GST Checklist

GST Checklist

The procedure for registration for GST system portal is as follows

 1 – Paperless procedure: The whole system of registration will be paperless; hence no hard copies shall be accepted by the department. Further, all the aforesaid registered taxpayers will need to visit the GST portal.

Further, it is mandatory for every entity to register for GST, if the turnover is more than 20 Lakhs – the exemption limit.

 2 – Provisional ID and password: Business entities must obtain provisional ID and passwords which are provided by your concerned state authorities.

3 – Documents and Information required: Be ready with these to get GST ID.

For the process to go hassle free for you, please ensure that the following information is handy.

  • Provisional ID as explained in point 2.
  • Password as explained in Point 2.
  • Valid email Address (it should not be off professional – Use your own email ID)
  • Valid Mobile Number
  • Bank Account number
  • IFSC code

Please ensure the following documents are available with you in digital format as per specification mentioned.

  • Proof of constitution of Business:
    • In a case of Partnership deed – Partnership deed (PDF or JPEG in the maximum file size of 1 MB).
    • In a case of others: Registration Certification of the business entity (PDF and JPEG format in a maximum file size of 1 MB).
  • Photograph of Promoters/Partners/Karta of HUF (JPEG format in a maximum file size of 100 KB).
  • Proof of appointment of authorized signatory (PDF and JPEG format in the maximum size of 1 MB).
  • Photograph of authorized Signatory (JPEG format in a maximum file size of 100 KB).
  • Opening page of Passbook/Statement containing the following information:
    •  Bank account number
    •  Address of branch
    •  Address of account holder
    •  Few transaction details  (PDF and JPEG format in maximum file size of 1 MB).

Documents may slightly vary for you, Please see as per your registered company.

Additional Documents as per your legally registered entity are mentioned below:

OPC (One Person Company):

  • MOA/AOA and Certificate of Incorporation of Company
  • Mobile no and Email Address of Applicant Director and Nominee Director

Private Ltd Company/Public Limited Company:

  • MOA/AOA and Certificate of Incorporation of Company

Partnership Firm:

  • Partnership Deed of Firm

LLP (Limited Liability Partnership):

  • LLP Agreement and Certificate of Incorporation

Trust/Society/Section 8 Company:

  • Bye laws / Moa of Organization

Looks cumbersome task, you can connect with NUMBERZ and enjoy hassle free registration with us.

 

GST and YOU

 

Our government has taken a paramount step in the direction of reforming the age-old tax regime. All taxes are to be subsumed into one amalgamated tax GST. The SMEs and startups are rejoicing, as the new taxation system is deemed to bring much-awaited relief to entrepreneurs and businesses.

According to the govt. GST will increase “Ease of doing business” and “Unleash the animal spirit” of startups. GST could pump the much-needed fuel that the startups are starving without. Let’s have a look at how GST is going to affect new and existing businesses.

Starting your business was never easier: In the initial stage of starting a business, every business need to have a VAT registration. In India, every state has its own taxation procedure. It could prove hassle- some for a person trying to start his new business. With 100 of problems already with the businessman, related to starting a business. This tiresome bureaucracy does not help one bit. But, come GST this will all be streamlined.

No distinction in sales and services: Businesses like restaurants have to pay VAT for sales and services separately. This makes the whole process of computing tax very complex. After the introduction of GST in April, both are to be calculated together as one.

A brief sector wise impact of GST:-

1.Automobile:

Positive: The current effective tax rate levied on this sector ranges between 30-47 percent. This is expected to mellow out to 20-22 percent. GST will spur growth in this sector, as the end user is expected to enjoy a reduced cost by 10 percent.
Negative: Commercial vehicle market may take a hit due to this. GST will eliminate local taxes, quicker passage through check posts, reduce logistic overheads. Improved efficiency with current capacity, operators may delay their expansion plans.

2.Consumer Durable:

Positive: Implementation of GST is big boost for consumer durable industry as also for makers of building materials. New tax regime will lower the end prices of products as manufactures are likely to pass on the price benefit. Also it will reduce the price gap between organized (branded) and unorganized (unbranded) market players. Reduction in logistic overheads will also lower the end cost

Negative: Manufacturers have to watch out for whether benefit is applied to excise duty exemptions zones or not. If not then production units in such zones will incur higher cost and will increase the cost of end product.

3.FMCG:

Positive: Companies will be saving substantially in logistics and distribution costs as there will be no need for multiple selling points. FMCG today pays nearly 24-25% tax including all components. Once GST comes in the picture it will be lowered to 17-19%.

Negative: As per recommendation of GST council, there is 40% tax on “demerit” products which includes aerated beverages and tobacco products. Prices may surge by 20%.food companies enjoying concessional rate of excise may be affected.

4. Cement:

Tax rate is expected to drop from 27-32 percent to 18-20 percent. So, companies in this sector should prepare themselves for increased demand and growth. A company currently running 550 depots can bring down to 100 depots.

 5. IT & ITES:

Positive: GST will eliminate multiple levies for IT companies. It will also allow deeper penetration of digital services.

Negative: Tax rate in this sector is 14 percent, after April it is expected to surge to 18-20 percent. Companies in this sector might prepare themselves to take hit revenue wise. Also IT companies mostly work on same project from different data centers. Hence each center will need to generate separate invoice for every different project they have taken.

6.Telecom

Positive: Cost of mobile handsets and laptop will eventually come down.

Negative: Call charges and data charges are bound to go up if GST regime exceeds 15%.

7.E-commerce

Positive: Reduction in logistic cost and whole country as one unified market will reduce the end cost for consumer. Cascading effect of taxes will be also be eliminated once GST is implemented.

Negative: TCS (Tax collection at source) will increase the administrative, documentation workload for eCommerce companies.

You need to prepare yourself for this historic change, whether you are on the gaining side or the losing side. If you are on the gaining side, tighten your belt as the demand is going to surge with the 7th pay commission and GST pumping disposable income into the economy. With GST everyone will be a winner in the long run.

What you need to know about Numberz this November 2016

numberz-product-updates

 

Hope numberz is working great for you! Like always, we are ever so thankful for your trust on us! Here is some new nifty stuff on numberz that we are sending your way – second time this month!

  1.  Your Invoices, Your way: Get more control over your invoices! Now you can customise your invoices based on your preferences. YouSimplified Credit Line Process can resize the logo, change its position and do more with the new A4 paper fit invoices.                   invoicesmasterhead
  2. Simplified Credit Line Process: Credit Line application is now smarter, simpler and quicker. Create your own scenarios to get a quick estimate of your credit line eligibility. And if you DO need the credit line or a loan, just click the Get Credit Line button, verify your details and get the monies! If your have you Aadhaar number handy, we can do it much much faster! Know more about credit line processget-moeny
  3. Improved Estimates : Estimates on numberz got a great facelift – both in form and function! You will fall in love with them for sure! Go ahead and try. estimatesYour feedback matters a lot in helping us create a world class product that you love! Go ahead, explore it more. We’d love to know what you think.

How to apply for a credit line

Step:1 When you click on the credit line, you will be greeted by a welcome window which explains about credit line, its benefits, easy and hassle free process.

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Step:2 click on “got it” after reading that

Step:3 Here you can get an estimated credit after providing basic information using the sliders

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Step:4 Now for the actual credit line, click on “get credit line”.

Step:5 Here your credit line application process begins. Enter the company name, date of corporation, Company PAN and click continue.

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Step:6 Verify you aadhaar number with valid OTP and the details will get filled automatically once the aadhaar is verified. After that enter the PAN.

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Step:7 After clicking on save, click continue, you will see the details you have filled. Click “add more applicants” if you have more than one business partners, else continue

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Step:8 Click on the Choose Files to upload bank statements. One the upload is finished, click continue.

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Step:9 Validate the information provided is correct in the confirmation page and click submit button. You will get a success message.

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Step:10 Congratulations ! You have successfully applied for a credit line.

 

cashflow management software

The numberz Safety Promise – Why Using numberz Is Perfectly Safe for your Business

Rest assured that your data is highly safe & secure both when it is transmitted over the internet and when it is stored/processed on our database and servers.

 

If you have to know the technical details, here it is.

 

SSL Encryption: The connection to this site is encrypted and authenticated using a strong protocol (TLS 1.2), a strong key exchange (ECDHE_RSA), and a strong cipher (AES_128_GCM).

Password Protection: Your password is not stored in its readable form in our database. We hash your password using bcrypt hashing (with an appropriate salt) and only store the hash in the database. At the time of login, we compare the hash of the provided password with the hash stored in the database. This ensures that no one can read your password, not even us!

Multi-user Security: We offer multiple permission levels that can limit the access privileges of each user, so you have complete control over who can access what. For e.g. your accountant or staff will have limitations on what data they can view & update.

Data Protection: Our server infrastructure (both application & database server) protect your data from unauthorized access. There are multiple levels of security checks and encryptions to make sure your data is safe. Our application and database layer are co-located in the same availability zones to prevent any “man-in-the-middle” attack (i.e. someone listening on the unencrypted data flow) from the outside.

Data Backup: All your data is backed up automatically in the cloud on a daily basis. This means we can retrieve data as necessary in case something goes wrong.

Privacy: Your data will not be shared with anyone without your prior permission. If you do decide to avail credit or loan, then you will be asked for explicit permissions for sharing your data. You can learn more about our privacy policy here.

 

What you need to know about numberz this October 2016

numberz

We know that with great power comes great responsibility. Which is why, we consider it our responsibility to tell you about the latest features we’ve introduced for a power-packed numberz experience. A highlight of the new features at your disposal:

 

  1. Multi User Capabilities : Double your efficiency by adding other people so you can manage your money matters simultaneously. Whether it’s your accountant, admin, or staff there’s room for assigning 3 roles to any number of users. Know More

multi-user2. Auto Bank Reconciliation : Bid goodbye to adding your expenses manually. Simply connect your bank account to your numberz dashboard and enjoy instant expense reconciliation with real time updates. Know More

autobank3. Your Invoices.Your  Way. :Enjoy more options to customize your invoices for   your business. Print them on your organisation’s letterhead and add an authorized signatory. Leave your mark on your clients! Know More

your-invoice

4. And Lots More By Yours Request :Money management is easier than ever before with improved features and additions like filtering invoices on their due dates, making partial payments to vendors and more, apart from regular bug fixes.

and-lots-moreImproving your numberz experience is the foremost goal of our brand journey and we hope to keep meeting it successfully. Visit our portal to explore the new features and let us know if you have any suggestions!

Here’s to becoming bigger and better,

What you need to know about numberz this September 2016

Monsoons are just not abating are they? So while the rain gods have been busy flooding the cities, our tech Kabaali’s have been busy in our kitchen creating our own ‘deluge’ – that of new features and functionalities and improvements. So that you can make hay even if the sun doesn’t shine! 

So here’s what’s cooking in the latest monsoon serving of nu,mb,erz :

New Features
…to make your life a whole lot easier!

Expense Management:
Runaway expenses – the bane of a small business! Not get a leg up on taking care of your expenses. You can record your expenses comprehensively without missing any details. But thats not all – you can choose either of 2 options. expense-managementThe Detailed Bill option can help you enter, monitor and pay the larger expenses like the vendor payments.

 

You can also choose the  Quick Bill  option to enter fewer details for more day-to-day  or recurring expense items. In both the cases, you can also upload the scanned bills themselves! So that you have all your payables in one place! Cool in’nit?!
quickbill

Our smart expense management module continues to have the other features like tracking the entries via traffic lighting, searching, sorting. At any point in time, you can also avail of a credit line or a working capital loan too.

Business Reporting (on Steroids!) :
All the essential numbers that you need to get a snapshot of your business are now on numberz. When you need it, the way you need it. You will be able to see the reports such as Cashflow, Invoice Outstanding, Sales by Customers, Total Expenses etc – at the click of a button. These reports try to mimic the way you want the data to be seen. Eg adding the type or sub-type in your expense report will tell you where exactly are you spending your monies – in the project or just the overheads.
reports

Tally Enhancements :
The numberz plugin for Chrome (technicalese for the stuff that makes numberz talk to tally!) gets a big boost. You will now be able to retrieve Tally masters such as Customers (Debtors), (Stock) Items and post numberz invoices at both summary & detailed level.You can also download the latest version in the Chrome Web Store. Click on Apps -> Search for Tally to find Tally Sync -> Click Add to Chrome, that’s it.
tallysync

Other important stuff : aka constant improvements!

Stuff that we continue to enhance, getting it closer to your business!

  • While creating invoices, you can now upload all your customers in one shot (from an existing  excel based list) to make invoicing entries much faster.
  • Upload your logo or any other pic to your numberz home screen – to give that small personal touch!
  • The default invoicing templates can now get your business logo via a quick upload. But you can continue to customise the template to look like your as before, should you not prefer the default ones.
  • While applying for a credit line now, you can directly upload the relevant documents (PAN, proofs etc). 
  • While using numberz to send estimates or invoices or followup mails to your clients, you can now customise the content of the email – by going to the settings tab. You can also CC yourself on the mail.

Bug Fixes

While we were doing all that, we also strengthened the platform! Just so that the digital bugs don’t bug you (you will still have to make do with the natural ones though!)

Its a priviledge to have you on numberz! We surely hope that you make the most of numberz!

Here’s to your growth that never stops!

Cheers!
Team Numberz

What’s new in numberz in June 2016 ?

While you are busy taking your business to newer heights, we were working hard to make sure that the ‘Money-in, Money-out’ platform you use, gets better and better!

So here’s what’s new in the latest release of numberz :

New Features :

Estimates :
Now this is a seriously large update! You can now create an estimate, preview, download it as a PDF and send it to their clients.  numberz supports its own default estimate template. But in case you have your own excel template (that you have come to love) that’s supported too. So now, create nifty, professional estimates on the fly and send them to the clients. And once approved, convert them into invoice(s)! Easy? We sure think it is!

Default Invoice Templates :
Again a big one! You can choose from 2 different (default) templates from settings. Template #1 is standard as the original that has all the typical fields you might need. Template #2 has more narration space (typical for more descriptive invoices) – without Price, Quantity, Unit etc.

Partial payments :
Your clients pay you in tranches (in most cases at least). And that’s what Numberz captures. Partial payments are now supported with élan! Users can capture (add/edit) multiple partial payments including advance payment with details such as Payment date, Payment mode, Memo etc. Use this feature to even follow up!

Krishi Kalyan Cess (KKC):
From June 1 on wards, KKC is supported! You would have received a separate notification on this from us. But if not, be rest assured that its taken care of. The service tax – across the work flow – is now 15% with the requisite breakup.

Improvements :

Invoice engine has been re-factored entirely to set it up for more add-on features going forward. Remember we like to keep you happy – and we are solving for it!