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.

Will GST change your business? We break it down

gst

What’s the big deal about the GST bill? For your business, it can mean huge, awesome changes!

It is the first overhaul in our taxation system since 1947, yep, that’s right the first major change since Independence. (It’s the 101st Amendment Bill- a fact for your history trivia buffs)

So, what it GST?

Let’s keep it simple- GST is the Goods and Services Tax.Right now, across India there are different taxes and tax rates. The GST Bill aims to say adios to all that confusion and implement a single tax and rate. Sounds good, so far, right? Let’s dive into how it’ll impact your business:

  1. Can the Indian Tax System be Tamed? Earlier you had to work with various tax departments of each state and compile your returns based on several regulations. With the new GST, these issues will be a thing of the past as all taxes will be integrated and the process of filing taxes is much simpler.
  2. Sales Tax, Service Tax, VAT- too many taxes?:Currently you have to pay many different taxes and it can take a lot of time to compute them separately. Now GST will combine all taxes and give you a uniform payment rate.
  3. Can you imagine a world of easy logistics?: When transporting your goods from one state to the next, your vehicles are now stopped at the borders for checks. Interstate movement will change drastically as these checks will be shorter and these taxes will be eliminated with the GST.
  4. Open, Click, Startup: All new businesses require a VAT registration to function and this can be complicated when operating in many states and following different procedures and fees. The introduction of GST will allow a single process of registration and help new startups enter and expand easier than before. With the Digital India and Startup India initiatives, you can also register your startup online.
  5. Who doesn’t love exemptions?: Businesses having to pay a higher VAT for a turnover of more than Rs. 5 lakhs will now be exempt upto Rs. 10 lakhs and above. If you have a higher turnover, fret not, here’s your reason to cheer as tax on turnovers between Rs. 10 to 50 lakhs will be considerably lower.

The GST is here to help your business grow and develop with the added advantage of exemptions and lower total taxes.

Here are the Tax rates:

The GST Council recently put forth a four-tier tax rate system of slabs fixed at 5%, 12%, 18% & 28%:

  • There are two standard rates of 12% and 18%
  • There will be a 5% tax rate on goods that fall under the category of mass consumption
  • The tax on essential items have been reduced while that on luxury goods will be higher
  • Roughly 50% of goods that fall under the consumer inflation basket will be kept at 0% to tackle inflation, while the items that will incur the 28% tax rate were previously taxed at 30-31%

Does it sound like too much for your business to keep track of? We have the simplest solution with Numberz! At Numberz, we are getting ready for new GST regime and at launch will be GST ready, and with your business can be ready too!

 

 

 

 

 

cashflow management

What you need to know about Numberz this November

Hope you are having a great festive season!  We’re here with some updates that are bound to make your day and your business journey so much better. Here’s what we have for you:

Improved Invoicing

We’ve made invoicing a 5-star experience, just for you. From an interactive guide that you can access any time, to the option of previewing and sending your invoices to multiple emails at once the improvements are many, many more! Learn More

Simplified Weekly Reporting

How are your numbers doing this week? Get powerful insights straight in your inbox every Monday morning with the summary of your payables, receivables, and your cashflow.

Reinforced Security

More security to you! Your email verification just became smarter and sharper – to ensure an even more secure numberz experience. This is in addition to the way we provide bank grade security right from the login to the way we bullet proof your data and make sure that it is for your eyes only. Learn More

Instant Notifications

Numberz gets a nifty new notification panel. Now, get notified the moment that invoice gets paid, or the moment it gets overdue and many other business reminders. That’s not all. You can also stay up to date with all the exciting new features, including the ones we keep adding via our in-product notifications.

It’s a whole new world out there. Go ahead, explore it. We’d love to know to what you think!

Customize Your Company Invoices On nu,mb,erz

Have a custom template for your company invoices that work best for you? Well, no worries. You can now use it on nu,mb,erz too! Here’s how:

Step:1 Login into your nu,mb,erz account.

step1

Step 2: Edit the link and add ‘addtemplate’ to the end. Click enter.

step2

Step 3: Navigate to Invoices.

step3

Step 4: There are three main steps involved – upload your best template, map fields and click on confirmation.

step4

Step 5: You need to add two curly brackets around every text that would change in each invoice.

Example:{{ Bangalore}} {{MRF Traders}}

Step 6: Upload and navigate to the next page, where you can see the list of items entered inside the curly brackets.

step6

Step 7: Start mapping which fields needs to be entered in the nu,mb,erz invoices page. So when you enter the data in nu,mb,erz; it will automatically appear in the particular fields.

step7

Step 8: Once all the fields are entered, click Next. You’re good to create the invoices in your template!

step8

Note:

  1. If there is incomplete info in the mapping fields, you will receive an error message.
  2. You can place the logo where you need in the invoices and upload. There is no mapping for that and it will display automatically.
  3. Terms and conditions do not require mapping. Simply enter the text and upload it. It will be printed exactly where placed originally in the invoice.

Whitemelon Productions – The First Success Story On nu,mb,erz

WhiteMelon Productions is an award winning agency that offers creative and marketing services. They are passionate and enjoy creating affordable high definition broadcast quality video content to captivate the audience for their clients. They create television concepts, online marketing webisodes, ads, high-level corporate productions and customised internal video blogs (Vlogs) to engage the teams.

Let’s hear from Gajendra about his business

Regular work concerns

  • Complexity: The old system crashed, wasn’t efficient and simple enough to use
  • Manual reporting: The numbers from the accounts would take days to pull and match, with no visibility into overhead and top-line costs.
  • Lack of customization: There were no integrations with existing tools and no reporting across different parts of the business.
  • No access while traveling : Gajendra travels a lot and so, not access his financial data regularly.

Strayed projects – lack of working capital

Loans and Business sustenance : Whitemelon gets a lot of projects but due to lack of investment, they can not accept all of them. Most of their clients do not pay upfront and that’s why they often find themselves facing a cash crunch. While they did apply for a loan, it hard to actually get it.

Also running a business on an old system is not worthwhile when all of your clients are looking for easy options and a better experience.

Adopting the platform

Gajendra was nervous about switching. “A lot of people don’t really like change because they’ve run the same system for 15 to 20 years. But we know when something is broken, we need to fix it.”

Gajendra imported all of his previous invoices and expenses just by the click of a button.

It was really quick and easy. And we trained our people to use nu,mb,erz in less than 30 minutes.

After they switched to nu,mb,erz

  • Credit and business expansion: Gajendra could take up more projects because with a single click, he got a credit line and could apply for loans. Now he is thinking of covering 50% of the project cost by himself and will use the loan for remaining 50%
  • Happy Clients : Now the invoices directly can be sent to clients via email and they can pay online, sometimes when they do not have money to pay, they can get loan from nu,mb,erz.
  • Reliable technology : WhiteMelon switched to nu,mb,erz for reliability, but along the way it also got intuitive business tools, fast setup which lets WhiteMelon take payments even more easily
  • Reporting is quicker : The team can see gross sales, how much people are spending, amounts to be received. Gajendra checks the Bank reconciliation option quite regularly to see his deposits are matching with his received amounts that too even when he’s not in the office. The team is also using nu,mb,erz Dashboard to make smarter decisions based on projected sales and their expenses. Crucially, Gajendra uses this data to know when it’s time to expand.

nu,mb,erz features used

  • Online Payments
  • Invoice management
  • Expense Management
  • Bank Reconciliation
  • Cash flow Reporting

How To Reconcile Your Expenses Through nu,mb,erz

Step1: Click on the Bank/Reconcile tab on the left column.

Step 2: Navigate to the reconcile option which is located in the top menu on the page.

step2

Step 3: Click on the Expenses button which is located on the left top of the bar.

step3

Step 4: The user can see all the expenses created in the right column. In the left column, all your bank transactions up to date will be shown.

Step 5: Check the box for which bank transaction needs to be reconciled with the particular expense type.

step5

Step 6: When both sides are checked, click the reconcile button.

Step 7: On clicking the reconcile button, the window for new bill payments will get opened.

step7

Step 8: On filling it, save it and the expense mapped will get reconciled with the particular transaction.

Note:

  1. For confirmation check the Amount, Payment mode, memo, and Date. it will automatically filled from the selected bank transaction data.
  2. Once the full payment is reconciled it will automatically change the status to closed. In the Expenses page.
  3. There is filter option and search bar is implemented for finding your expenses easier.
  4. If the customer reconciled lesser than the expenses amount it will change the status to paid and remaining balances will be shown in the expenses list.
  5. When it’s fully reconciled it will remove from the both side both transaction and expenses.

Plays well with all

No matter the kind of business , over time you end up with multiple applications to manage your finances

Given numberz integrates with Tally and Excel sheets, you can ensure that all the manual work is removed. Not only are you benefiting by getting started quickly , but your accountant will be very happy that sending data and offline files becomes a thing of the past!

To sync your transactions to Tally, download the Chrome plugin
To upload your debtor list from Excel