Impact of GST on Export of Goods and Services

The central government of India implemented the Goods and Service Tax (GST) back in 2016. Initially, the new taxation system created confusion concerning the possible impact of GST on the export sector of the Indian economy. Addressing the issue, the government released a set of guidelines. It was released on June 28th, 2017, to clarify the relevance of CGST, SGST, UTGST, and GST rates.

The GST regime was introduced with the motive to turn the taxation system to a flexible process. The council currently aims to increase the output and quality export of services and products under the “Make in India” policy.

Tax on import and exports majorly contribute to the revenue generation in India. That is why it’s crucial to explicitly understand the impact of GST on imports and export in India. In this article, you will read about GST’s impact on exports of goods and services in India.

What is GST?

The GST (Goods and Service Tax) is a value-added indirect tax that links various central and state taxes. It includes service tax, excise tax, entry tax, and state VAT.

According to the current GST regime, it includes central and state taxes. However, integrated GST service tax (IGST) is levied on the domestic supply of integrated goods and services. The same applies to the imports and export industries in India.

Impact of GST on Export of Goods and Services

1.    Refund Under IGST Act

According to the refund mechanism under GST, exporters can claim for refund under the following circumstances:

To receive a refund, exporters must apply for the claim. On completion, the refund is paid within 60 days from the date of receipt. In case the full refund is not paid, an interested rate of 6% is added on the refund.

To create a better impact of GST on export, the council has currently automated the refund claiming system.

2.   Grievance Redressal

Initially, the implementation of GST created confusion, making it difficult to understand various provisions of CGST and IGST Act. Exporters needed clarification on refund processes and the procedure of filing claims.

To rid exports from the hassles, the GST council of India introduced the formal Grievance Redressal Mechanism. It has enabled the exporters to access the Grievance Redressal services effectively.

3.   Refund on Unutilized (ITC) Input Tax Credit

The mechanism of Input Tax Credit is a significant reason behind the implantation of GST in India. It is the process of claiming the credits on the GST amount. It is applicable for the tax paid on goods or services brought to advance a scheme or interest of your business.

Exporters can utilize the Input Tax Credit by carrying it on to the upcoming financial year. However, exports that come under the GST rate of 5% are not eligible for the refund. It is mostly applicable to the garments industry to ensure competence in the global market.

4.   Duty Drawback Scheme

Duty Drawback scheme has subsequently created a positive impact of GST on export. Exporters dealing with zero-rated goods under GST can claim a 99% refund on exports made to the United States. If a person has filed the U.S. Customs Service with authorized documents, he can claim for drawback. The claim is applicable for exporters, importers, and manufacturers

5.   Deemed Exports

Under section 147 of the CGST and IGST Act, deemed exports are applicable for supplied goods manufactured in India. The following are the exports that eligible to claim the duty refund.

Deemed exports were introduced by the government to ensure the competence of Indian firms in international tenders. It provides an extended benefit for exporters under the GST regime, creating a significant impact of GST on export.

6.   Reverse Charge Mechanism

Under this mechanism of the GST framework, the liability to pay GST remains on the recipient. It is applicable when the recipient buys goods and services from a supplier who is not registered under GST.

It contradicts other GST regulations where most suppliers are liable to pay GST for the supplier made. However, this mechanism discouraged vendors from buying from unauthorized suppliers who are usually (SME’s) small and medium enterprises. Thus, the concerned authorities suggested boycotting this mechanism from the GST framework.

What are the Necessary Documents Required to Claim GST Refund on Exports?

Following are the list of authorized documents required to claim a refund on Exports:

Claim Your Refund on Exports with Imprezz

Imprezz.in is #accouting software in India that offers automated invoicing features and GST export tools. You can now file your claim with just a single click. Refer to the image below.

Create GST export reports with out export tools

Conclusion

The impact of GST on export is positive until now. It has enabled Indian firms to emerge successfully in foreign trade. The smooth claiming and availability of Input Tax Credit on services have helped companies have competitive prices internationally.

Imprezz offers a 14 days free trial program for small businesses in India to taste growth before actually investing in the software. You can start your free trial now to benefit from the COVID-19 special subscription price.

Future of Accounting Software in India – Trends and Forecast

In today’s competitive world, technology has recreated the business landscape. Automation and systematic processing have effectively transformed the efficiency of business operations. The latest era has witnessed a revolutionary development concerning the field of accounting software in India. On-premises and cloud computing have changed the functionality of accounting aspects.

The impact of advanced marketing methodology, integrated regulations, automation, and advanced solutions have strengthened the accounting process. The cultural shift towards acceptance of technology has drifted the demand for accounting software.

However, concerning the underlying weaknesses of the accounting industry, businesses must focus on reshaping their systems in place. Amidst the cut-throat competition in today’s world, implementing the best accounting software in India is vital for businesses to sustain.

The following article is a comprehensive layout of accounting trends and forecasts for 2020 and beyond. Further, it provides a clear understanding of the need for the adoption of technological advancements.

Top 10 Accounting Trends & Forecasts

1.       Automated Processes of Accounting Software in India

The accounting industry is picking its pace with automation. The critical trend has prompted businesses to invest in the best accounting software in India. With the introduction of accounting software, companies are now leaning towards data directed decisions. The advanced accounting solutions rids accountants and business owners from manual errors and uncertainty.

Moreover, studies prove that demand for the best billing software in India for small business accounting is only going to increase. Automation offers a highly secured accounting system and zero risks of fraudulent functionalities. It, in turn, will impact multiple business sectors in the coming years.

Are you a business firm planning to implement automation in your accounting systems. Place the right system in place, automate with Imprezz invoicing software.

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2.      Comprehensive Accounting Software Solutions

Accounting software is designed in accordance to the business scale and needs. The software companies are constantly working on improving the accuracy of accounting software solutions.

The need for spreadsheet management software and practical understanding of tax management is consistently raising. With the rising demand for computerized accounting, businesses are likely to incline towards technologically directed solutions.

Concerning the software functionalities valued by most accountants, accounting software companies might address the robust solutions in years to come. It might drive the revolutionary growth of accounting software in India and the Asia Pacific.

3.      Outsourcing

The need for monitoring and managing business operations has evolved the process of outsourcing accounting functions. It enables business owners to reap higher benefits, saves the costs of payroll, salaries, training, and taxation.

Many companies are inclined to implement the strategy of outsourcing accounting functions. Several CPA firms are extremely satisfied with the value and result of outsourced accounting functions. It enables companies to provide efficient services to their clients and mainly analyze each business operation.

In recent days, the (BPO) business process outsourcing companies are turning into a significant career globally. Thus, the demand for outsourcing business functions will continue to grow. And, the increased profits and minimized risks will further upraise the market for accounting software in India.

4.      Cloud-Based Accounting

Cloud computing is gaining immense popularity globally. It enables companies to access financial data from anywhere, anytime. Companies can now easily track sales, expenses, and inventory, which saves time and creates an effective workflow.

The overall benefits of cloud computing are driving businesses to adopt cloud-based systems. The implementation of technological solutions in other industries had also increased the demand for cloud computing in the accounting industry. Thus, cloud-based accounting is one of the vital accounting software trends in 2020 and beyond.

5.      Data Analytics

Technology has downsized accounting tasks making it easier for the accountants to focus on data analytics. The automation in accounting software allows accountants to advocate valuable insights, identify improvements in processing, and efficiently manage accounting tasks.

With the emerging trend of accounting software in India, the traditional data analytics process has evolved drastically.  With accurate insights, small and large firms can now manage tax and auditing tasks effectively. Likewise, the CPA firms are also benefiting from the data analytics solutions in accomplishing their business agendas.

6.      Blockchain

Not many accounting firms are familiar with the benefits of blockchain. The advancements in blockchain technology have drastically lowered the reconciling costs and ledger management risks.

Blockchain is one of the newly emerging trends in accounting software. Businesses are now advancing with an accurate view of their history and assets. Companies are increasingly investing in blockchain technology, hoping for rigid distributed ledgers to become more flexible shortly.

7.      Social Media Linked Accounting

The global impact of social media on technological advancement is dramatic. The trending social media platforms have made it impossible for companies to sustain without an active online presence.

However, social media has helped businesses upscale their brand awareness, sales, and website traffic. Likewise, using accounting software has now created room for companies to boost their online presence.

Linking social media platforms in invoices and quotations helps organizations drive business opportunities and sales. Platforms like Facebook, Instagram, Twitter, LinkedIn, and blogs provide excellent marketing and growth opportunities for businesses.

Are you looking for a Practical invoicing software that helps link social media platforms? Imprezz.in is a comprehensive billing software that can help you drive a profitable business with its advanced accounting tools.

Automate the process of creating quotations. Accomplish your online making strategies with Imprezz.in.

8.     AI Reshaping the Best Accounting Software in India

Artificial Intelligence is driving the accounting industry toward advancement. It offers high-speed data analytics, increased productivity, and data accuracy. The need for AI integrated best accounting software in India is rising steadily.

Artificial intelligence has optimized administrating processes with structural and systematic alterations. AI has transformed the accounting industry by replacing humans to a more substantial extent. Soon, this trend will empower data-driven decisions and analysis.

9.      Big Data

Big data has downsized the human interference in vital accounting tasks. Not many organizations understand how big data influences decision making. It secures the relevant internal data and analytics vigorously.

Startups and entrepreneurs are now making a shift towards implementing accounting software in India. They are proactively adopting data science and analytics in their accounting system to remain lucrative.

It helps foresee the growing demand for best accounting software for small businesses and large enterprises. Organizations can focus effectively on planning, analyzing, problem-solving, controlling, and other aspects of companies with the implementation of big data.

10.  Remote Working with Best Accounting Software for Small Businesses

Remote work is gaining immense popularity with the growing requirement of global employment. Advances accounting software allows limitless bandwidth access to financial data and decisions. Thus, accounting firms are now hiring professionals from different corners of the world.

Cloud computing with upcoming technological advancements can give raise to remote work. Investing in office setups can be unnecessary for businesses as employees working from anywhere can produce excellent results.

Businesses in the lights of COVID-19 have already experienced a significant shift in remote working culture. Thus, remote work can be a major upcoming trend in the years to come.

Conclusion

Success comes to those that take flexible actions. In the evolving technological world, accounting firms must quickly adapt to advancements to maintain their pace. An ideal way to do so is to implement the best accounting software for small businesses and large ventures.

Imprezz is #1 accounting software in India which has been constantly solving accounting problems for various businesses. In case you are looking forward to implementing business accounting software, start 14 days free trial on Imprezz.in.

Cloud-Based Invoicing Software: Simplifing Your Business

Businesses can now switch to a faster and smarter mode of managing finances. Cloud-based invoicing software is an ideal platform to improve with the astute financial overview, collaborations, and teamwork. 

ST billing software that doesn’t operate over the cloud can curb the workflow. Traditional accounting software does not add value to businesses. They can suck up a lot of time and effort. In contrast, cloud-based invoicing software is time saving and efficient.

Cloud-based accounting software simplifies the hassles of running a business. It automates a wide range of accounting processes.

Cloud computing provides secure data management of all your business transactions by providing reliable back-up features. The software enables the user to access the data from anywhere.

Most freelancers and solopreneurs prefer handling all the business functions by themselves. But, simplifying business processes is one of the critical requirements for any budding business to succeed.

There are several ways how cloud-based invoicing software can alter the fate of small businesses in India. However, we have managed to bring up a few vital advantages of Cloud accounting.  Here’s how cloud-based online invoicing software can simplify your business.

What is Cloud-Based Invoicing Software?

The cloud is simply a platform that enables you to access your data or software via the online system. For instance, when you use UPI or Internet banking, you are just using the cloud to access your data.

Cloud-based invoicing software is a modern, on-premise, and self-installable billing software in India. Wherein it is hosted by servers that provide access from anywhere through mobile app.

You can say that cloud accounting software is similar to a SaaS software model. But the cloud hosting provides advanced features and benefits. Every time you use your data, it is processed and returned through the cloud. It rids you from unnecessary hardware installation and space consumption.

Cloud-Based Invoicing Software: Management Report & Visibility

A cloud-based quotation management software provides visibility in organizational reports and business outcomes. It stimulated the team collaboration and mobile efficiency among the employees.

The subscription models of cloud accounting software provide additional benefits in accordance with user requirements. It subsequently rids the loss of investing in multiple software.

Why Choose the Cloud Over Traditional Billing Software in India?

There is a wide range of differences between a cloud invoicing software and traditional onsite accounting tools. The first vital feature of the cloud is flexibility. It enables small business owners to work from anywhere.

Secondly, cloud-based billing software provides real-time financial reports by automatic updates and analysis of financial data. It offers accurate expectations about future events and error-free data entries.

The cloud-based software helps handle corporate and multi-currency transactions with effortless automation. The cloud software rids companies from equipment and licensing expenses during expansion.

Likewise, there are several key advantages of implementing cloud-based invoicing software. Here are a few key features that differentiate cloud accounting from traditional accounting tools.

1.      Work from Anywhere – Hire Globally

Most freelancers and side hustlers prefer having the freedom to work from anywhere. Remote working is a growing trend among solo travelers and digital nomads.

With cloud-based invoicing software, you can create GST tax invoices and handle accounting tasks from anywhere. The automation tools enable you to send invoices in just a few clicks.

Whether you are in your office or at an exotic beach, you can access the financial data at your fingertips. You can also limit access according to your preferences. This allows you to hire candidates from anywhere, yet, work smoothly.

Cloud-based software also enables you to send invoices and create quotations through your phone or tablet. All you need is a good internet connection.

2.     Save Time & Effort with Cloud-Based Invoicing Software

You must have all experienced the tedious procedures of manual accounting. Most small businesses in India still use Word or Excel documents for accounting tasks. These accounting methods are not only outdated but can be risky and time-consuming.

Using quotation software for small businesses can rid the efforts of creating and storing several invoices. Updated and professional accounting can help enterprises to succeed with smart accounting solutions and tools.

It helps you create invoices in just a few clicks. You need not worry about the client’s details, invoice numbers, payment modes, or anything. Just a few clicks and the automation tools will run all the errands for you.

Cloud invoicing software also allows you to track time. You can integrate the time tracking system to know how much time you spend on your accounting tasks.

3.     Get Paid Without Hassles

Cloud-based invoicing software not only helps you create uniquely designed invoices but also helps get paid faster. For instance, you can directly link the payment link in your invoices with Imprezz.

Payement Modes

You can connect multiple payment gateways directly to your GST compliant invoices. All your payment details are automatically recorded in the cloud. It enables you to focus on other business management tasks.

You can automate the payment reminders on cloud bookkeeping software. It sends professional, timely reminders, which helps get paid faster.

Standing out among the competitors is crucial for businesses to succeed. And cloud accounting enables you to make the best impression on your clients. It can create a long term relationship between the firm and your clients.

4.     Access Everything on a Single Dashboard

It makes it a lot easier for freelancers and small businesses to access everything in one place quickly. For instance, you can access all your financial data under one dashboard on Imprezz. It helps control all the financial procedures in just a few clicks.

online quotation creator software in India that allows you to place testimonials links easily on the invoice templates.

Cloud computing enables you to manage your projects and track time effectively. It allows you to transfer your financial data quickly. You can also import financial data and statements from your bank. In a cloud-based invoicing software, all your business data is tied up to a single dashboard.

5.     Automation with Cloud-Based Invoicing Software

Time is a vital component while you are hustling to take your small business to the next level. And that is why you need automation tools to get your hands-on with your finances.

The cloud-based invoicing software allows you to automate all your accounting functions with standardized tools. For instance, Imprezz is the best accounting software that automates payment reminders, converts quotes to invoices, and files GST returns

Conclusion

Cloud-based invoicing software is a significant investment. It helps deal with accounting functions like creating quotations, sending proposals, invoicing, billing, project management, inventory management, and other accounting attributes professionally.

Imprezz is a cloud-based invoicing software that helps small businesses in India to succeed amid cut-throat competition. We also offer a 14 days free trial software program, follow the login procedure to get started.

GST Billing Software to file GSTR-9 Returns - Features

Taxpayers are prepping themselves as due dates for filing GSTR-9 is approaching. Small Business owners are particularly looking for the best GST billing software to adapt to upcoming changes.

Above all, the effects of goods and service tax on small businesses in days to come is still a question mark. However, companies must instead look for uniquely featured online GST software to remain flexible.

The ongoing economic crisis due to COVID-19 has led to various complexities in tax compliance. For instance, current GST returns filing includes creating multiple tax returns, claiming for returns, etc.

Thus, filing returns timely has become a significant issue for taxpayers. Using an invoicing software combats delayed tax payment, difficulties of filing returns, and other incurring problems of tax compliance.

Imprezz.in enables taxpayers and business owners to create GST ready invoices effortlessly. It helps in instant GST returns filing, GST reports generation, and effective management of accounting data.

Here, you will find the essential features that your invoicing/billing software for GSTR-9 must-have.

What is GSTR-9?

GSTR-9 is a statement to be filed yearly by taxpayers registered under GST. The form includes secured details of supplies made and received under CGST, SGST and IGST. The GST form also consists of the tax payable and ITC claimed for the financial year 2017-18 and 2018-19. Taxpayers must file the secured details from July 2017 to March 2018 and 2018-19, respectively.

The GST returns filed by taxpayers must include various forms based on annual turnover and GST registration type. Different GST returns form applies to different businesses.

Who Should File GSTR-9?

Taxpayers registered under GST must file GSTR-9. However, the following category of taxpayers is exempted from paying taxes.

To automate your GSTR-9 return filing, subscribe to Imprezz.in. Here you can zip all your invoices in one click and export GST directly by mail.

Create GST export reports with out export tools

Features to Look For in Billing Software for GSTR-9 Filing

1.    GST Ready Invoices & Reports

Taxpayers are required to file GSTR-9 returns according to the standardized format. The standardized invoice format usually includes the following details:

Manually filling GSTR-9 can be prolonging and complicated. Instead, a GST billing software enables business owners to create GST ready invoices that rid them from manual errors.

Invoicing software also helps businesses increase their financial performance. A cloud-based GST billing software enables taxpayers to create, send, and access invoices from anywhere.

Likewise, taxpayers can also create annual GSTR-9 reports. It enables them to import their accounting data from the software. It, in turn, helps them create GST and accounting reports in no time.

2.   ITC Reports

Taxpayers filing GSTR-9 returns are also required to claim ITC for inward supplies tax. An online GST invoicing software enables taxpayers to accurately calculate input tax credits via ITC Match/Mismatch report. It helps them match the records and take action accordingly.

3.   Cloud Technology

One of the vital features in GST billing software includes the cloud-based system. It enables taxpayers’ access and works on their accounting aspects from anywhere. The following elements of a cloud-based system help taxpayers rid from getting stuck to their desks:

4.   Automated Calculation of Taxes

Billing software for GST enables taxpayers to calculate the tax liability and applicable rates for GST automatically. Timely tax payment becomes hassle-free with accurate calculation of tax payable.

GST billing software automatically calculates the tax number of particular invoices concerning applicable rates. All in all, the implementation of a cloud-based accounting system saves time and eliminates errors.

5.   Security

Data security is a prominent feature that business looks for when they plan to go digital. Taxpayer’s information is extremely confidential, and misuse of the same can lead to critical consequences.

Ideal billing software for GST is built with standardized security for all the accounting and business information. Some invoicing software also offers password protection, back-up, and anti-virus protection. Furthermore, online invoicing software must also provide encrypted features to secure banking information.

6.   Affordable Packages

Before making a final decision to buy a GST billing software, taxpayers must always look for relatively reduced subscription packages.  Different software operates based on various licenses.

Thus, taxpayers must first decide whether they require an online or offline version of billing software for GST. Choosing an ideal software following the business scale and business requirement thus determines the success rate.

7.   Round the Clock Customer Support

Not many billing software for GST offers 24*7 customer support. Invoicing software that provides excellent customer support is necessary to solve the complex GST return filing procedures

Moreover, India’s government has frequently been amending the law to improvise the GST structure. The GST billing software updates itself accordingly. Thus, they must provide excellent support to help taxpayers understand the new systems and structures inculcated.

It is also a basic necessity for taxpayers to understand the know-how of the software. Expert customer support includes a 24*7 help desk facility, where taxpayers can reach out to professionals for guidance.

Conclusion

At Impress, we believe the implementation of GST is an overall growth opportunity for businesses. Thus, we strive to understand the needs of various business aspects to keep our GST billing software updated accordingly.

Our support team is always out there to timely resolve your accounting issues. Our GST invoicing solutions are updated under current laws and amendments. Check out the tutorial on how to create invoices with Imprezz to know more.

Start a 14 days free trial to explore the unique features and invoices templates on Impress.in

Why Use Online Invoicing Software Instead of Excel

Most small businesses and freelancers initially incline towards excel or word to accomplish accounting functions. Although it is believed to be professional, the traditional methods are outdated. The updated GST bill format demands businesses to use Online Invoicing software instead of excel.

SaaS invoicing or Online invoicing Software is an ideal alternative as it provides faster, secure, and integrated invoicing solutions. It rids you from unnecessary manual work by automating accounting attributes.

Online Invoicing software like Imprezz allows you to create invoices and file GST returns in just a few clicks. Run your small, medium, or freelance business with no hassles. Hire your virtual accountant, subscribe to Impezz.in, and adapt the new GST invoice format.

In this article, you will understand the need to use online Invoicing software instead of the GST bill format in excel.

Critical Reasons Why You Should Choose Online Invoicing Software

1.      Automation

The online invoicing software comes with highly integrated features. It enables you to create and send invoices efficiently.

The software automates the process of sending payment reminders to your clients. Thus, increasing your chances of getting paid without delays.

You can also automate the process of sending invoices to your regular customers. Which, in return, increases the customer relationship with your firm.

On Imprezz, you can store and access all your business information under one software platform.

The software is built with all the necessary invoicing features, including the standardized GST tax invoice format.

Read here to know how to automate invoice processing.

2.     Get Paid Faster

The primary agenda of investing in an online invoicing software is to get paid faster. You can request for payment through professionally designed invoices.

Unlike the free invoice templates on excel, accounting software provides direct online payment options in the invoices. It enables your client to make payments right when they receive the invoices.

With Imprezz, you can enable the direct payment option in your invoices. It allows your customer to pay via credit card or bank account.

With Imprezz, you can enable the direct payment option in your invoices

3.     Integrated Accounting Tools

An online invoicing software automatically stores your business records and data. It enables you to create your invoices in no time.

The software is built with expert tools that provide insights on all your financial operations. You can use these statistics to improve your overall business income.

The data stored in the software are encrypted and secure. You can sit back and relax while your management tasks are carried out efficiently with automation tools.

Imprezz accounting software offers secured back-up in the cloud. It enables you to retain your business data in case of system (computer) malfunctions.

The cloud-based accounting system enables you to access and use your financial data from anywhere. You can also customize the access of data according to your preferences and work from anywhere.

4.     Error-Free Invoicing

Manual data entry often leads to errors irrespective of the time and money spent on it. It is impossible to rid of human errors even after proofreading the documents.

On the contrary, online invoicing software spots mistakes and alerts the user to make changes. The data directed software tools to rid you of errors automatically.

5.     Customized Designs

Being professional is not defined by the job you do, but how you do the job. Being professional is critical in today’s competitive world. Using an online accounting software enables you to use professionally designed invoices, quotations, and proposal templates.

The impact your businesses make on your customers can make all the difference. Online quotation creators allow you to customize the templates following your brand. Make sure you create invoicing templates that well define your brand value.

Automate the process of creating quotations. Accomplish your online making strategies with Imprezz.in.

Read here to know how to create a GST invoice online with GST invoice Guide

6.     Integrated Accounting System

Online invoicing software enables you to integrate various other applications. You can easily integrate payment gateways, Google Sheets, Pipelines, etc.

Imprezz allows you to convert the estimates and quotations into a final invoice. It carries out all the accounting tasks of a day without human interruption.

The software automates features like automatic tax settings, data integration, proposal creation tools, etc.

Conclusion

The advantages of online invoicing software mentioned above are impossible to find in excel. Create invoices online to benefit from automated features. Create invoices that get approved by your clients.

Update data automatically and rid of manual hassles. Save time and improvise with data-driven insights. Upgrade your accounting operations, switch to online invoicing software.

Imprezz is a #1 online invoicing software for small businesses in India. Login for a 14 days free trial software program.

GOVT Launches GST E-Invoice to Curb Tax Evasion

Section 271(c) of Income Tax Act penalizes 100% to 300% on GST tax evasion. Recently tax evaders were found using fake invoices in their tax compliance. Thus, to bring an effective measure against tax evasion, India’s government has launched GST e-invoice under GST applicability.

E-invoicing GST India is applicable for taxpayers with a turnover exceeding 100 crores since 1st April 2020. Meanwhile, the GST council had launched the phase-wise trial for tax evasion. It was implemented on 1st January 2020, for taxpayers with turnover above 500 crores.

Small businesses may find it challenging to adapt to technological changes instantly. Thus, e-invoicing in India is not mandatory for small companies, as it will disrupt the GST system.

E-invoice under the GST invoice format aims at simplifying the GST tax returns system for taxpayers. Businesses above inevitable turnover get a unique number for each e-invoice that they generate. It is matched with the invoices report filed in the sales returns and tax paid.

The proposed system is currently linked to the GST portal. Where the generated B2C and B2B invoices are directly linked to the portal within 24 hours. The procedure to file compliance is the same as before.

The government looks forward to filling the returns in prior through e-invoicing to reduce the adjustment issues. The GST e-invoice also allows small and medium enterprises (SME’s) to take loans instantly.

The e-invoice under GST applicability on the turnover threshold is to avoid the splitting of sales. According to M S Mani (partner, Deloitte India), plugging into GST tax evasion loopholes will substantially increase the collections over time.

The e-invoice GST structure was proposed based on the models followed in Latin America, Europe, and South Korea. According to the structure followed in India, the invoices are reported to the (Invoice Registration portal) IRP.

The IRP usually generates the unique Invoice Reference Number (IRN). The IRN digitally signs the invoice and the QR code. This system has successfully boycotted the need for an e-way billing system.

According to the statement made by Pratik Jain, the government has successfully implemented the system. The council implemented the GST e-invoice structure after prepping in the phase-wise trial period. As of now, there are nearly 1.21 crore businesses registered under the GST e-invoicing applicability in India.

As Rajat Mohan stated, the e-invoice under GST format has boycotted the manual filing and invoice data processing. The government has limited the mandatory audits for procurements based on e-invoices to stimulate businesses.

Businesses can now file GST compliance directly from their accounting software/ERP system. Imprezz offers e-invoicing solutions that enable business owners to file tax compliance in no time.

Create GST export reports with out export tools

Conclusion

Generate e-invoices and file GST returns with no hassles. Subscribe to our online invoicing software.

We are #1 GST billing software in India. We offer 14 days free trial software program for small businesses in India. Follow the login procedures to get started.

Here, read how to file GSTR-3B amid COVID-19 with the best billing software in India.

Also, read about the latest updates in GST invoice template – 2020

8 Simple Ways to Improve Your Small Business in IndiaBuilding a successful small business in India begins with taking baby steps and dreaming big. Successful businesses are those that run-in profit. Which means everyone is eagerly looking for ways to improve business efficiency.

Is increasing profits enough for small businesses to grow? Consistent growth is vital for a company to sustain in the long run. And it is influenced by various factors. It includes monitoring transactions, strategic marketing, recognizing your unique selling point, and building on your strengths.

How to increase business growth? It is always a great idea to have a checklist to keep up with regular tasks. Here are eight simple ways to improve your small business in India?

1. Go Digital

Going from papers to paperless doesn’t necessarily mean eliminating manual processing. But, do not put it on papers unless it’s crucial. Start backing up all your paper documents digitally before you empty your file cabinets.

Going digital is beneficial for business owners as it primarily cut costs and saves time. It is not just associated with riding from the printer, toner, maintenance, or storage cabinets. But it has several critical advantages, especially when you are starting small. It includes:

If you are wondering how to grow a business online or digitally, start this business by implementing accounting software. Imprezz.in is #1 billing software for small businesses. We offer a 14 days free trial software program for small businesses in India to benefit before investing. You can further subscribe to our user-friendly online software for advanced features.

Are you wondering what to do with the furniture and cabinets that you have already installed? Sell them and pocket the cash or donate them to a charity to use it in your tax write-off. All-in-all digitalizing your business operations is a great way to improve your small business.

2. Evaluate the Software – Shop Around

If your existing software is outdated, it’s time to move on! You must reap the utmost benefits when you invest in something. Saving time is not enough; software must provide you more than what you’ve paid for.

Are you wondering how to evaluate your business needs before implementing new software? Here are a few critical pointers for small business in India that you must consider during evaluation:

Considering the current systems in place, evaluate the comparative advantages of implementing new software. Shop around to know what’s best in the market. Go for an ideal service provider. Negotiate a vendor’s offer while cracking the deal with another.

3. Lead Conversion – Paying Customers

For a small business in India, growing a strong customer base is crucial. It not only increases sales but also sustains the business. Have you been thinking about how to improve business sales? Its time for you to focus on converting your leads into paying customers.

Make enticing offers to the potential leads and new customers. Also, offer incentives to your sales team on closing deals to keep them motivated. To explicitly convert your leads into sales, you can use advanced software. Having a CRM system in place can change it all in a flash.

4. Bundle Your Products and Services

Are you a service provider? Do you sell products?

Bundling products and services is an ideal way to improve the efficiency of your small business. For instance, supermarkets and restaurants offer bundled products and services that are essential for a meal. It differentiates them from their competitors and makes them sound more accessible.

Bundling is one way to increase your sales by providing slightest discounts on your product or service. Do you want to know how to bundle products and services? Here are three quick pointers that can help you.

Bundling attracts customers without being overbearing on them. It is one way to thank customers, for using your services or products. It is what drives the customers back to you.

5. Use the Retainer Model – Offer Maintenance Contacts

Offering a maintenance contract based on your business model gives you the benefit of regular maintenance and repairs. However, for a start-up, this can be a great way to generate steady income. Here’s how you can sell a monthly retainer for small businesses in India

Routine maintenance rids you from system breakdown or any failures well in advance. Charging your customers for on-going contract benefits you as a small business. You can also provide your customers with exclusive offers or discounts on closing a long-term contract with you.

6. Tap Out of the Local Market – Expand

For a small business, you need to focus on how to increase your business growth. Tapping out of your local market and geographically expanding your sales can benefit you in the long-term.

You must first calculate the added cost and supporting modes that are required along the process. However, here are a few quick tips to economically expand your business.

To expand your markets, you need to focus on your financial condition, strength, and core management team. Your economic conditions do not dictate your expansion or growth. Implement more strategies for the sufficient growth of your small business in India.

7. Motivate Your Employees

Many organizations provide future career paths and training programs for employees, yet, they fail. As a small business, you must motivate your employees to learn and grow along with you.

Motivating your employees also includes providing incentives, managing to drive them in an ideal direction, enabling growth in the workspace, and more. Here’s how to motivate employees for small businesses in India.

The overall growth of your employee reflects the outcomes of your business. Offer purpose-built programs for your employee to stabilize your business in days to come.

8. Enhance Your Marketing Collateral

Marketing collateral and advertising strategies are vital for promoting your products and services. It is a great way to communicate with your customers. Enhancing your plan can drive an ideal customer base for your small business in India.

Here are some of the various marketing collaterals that can help you grow your small business in 2020

Go through your current target marketing materials. Analyze to understand how you can bring changes. Eliminate outdated strategies to make room for new opportunities. Lower your expenses and increase your sales by implementing updated marketing collateral.

Conclusion

Every business is affected timely by events and changes that take place globally. To sustain your small business under any circumstance, develop a flexible business structure from the beginning. Stay relevant, updated, and trendy. Implement numerous growth strategies to increase sales and income for small businesses in India.

If you are a small business looking forward to automating your business. Subscribe to Imprezz.in for all in one invoicing solution.

Cloud-Based Accounting SoftwareAs of 17th July 2020, nearly 13,616,593 people are infected by COVID-19, including 585,727 deaths. THE first COVID-19 case in Kerala was reported in late January. After that, the GDP rates in India has slashed due to the prolonged lockdown. The most affected industries include travel & tourism, manufacturing, financial services, construction, and mining.

Nation-wide lockdown also resulted in the free fall of employment which is slowly pacing with the reopening economy. However, companies are still struggling with the implementation of work-from-home.

How to Fight the On-Going Economic Crisis with Best Could-Based Accounting Software in India?

The pandemic has steeply affected the urban economy. Major states like Maharashtra, Gujrat, and Tamil Nadu have entirely shut down having a large number of infected victims. Businesses are forced to operate with a minimum workforce to keep themselves afloat.

Traumatic pandemic has drastically changed the way companies operate in the country. However, businesses can only speed up their pace by taking flexible actions.

Major accounting firms are battling the circumstance, struggling to perpetuate consistency in bookkeeping and management tasks. All-in-all, the lockdown has adversely affected various business industries. Yet, some finance firms are keeping up with the help of small business accounting software in India.

Cloud computing enables businesses to operate remotely, allowing access to financial data from anywhere through mobile apps and other electronic devices. The management software has made complicated accounting processes easier by creating a smooth workflow.

Cloud-based software is an accounting tool hosted by various service providers. It is ideal for businesses to invest in the best cloud-based accounting software.

It rids the problems that come along with the installation and maintenance of software. Cloud computing provides limitless privileges for businesses to succeed amidst the pandemic. It includes:

1.       Stay Updated with Cloud Computing

With cloud-based accounting software, companies can employ candidates globally. It enables your employees to view and track inventory, sales, and expenses. It provides easy access to bank accounts and financial data. You can also control the access to specific information and create a workflow without hassles.

Your employees stuck at home due to COVID-19 can now work efficiently indoors with these applications. Cloud computing is a one-stop solution for everything from accounting to filing compliance.

2.      Say No More to Manual Bookkeeping

Bookkeeping is one of the most vital yet tedious accounting tasks. Accountants still commit errors after spending all their time working on creating invoices, sending invoices, billings, and transactions. Each accounting software in India is designed concerning various business scales. It enables businesses to function with accuracy and saves time to focus on other crucial business processes.

Small businesses and entrepreneurs most likely handle everything on their own. Cloud-based accounting software for small businesses can save quality money. Alongside this, they can also benefit from accuracy and data directed solutions. Likewise, large enterprises can liberate themselves from bundles of paper works, the complexity of liabilities, and other critical accounting attributes.

Imprezz.in is online accounting software that enables large and small businesses to work smoothly with automated invoicing and compliance. The image below demonstrates the single dashboard where you find solutions to all your accounting problems.

online quotation creator software in India that allows you to place testimonials links easily on the invoice templates.

Automated Bookkeeping Services

3.      Hassle-Free Data Storage & Backup

One of the most critical issues faced by accounting firms during the pandemic is data storage and backup problems. Wherein businesses operating with cloud-based accounting software in India are less impacted by these critical circumstances. Cloud-based accounting software for small businesses and large enterprises allows automation of data storage and backup. It enables organizations to foresee possible issues and make data-driven decisions.

4.      Data Security

Cloud computing allows role-based access to data. Enterprise managers and business owners can rid of the worries of privacy breaches and data leaks.

The accounting software also offers automated tools that further breakdown complicated compliance. It not only can help businesses keep up with the COVID-19 economic crisis but also enable them to manage future uncertainties.

From government to private organizations and small ventures, cloud-computing is nearing to replace strategies shortly. The world is currently undergoing a unique situation. The COVID-19 lockdown failed the most risk-averse plans of several organizations.

Most factories and manufacturing units have shut down in India. Under this turmoil, the only way for businesses to emerge is to adapt and switch to Cloud-based remote working culture. Cloud accounting software is better than the traditional methods as it increases efficiency, productivity, security, and quality.

The future is uncertain; there is no hint of when things might get back to normal. Amidst the pandemic, businesses are striving to have a smooth workflow. Implementation of the best accounting software for small businesses and large ventures can increase the chances of growth, stability, and resilience.

Several service providers are providing applications that are now homebound. The cloud-based system offers various features which include:

It has turned remote employment into an ongoing trend in the business world.

Remote working is more than just going digital. It is an ongoing business transformation that works on various levels. The large scale implementation of this culture has altered work ethics, work culture, and has educated employees to use technology comfortably.

The demand for remote employment has also trained employees to stay focused and engaged at the moment. Organizations can find solutions to immediate causes like COVID-19, with the implementation of cloud-based technology to operate remotely.

Conclusion

By the year-end, over 70% of small businesses are likely to invest in accounting software. In case you are still operating with manual processing; you must consider upgrading to automation.

Are you looking for the best cloud-based accounting software?

Imprezz – #1 Accounting Software in India

Our company is an expert in delicately communicating and monitoring various accounting functions. We aim to provide accurate accounting solutions to make it easier to work from the confines of your home. We ensure that businesses accomplish their accounting and compliance tasks with hassle-free automation.

Start a 14days free trial on Imprezz.in to benefit from the uniquely designed tools and invoicing solutions.

Online Quotation Creator - New Online Marketing Strategies

An online quotation creator is an excellent tool for businesses to upscale the chances of getting compensated. Have you ever wondered how you could use an online quotation maker to market the goods and services your business offer?

Amidst the ongoing COVID-19 economic crisis, most businesses are now shifting their focus towards implementing online marketing strategies. As a business owner, you must be well aware of the need for effective invoice processing. But not many people are familiar with online invoice marketing tactics.

It is one of the most powerful strategies to leverage online quotations or invoicing to your favor regardless of the business scale. In case you are learning of this for the first time, it might sound complicated.

Are you brainstorming on how to make quotations a marketing machine? Here are six easy marketing tips to turn your invoices into a digital marketing tool.

1.           Shoot Up Brand Awareness with Online Quotation Generator

Branding is vital to differentiate your business from that of your competitors. It not only creates an impression but helps your customers understand the value of your product and terms of service. Thus, branding is one of the crucial online marketing strategies for both large and small businesses.

Branding is a strong backbone for businesses. It is an ideal way for companies to express themselves and their beliefs. Everything from a logo to tagline and themes adds to bridge a connection with customers, setting your business apart from the rest.

If you have been blindly sending invoices or quotations, you miss out on a severe branding opportunity. Accept it or not, online quote or quotation maker is a brilliant platform to increase branding. Wondering how you can brand your quotations? Follow these simple tactics to spread your brand awareness:

·      Captivating Business Name

Be precise on the font or style of your business name inserted on the top of the quotation. The visibility and appeal matter the most.

·      Logo

Do you have a logo for your business? If not, get one.

A logo is a visual representation of your business. It is an effective way to communicate your business information. Insert a logo in your quotations to make it more effective.

·      Alluring Themes

Selecting the theme of your quotation template is also a key branding strategy. Choose a theme that goes well with your brand. Use eye-catching colors. Also, ensure that the color you use is a definition of your brand.

·      Linking Social Media Icons

You know how effective social media platforms are in marketing a brand. Insert social media icons in the form of buttons or links in your quotations. It will automatically land your customers on your business’s Facebook, Instagram, Twitter, or LinkedIn platforms. It, in turn, will help your customers get a better understanding of your business and keep them updated about all the ongoings.

Automate the process of invoicing. Create quotes and accomplish your online making strategies with Imprezz.in.

Automate the process of creating quotations. Accomplish your online making strategies with Imprezz.in.

2.          Referral Incentives

The program of referrals allows you to identify your loyal customers. It is one way to reward your customers and making them feel valued. Referral incentives are offered for customers who often share your content or ones that have a large number of referrals sent.

The technique of offering incentives to customers has been in use for a long time. However, it is used by seasoned marketers that aim to drive more business into their pool. Thus, an online quotation maker is a great way to request for referrals. Chances of acceptance from satisfied customers are high since they have just completed a deal with you.

3.          Offer Box with Imprezz – Online Quotation Creator

Promotional offers are usually used by businesses to prompt customers to buy their goods or services. Online quotation creators often include a messaging area. It allows you to promote your product and make special offers.

A professional approach to the same includes creating an offering box. It doesn’t necessarily mean creating a shape. Include a visually appealing design that can get the customers to notice and read the offer.

Use the utmost creativity in designing an offering box on an online quotation maker. Make it look relevant to your business, season, and audience. For instance, you can offer free delivery during festive seasons or a percentage-wise discount on your writings.

4.          Invitations! – Sign in a Brochure or Catalog

Invitations are a critical campaigning strategy. It helps build a customer base for a new product launch and promotes sales. Are you wondering how to create quotations with invitations linked in it? Here’s what you can include on an Online quotation creator:

·      Brochure

It is an ideal way to introduce your clients to a new or additional product/service that your business offers.

·      Flyers

In case you are planning to make a special offer or announce your new launch, Flyers are a great idea.

·      Mini – Catalogs

You can highlight all your products and services on a mini catalog. It enables a customer to understand various aspects of your business.

·      Invitations

Invitations apply to businesses like event organizations. Or, companies that are planning to host a VIP event. You can send an exclusive event invitation for your customers through an online quotation maker.

Get rid of paper-based invoices or manual material printings for marketing. Make a smart swop to electronic invoicing. Send emails to your customer every time you send them an invoice or quotation. This way, you can add your additional attachments to the emails.

5.          Gratitude is a Key to Success – Thank Your Customers

Most online quotation software offer templates that have a separate section to include a note. Here, you can write to your customers and let them know you appreciate their efforts. Write a brief and personalized “Thank You” note.

It is an effective way to build loyalty in professional yet personal means. While writing the bit, ensure the context highlights your brand. Let it also sound like a good and authentic business pitch at the same time.

6.          Request for Feedbacks and Testimonials to Add on Online Quotation Maker

Customers always pay attention to reviews, even before they make a deal with you. Regardless of reviews being positive or negative, they believe them. Testimonials or reviews determine a customer’s purchase decision at the end of the day. Not having reviews or testimonials on your business page can make it look comparatively less legitimate.

Don’t take chances—request for testimonials or reviews from your satisfied customers. You can subscribe to Imprezz.in for some excellent invoicing features. It is among the very few online quotation creator software in India that allows you to place testimonials links easily on the invoice templates.

online quotation creator software in India that allows you to place testimonials links easily on the invoice templates.

Apart from testimonials, you can request your customers feedback on their overall experience of having completed a deal with you. It is also a great way to modify the business areas in which you are slightly lagging.

Features Of Online Quotation Creator

An online quote maker eases the process of creating a quotation for sellers. Here’s are some features you should look at in an online quotation maker:

1. Simple UI design

The quotation maker should be easy to operate and make the process of creating quotation seamless for users. The user-friendly design should save both time and effort. 

The Imprezz quotation maker is easy to use and the best automation tool to send online quotations. 

2. Personalization

The best quote maker offers you an option for personalization. You can add your business logo, address, other important details using the Imprezz automation tool to make it compatible with your brand’s identity. 

3. PDF downloads

Check if the quotation maker offers you an option to download or send quotations directly to the clients. You can easily download and send quotations in PDF formats to the buyers to get better access on their devices. 

4. E-mail Quotations

The best online quotation maker will allow you to send quotations in a PDF to a mail and avoid printing them unless required by the buyer. This will save both the time and cost of printing the quotations. 

5. Invoice generator

Convert your quotations to invoices directly with the Imprezz automated quotation maker and send it to the client. 

Also Read: How to use an Invoice Generator Software to create invoices and credit notes under the standard format?

Tips For Making A Great Quotation

You can always create a professional quotation for your potential buyer using Imprezz. The online quotation maker by Imprezz has all the added features which create a great user experience, save your time and effort. Creating a good quotation means a better understanding of estimates, costs, and time projections. Below listed are a few tips that will help you make a compelling quotation. 

1. Proper Structure

The basic step to make your quotation look more professional and easy to read is to have a proper structure. Follow a standard layout for creating quotes that have the following elements:

Header: Your quotation should have the name of the company, contact details, tax registration number, quotation number and date, payment terms, and the recipient’s name. It should have the word “Quote” or “Quotation” at the top of the page.

Body: Clearly state the quantity of product or service with the information related to pricing. 

Footer: Add the total amount, tax amount, and validity of the quote. 

For the other party to become liable for the payment, they should sign the quotation. 

2. Estimate Cost Materials

Makes sure you evaluate all the costs from your end before sending the quote. There are multiple costs involved in an organization, such as material costs, making charges, manpower required, and travel expenses (if any). Provide an overall estimated cost of your product or service in your quotation to ensure that you don’t face any loss. 

3. Estimated Timeline

Quotation clearly mentions the timeline in which you will deliver the product or service to the buyer. Make sure you calculate the time, based on your time to source materials and make the product. Give them an estimated timeline accordingly to avoid any grievances in the future. 

Read More: How long should the quotation time be valid?

4. Add Terms and Condition

Terms and Conditions are an important element of your quotation. It prevents you from any misuse, limits your liability, and establishes ownership in your trademarks, content, copyrights, and other intellectual property. 

5. Add Notes

You can use notes to add any additional information you want to include. This option is majorly used to mention timelines and the expected delivery date. You can likewise summarize the project scope. 

6. Research and Competition

Check with your competitors and see what they are charging for the services offered. The automated platform for creating quotations plays a major role in making you look more professional. Thus use the platform that has all the features to ease the process of sending quotations. 

By conducting market research, you can give your client a better deal compared to your competitors. 

Frequently Asked Questions (FAQs)

1. What is the difference between invoice and quotation?

The major difference between invoice and quotation is that you send an invoice to request payment once the product or service is delivered to the customer. In contrast, a quotation is an estimated cost sent to a potential customer. It includes the estimated price for the goods and services requested by the client. 

2. How to send a quote to the company?

The moment you receive a request for a quotation, act instantly and correctly quote your prices. Here’s how to send a quote to the company: 

The initial step is to estimate the price of your product or service. If the product or service does not have any standard market price, list out all the requirements and understand the complexity of the task. 

You need time to acquire raw materials, labor, and technology and create the final product. Thus consider all the time to send a timeline within which you’ll deliver the product or service. This gives a rough estimate to your client. 

Once you complete all the research, use an online quote maker to make a quotation for your client. 

Send the quotation you have generated using Imprezz online quote maker. You can download the quote in PDF format and attach it to an e-mail.

3. What is a price quotation?

A buyer may request a quote from various sellers for their product or service. The seller then provides the exact price that the seller would charge for their product or service, called “price quotation.”

4. Why Use Online Quotation Maker?

The online quotation maker helps you save the time and effort required for creating a quotation. 

It eases the process of creating a quote and helps you with personalization with the brand logo, colors, and fonts so that your quotation can reflect your brand’s identity. In case you want to handle all quotations and other accounting requirements for your business, you can use the Imprezz app. 

Are you looking for a step-by-step guide on How to send quotations using Imprezz, you can read more on the following pages:

How to Make Quotation Which Your Clients Accept?

Online Quotation Creator – New Online Marketing Strategies

Conclusion

Now that you have realized the importance of an online quote maker and additional online marketing advantages associated with it, well, it’s time to get started. Always offer something exclusive or free to entice your customers to make future deals and purchases. Let them know you are an expert in the industry.

Start a 14 days free trial to automate your online marketing approach with our online quotation creator.

E-Invoicing GST Returns FAQ’s

The e-invoicing was implemented by the GST Council on 1st January 2020 voluntarily. It was implemented to report B2B invoices. On the 37th GST Council Meeting held in Goa, the council approved the standardized e-invoicing format for all the taxpayers.

1. What is an e-invoice?

E-invoice or electronic invoicing is an integrated electronic format. It is implemented to exchange invoices between suppliers and buyers. The tax administration authenticates an e-invoice issued to a recipient before transmitting it to the receiver. This system of raising invoices eliminates errors and manual data entry system.

2. How is the E-invoicing system integrated with GST returns?

The electronic invoice is uploaded for the return of the corresponding goods and services tax by the invoice registration system. It is done once the validation and registration are completed. After completing the verification, the recipient can view and take action.

The aim of the Income Tax Department is to auto-update GST returns to down-size reconciliation problems. The e-invoicing system automatically updates the invoice data in the tables concerning tax returns.

3. To whom do e-invoicing GST returns apply?

The GST Council has proposed e-invoicing GST returns to be executed voluntarily. However, it can be mandatory for taxpayers above specific turnovers. And, for invoices above a particular value. The agenda of this system is to bring all the taxpayers under one spectrum gradually.

4. What data should an e-invoice contain?

According to the GSTN, an e-invoice must contain the following data:

It consists of data regarding the technical field—I.e., the name, description of each field, and specified mandatory fields. The schema also has sample values with explanatory notes.

It specifies the pre-defined inputs for certain fields like State Code, UQC, invoice type, supply type, etc.

A per the GSTN rules, the template helps correlate the terms used in the sheets. The mandatory fields in the template are marked green and the others in yellow.

5. From where do businesses issue their e-invoice GST returns?

Taxpayers can issue their e-invoices from the IRP (Invoice Registration Portal).

6. Is it possible to directly access the IRP (Invoice Registration Portal)?

Yes, Taxpayers with turnover above Rs 500 crores can currently access the IRP or through the (GSP’s) GST Suvidha Providers.

7. Is it mandatory to generate e-invoices on the GSTN portal/ e-invoice portal/ IRN portal?

No, Taxpayers can generate their e-invoices through internal systems like it was done in the past. It can be generated through ERP or billing/accounting software.

You can use Imprezz.in – #1 Billing Software to File GST Returns Amidst COVID-19. The software helps you automatically file the GST returns in just a few clicks.

Create GST export reports with out export tools

8. What are the benefits of e-invoicing GST returns?

There are several benefits of e-invoicing GST returns. Some of which include:

9. How does an e-invoicing model work?

Businesses can continue to generate invoices through respective ERP’s. But a standardized level has to be ensured with the specified schema, format, and standard. It increases the machine-readability of the invoices.

A taxpayer must create the e-invoice and report it to the (Invoice Registration Portal) IRP of GST. The IRP digitally signs the invoice and generates an IRN (Invoice Reference Number). It further issues a QR code, containing vital parameters FOR e-invoicing GST returns. In the end, IRP sends a signed e-invoice document to both taxpayer and the recipient through email.

10. For how long can I access the e-invoice generated on a government portal?

11. When was e-invoicing GST returns implemented in India?

On 1st January 2020, the Central Board of Excise and Customs (CBEC) implemented the updated e-invoicing GST returns system in India. The optional rule was made mandatory from 1st April 2020.

12. Is the current e-invoice schema for invoices to be maintained by the taxpayers in the IT system or issued by the government?

The invoices generated through invoice schema has to be maintained by the taxpayers. The GST portal or the IRP does not provide invoice generation facilities. IRP is solely to report the invoice data generated by the taxpayers. Only the ERP/accounting/billing software can generate invoices.

13. Is the e-invoicing GST returns format different for the contractors, pharmaceuticals, traders, and professionals?

No. The e-invoicing GST returns schema is the same for all businesses. The schema has specified mandatory and non-mandatory fields for taxpayers. All taxpayers must fill the mandatory field. They must fill the non-mandatory fields concerning their business needs and eco-system.

You can now create e-invoices Imprezz.in through updated GST invoicing templates.

You can now create e-invoices Imprezz.in through updated GST invoicing templates.

14. Is e-invoicing GST returns applicable for all taxpayers?

No, it is only applicable for taxpayers with a turnover above 100 crores.

15. What is IRN?

IRN or Invoice Reference Number is a unique number generated by the computer algorithm (RSA256). The number is generated based on the invoices data. Any taxpayer who uploads invoices gets a unique number called IRN.

16. Is the Tax Invoice Number the same as the Invoice Reference Number (IRN)?

No, an invoice reference number is different from that of a Tax Invoice Number.

17. Who issues the Invoice Reference Number (IRN)?

The IRP (Invoice Registration Portal) issues the IRN (Invoice Reference Number)

18. What documents require the IRN?

The IRN is required to issue Debit Notes, Tax Notes, and Credit Notes.

19. What documents do not require the IRN?

Delivery Challan and Bill of Supply are the two documents that do not require the IRN.

20. Is e-invoicing GST returns on portals safe for taxpayers?

The portal uses HASH SHA256, which makes e-invoicing GST returns completely secure.

21. What are the types of QR codes present in the e-invoicing system?

The type-1 QR code is issued when the IRP generates an IRN. Wherein, type-2 QR code is generated by the taxable person having a turnover above 500 crores on B2C invoices. Type-2 QR code is used by the taxable person to enable customers to make payments using the same.

22. Do I have to generate a QR code for the IRN?

No. Because the IRN generally issues the QR code.

23. What data elements does a QR code generated by IRP contain?

QR code generated by IRP usually contains the following data:

24. Is it possible to auto-complete an e-invoice based on previously entered data?

It is possible under circumstances where businesses generate their invoices through online billing software/ERP. Most software offers auto-completion facility through the masters (item master, buyer master, supplier master, etc.).

Create invoices and file GST returns in no time. Start a 14 days free trial on Imprezz.in to use free invoicing features.

25. Should I add the transporter’s details on an e-invoice?

No. You must add the transporter’s details in an E-Way bill only.

26. Can an e-invoice contain both taxable and exempted supplies?

According to Generate IRN Schema, the HSN code is mandatory. Whereas, the Notification No 1/2020 – Central Tax Date 1st January 2020 says it is optional. Thus, a clarification on the same is expected from the respective department.

27. How does a server react when several taxpayers are generating their e-invoices at the same time?

Taxpayers need to generate their invoices on their systems. Thus, it does not affect the IRP server. The IRP system is designed in such a way that it is capable of handling the anticipated load of continuous upload.

28. Can businesses place their logo while e-invoicing GST returns?

NO, there is no provision for a company’s logo in the e-invoice schema. Although an invoice template contains the company’s logo, the IRP does not receive it.

29. Can I bulk-upload all my invoices?

At a time, you can only upload one invoice into the IRP. The ERP of a company needs to be set in such a way that it requests individual application of invoices.

The Invoice Register Portal (IRP) provides multiple modes to register your e-invoice. Some of the recommended modes are:

31. Can I cancel my e-invoice partially or fully?

You cannot partially cancel an e-invoice. Although you can entirely cancel it, you will have to report to the IRP within 24 hours. Failing to do so, you will have to manually cancel it on the GST portal before your e-invoice GST returns are filed.

32. Is it mandatory for the suppliers to sign the e-invoices again?

Since the IRP digitally signs the e-invoice only after validation, a supplier need not sign it again.

33. What documents should I report to the IRP?

Currently, you have to report the following four documents into IRP:

34. Which other countries follow the e-invoicing system?

Countries that follow the e-invoicing system include:

35. Can I print my e-invoice GST returns filed?

Yes. Both sellers and buyers can print the e-invoice. You need a QR code to print the e-invoice GST returns filed. You can also print the signed e-invoice generated by the IRP.

36. Is there any time limit for uploading or registering the e-invoice GST returns?

Yes. The government determines the time limit for uploading or registering the e-invoice GST returns. You will have to register the e-invoice and upload the same into IRP. It will then be registered on a real-time basis.

37. Can I provide the address, bill-to party, and PAN details in an e-invoice?

Yes, you can provide all these details under the placeholder provision provided by the schema.

38. Does the supplier’s EPR capture the IRN?

The GST system generates IRN. It is generated using GSTIN of the supplier/document creator and the unique serial number and financial year of the invoice. The supplier’s ERP captures the generated, unique serial number. For the invoice to be considered legal, the supplier has to keep the IRN against each e-invoice and ERP.

39. What is the workflow of e-invoice?

The workflow of e-invoice can be divided into four steps:

40. Does IRP (Invoice Registration Portal) return both JSON and Pdf?

No, the IRP (Invoice Registration Portal) only returns a signed JASON.

Conclusion

We hope these answers have clarified your questions on e-invoicing GST returns. If you Have any quarries, feel free to reach out to us. Visit our official website, Imprezz.in, and get in touch with us.

Subscribe to Imprezz #1 GST billing software in India, for hassle-free GST invoicing and GST returns Filing.