellent GST software for small businesses can significantly manage the procurement of goods & services. By employing the software, businesses can easily manage inventory - Negative, Expired, Required, & Near-expiry stock, helping minimize losses on expiry and shortage of the products. 6.Security In today’s digital era, undoubtedly, security is the most critical assurance. Secured software protects the confidential information of businesses and avoids possibilities of compromise that can cause a threat to your business. With the growth of digitalization, hacking has also become digital and easy. Therefore, you must ensure to buy software with robust features and multiple layers of security, being able to secure data. 7.Multi-Platform Adaptability Under the fresh regime, businesses have to be compliant as there is less choice for alternatives. Somehow, matching invoices has been possible, ensuring that all taxable individuals in the value chain filed their GST Returns timely. This will impact the compliance rating of every business directly. Thus, to keep up with these compliance needs the GST invoice software should be accessible on...

Recent Updates on e-Invoicing: 4th July 2022 According to a government official, in order to lower the barrier from the existing Rs 20 crore, the government intends to make GST e-invoicing mandatory for businesses with a turnover of Rs 10 crore and higher from 1-10-2022. 24th February 2022 According to Notification No. 1/2022, the e-Invoicing system will be made available to businesses with an annual turnover of more than Rs. 20 crore and up to Rs. 50 crore as of April 1, 2022. 30th June 2021 The CBIC has issued a notification proposing to waive the penalty imposed for non-compliance with dynamic QR code regulations for B2C invoices between December 1, 2020, and September 30, 2021. 1st June 2021 A government department and local authority are exempt from the e-invoicing system, according to CBIC's Central Tax Notification No. 23, dated June 1, 2021. 30th March 2021 The CBIC has published a notification to waive the fine for failing to follow the rules for dynamic QR codes for B2C invoicing between 1 December 2020 and 30 June 2021, provided that the person in question complies with the notification's requirements starting on 1 July 2021. Introduction To e-Invoicing with GST The submission of "e-Way Bills" on a single GST site simplifies the mobility of products from one location to another. Similarly, the GST Council voted to adopt an e-Invoicing system that will only apply to a certain group of people during its 35th meeting. The generation of invoices on the GST site is not a requirement of electronic invoicing. The idea would be false. Instead, e-invoicing entails submitting a pre-produced standard invoice via a widely used e-invoice gateway. By automating multi-purpose reporting, invoice information is only ever input once. Through Notification No. 69/2019 - Central Tax, the CBIC informed several similar portals to produce e-invoices. Businesses may use the Marg ERP e-invoicing software. Additionally, Marg ERP has an e-Invoicing Tally Connector that enables taxpayers to complete e-invoicing tasks without exiting the tally page. Your previous data won't get altered during a secure migration to a new user interface. Taxpayers can produce e-invoices using various methods provided by Marg ERP, including FTP, SFTP, Excel mode, and connectors for Tally and smooth API connections. The user can benefit from several value enhancements, including: Per minute 5000 e-invoices are generated automatically. Integration with a 99.999% uptime high-fidelity solution. 100+ data validations are performed to guarantee a smooth and error-free e-invoicing process. Increase the success rate of EWB production by automatically retrying unsuccessful EWBs (with distance error). After IRN creation, the e-way bill is automatically generated without any data input. Faster loading of up to 1 lakh electronic invoices and electronic way bills on the screen. Data preservation, informative reports, customized print templates for e-invoices, reconciliation between an e-way bill and GSTR-1 data, etc. To Whom and When e-Invoicing will be Applicable? Phase Applies to taxpayers having an aggregate turnover of more than Applicable date Notification number 1 Rs 500 crore 01.10.2020 61/2020 – Central Tax and 70/2020 – Central Tax 2 Rs 100 crore 01.01.2021 88/2020 – Central Tax 3 Rs 50 crore 01.04.2021 5/2021 – Central Tax 4 Rs 20 crore 01.04.2022 1/2022 – Central Tax   If taxpayers' turnover surpasses the stipulated maximum in any fiscal year from 2017-18 through 2021-22, they must use e-invoicing. Additionally, the total turnover in India will comprise the total turnover of all GSTINs that fall under a single PAN. If the turnover in the previous fiscal year (FY) was below the threshold limit but grew over the threshold limit in the current year, then e-Invoicing would begin to apply from the start of the next fiscal year. Let's say XYZ Limited has the following aggregate turnover: FY 2017–18: Rs. 15 crore FY 2018–19: Rs. 17 crore FY 2019–20: Rs. 24 crore FY 2020–21: Rs. 19 crore FY 2021–2022: Rs. 18 crore XYZ Ltd. must issue electronic invoices as of April 1, 2022, regardless of the total revenue for the current year, as it exceeded the limit of Rs. 20 crore in FY 2019–20. According to CBIC Notification No.13/2020 - Central Tax, however, regardless of turnover, e-Invoicing shall not be applicable for the time being to the following registered people categories: A bank, an NBFC, an insurance company, or another financial institution A Goods Transport Agency (GTA) A licensed individual offering passenger transportation services A licensed individual who offers services for admittance to the screening of motion pictures in multiplexes An SEZ unit (excluded under Central Tax CBIC Notification No. 61/2020) Local authorities and government agencies (excluding those under CBIC Notification No. 23/2021 - Central Tax). What Does e-Invoicing Mean in Terms of GST? A technology known as "e-Invoicing" or "electronic invoicing" allows B2B invoices to be electronically verified by GSTN before being used on the shared GST site. Every invoice issued under the electronic invoicing system will get an identification number from the GST Network-managed Invoice Registration Portal (IRP) (GSTN). The first IRP was made available by the National Informatics Centre at einvoice1.gst.gov.in. The GST portal and the e-way bill portal will get real-time transfers...