GST is probably the biggest tax reform ever made in India, so read along to see the major benefits this could bring to your business and if issues occur you can get easy solution with Sleek Bill GST billing software.
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We determine the Indian government to pass good and service tax bill GST. Before 2017 in India tax structure was complexed and government determine that good and service tax bill is enforce 1 July 2027.which replaces all related VAT laws and merge all taxes into accept petroleum and liqueur.
The GST is effective is enforce in India from 27th and it will uniform entire Indian market and making it easier and more attractive to do all segments of businesses except oil and gas and liqueur.
Free Movement of goods
Eliminating CST (Central Sales Tax) plus other state entry taxes, free movement of goods across the country will be enabled with the help of IGST (integrated Good and Service Tax ). Also the eway bill and e-invoice facilitate the seamless moving of the goods from one point to another point within the country as well as out of the country. This means that businesses will be able to sell more in other states, helping the logistics sector save around $400 billion annually.
Reduced costs
As per the group of the tax segment like 3%, 5%, 12%,18%, 28% by applying a segment of GST tax according to the product and services, the cost of goods will go down for the needy and specific segment. Businesses will benefit from reducing this tax burden and consumers will enjoy cheaper and economical products. GST tax is beneficial because it only applies to value addition and removes tax cascading.
Easier tax compliance
The simplified tax structure results in reducing the hassle-free filing tax reports by businesses. All aspects from registration for GSTIN to filing monthly tax returns and payments will be managed through the online GST portal. Here the regular GST tax payer and composition scheme tax payer having unique benefit. which will help them to facilitate to the easy reimbursement or ITC (Input Tax Credit) So it will save the time and do not need to wait for the refund of the ITC. It will easily manageable in GSTR-3B
Simplified tax collection
With a segment of the taxes under GST tax slab there will be less intervation from tax authorities and for the entire nation same tax will be applicable, that’s why GST will combine all current tax departments and authorities into one, hopefully bringing more transparency and due to the timeline for the two different tax report filling. Ex. GSTR-1 should be file on or before 11th of every upcoming month and to pay these taxes along with the filling of GSTR-3B by upcoming month’s 20th day. It is simplifying the tax collection and it enhances the ITC and contribution to the nation.
Reduced Excise Duty Exemptions
In GST taxation system the government of India implemented exemption from the excise duty and taxes. So that it will be very helpful to business to Export their goods and services and worldwide customer enjoy goods and services with affordable cost this helps to improve Indian economy & GDP. Here LUT (letter of under taking) bond export is facilitate for both Export as well as Deemed Export. It also helps to enhance the import to the India.
ISSUES FOR SMALL BUSINESSES
SOLUTIONS USING GST BILLING SOFTWARE
Using GST Compatible Invoices
Invoices should create as per compatible of the GST eco-system along with rules and regulations which double checked to ensure they have the correct data as per the GST structure.
Keep all purchase Bills for claiming input tax credit
Managing purchase bills in hard copy is very difficult and errors in calculating Input Tax Credit “ITC” or chances for mistakes are more prominent.
Get paid on time
In GST filing 2 different reports for “regular business type” must file in a month, businesses need to make sure they have enough cash flow to run the daily operations.
Apply the right amount of tax, no errors allowed
GST rates and structure are meant to be easy to use, but every business has to make sure they use the right tax rate for every invoice they make also the tax type. E.g.: CGST & SGST or IGST.
Easy access to financial data
Businesses will need to have all their data in an easy to access place, ready to be uploaded GST report on to the GST offline tool and portal.
Allocated budget for adopting GST Eco-System
Billing software that is compatible with GST and helps small businesses to generate accurate GST Tax Invoice. It is the key when it comes to compliant with the GST laws and it will easily provide all necessary GST reports for GST filing.
Ready to use GST invoice templates
Make the invoices for your clients with readymade GST invoice templates without any error. GST invoices and report available in a GST compatible format, in just a few clicks.
Control your financial data
Use of online billing system is helpful in GST. It will be much easier to keep track of all the invoices sent and manage all your received payments. Also purchase bills entry and payment made gives you the accurate GST report where ITC (Input Tax Credit) is correctly calculated. In some clicks you will get the reports for filing.
Get paid faster!
Keep track of payments with specialized reports and know each time an invoice is overdue. Your clients will get automated notifications* for payment, which helps you get your money on time.
No more errors!
In Sleek Bill Online you can avoid any errors by easily applying CGST & SGST and IGST for every invoice properly as per the Customer or Vendors place of supply state.
Your data is safely stored online
Having your data easily accessible anytime, anywhere, from your computer, laptop, phone or tablet is great. Forgot to check something? Don't worry, just log in to Sleek Bill Online and you'll find all your documents there and export to upload it over the GST offline tool and Portal. Note: Export and upload in GST offline tool to generate JSON file. JSON file is allowed to upload on GST Portal.
Sleek Bill Online, the best GST billing solution!
Billing software that is compatible with GST and helps small businesses to generate accurate GST Tax Invoice. It is the key when it comes to compliant with the GST laws and it will easily provide all necessary GST reports for GST filing.
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