Goods & Services Tax will impact accounting and invoicing processes across industries for both Chartered Accountants and Businesses. After July 1, 2017 businesses and accountants will have to adopt software and ERPs which are capable of managing taxation, invoicing & accounting as per the new tax regime.
SalesBabu being a pioneer in the industry will help you understand the technical aspects of the implementation of Goods and Services Tax, the impact on ERP systems, and what you need to do to be tax compliant in this section.
No matter what your business’s specific billing requirements are, SalesBabu can help you!
- All the financial transactions primarily sales and purchases are recorded on the basis of these documents. Under GST a wide range of Invoices are recognized namely sales invoice, purchase invoice, credit note, debit not, advance payment receipt, delivery challans etc.
- Every business has its own requirements when it comes to Invoicing. No mater whatever your invoicing requirements are SalesBabu GST Invoicing has been covered.
- Invoicing forms a crucial function when it comes to the execution of a transaction. The invoice becomes a basic document for recording the sale/purchase in books of accounts.
- The government has notified rules of invoicing under GST along with a template of invoice covering the elements such as supplier’s details, GST tax rates etc that need to be presented.
Why do you need a GST-compliant billing software?
- Manual invoicing becomes inefficient for compliance and reconciliation – 20+ mandatory data fields in each invoice.
- Your customers will demand accurate GST-compliant invoices to claim their Input Tax Credit.
- Inability to provide accurate and timely GST-compliant invoices could mean losing your customers.
What are the Benefits of Goods & Services Tax?
- Cascading tax effect (meaning tax on tax) will no longer exist
- Input Tax Credit will be easier to avail
- Returns and compliances will be consolidated
- Increased efficiency in Logistics
- Subsumes variety of Indirect Taxes
- Higher threshold for Registration
- Composition scheme for smaller businesses
- Online simpler procedure
- Regulating the unorganized sector
