What’s new this August?

What’s new under the hood?
19th August 2017 

Now that it has been a month of GST, the nation is warming up to the new tax regime in their own little ways. We at numberz are also working hard to keep businesses compliant – by constantly working on ground breaking solutions and providing with state-of-art product experience.

Everything seems sunshine and roses till our customers challenge us with their honest feedbacks – and when that happens, there is no turning back. Our endeavor to never let you face the rainy day has helped us to push ourselves to deliver the very best.

While this was a busy month for the nation, our product team was on their toes for the most part of it! We are excited to announce our new August update – a little and a lot of everything!

Here’s some of the new stuff that you can use:

Revised GST Invoicing – Best thing since sliced bread

  • GST invoicing finds a great uplift, with the freedom to choose options you deem-fit! Feel like disabling the visibility of payments in your invoice? We got it covered. Want to have due date and invoice value optional in output PDF? Feel free to play around with upgrade.
  • Your GST invoicing can now travel overseas. Add international addresses in invoices to get paid faster than ever.
  • Since the supplier is required to issue a tax invoice on the delivery of goods, we have introduced the option to print Delivery Challan option in invoices. Do note that it can only be printed after the invoice has been created.
  • Payment details & Terms and Conditions can now be edited in Invoice, Credit Note, Debit Note & Advance Form.
  • Importing quick bills or adding multiple bills in GST format is now easier and faster! You can even start handling cess charges in GST Invoicing.

Nifty Improvements – A notch above the rest

Product team at numberz are wizards’ sans the magic stick – and keeping design aesthetics a notch above the rest is their favorite trick up the sleeve.

  • You can now change due date font & invoice text to black for old and classic templates respectively.
  • We have improved GST related fields for data download – never miss a crucial detail ever again!
  • Collecting GSTINs of your vendors and customers is now quick and hassle-free. You don’t have to switch windows to keep a track – you can do it within the product itself.
  • numberz companion app is now GST compliant. Download here.

Hope to have you happy and thriving on numberz!

Thanks again for your support!

Team numberz!

Steps to Export GST Data to File GSTR 3B Form

With CBEC announcing GSTR 3B filing for the month of July & August, numberz is introducing a simple 3-step procedure to help you with filing easily and hassle-free.

Prerequisite steps to export GST Transaction data –

  • Account on numberz platform
  • Raw transaction data for the month of July 2017

Step 1: Log in to numberz account and click on ‘Reports’ located in left side bar. 

 

Pro-Tip: You can also download business reports from here such as – Cashflow & Invoice report etc.

Step 2: In the upper horizontal tabs, look out for ‘GST’ tab right next to ‘Business’ tab
Highlighted in Yellow

Pro-tip: Are you missing any reports? Click on ‘Don’t see the report you want?’ link to flag the issues and we will sort it out for you!

Step 3: Download GST transactions for July Period. You can do this by choosing ‘Start Date’ & ‘End Date’. Click on download button to get the file.

Step 4: Voila! You have now downloaded the raw GST transaction data in Excel format.

Step 5: You need to convert the downloaded data into a report or format as required by Form GSTR 3B

Note:
A) You can use numberz GST filing solution. Learn more here or call +91-9015446666
B) If you are using professional help (via CA) or a different tax filing solution, then the downloaded transaction file needs to be used to compute the reports for filing GSTR 3B

Step 6: File form GSTR 3B through GST Portal.  Click on ‘Login’ at upper right corner and proceed to returns dashboard. You can enter the data for each section from the downloaded transaction details.

Happy GST
Send your reviews and suggestion to support@numberz.in

How to use numberz GSTIN Collector Utility?

Prerequisite steps for using GSTIN Collector –

  • You should have GSTIN.
  • You should have email ID’s of your customer/vendors.

Step 1: Click here to visit GSTIN Collector utility. You will have three options here. You can create a new stand-alone account or sign-in with your existing Google account. If you choose to create a new ID, you can sign-in from the upper right corner.

 

Step 2: Once you have logged-in, fill in your details. While entering your email id, make sure you differentiate between register GSTIN email ID and the ID you used to log-in. Click ‘Next’ when you are done entering your information.

 

Step 3: Now comes the next step. This is the place where you can create and send emails to your vendors and customers. Do note that this is the mail that will be sent from your account. We have already created a template for you, however, if you wish to, you can edit it as well.

Step 4: Hit send to start inserting email addresses of your vendors/customers. You can even add Google contacts or upload excel sheet to insert contacts. Click on ‘TRACK’ on the upper slab to move on to next step.

Step 5: In this step, you can track your vendors/customers GSTIN. Your email ID’s are already shown on the panel. Check the contacts you wish to send the reminder and hit ‘Send Reminders’.

Step 6: In your in final step under ‘COLLECT GSTINs’, you can download GSTIN’s you received from your vendors and customers.

 

Voila, you are now all set to send and track invoices! Do send in your reviews and suggestion at support@numberz.in

Invoicing under GST

Invoicing Under GST: Everything you Need to Know

Almost every kind of indirect tax in India requires the preparation of an invoice. This is because not only it serves as a proof of a sale but also provides information on every other form of supply such as exchange, transfer, barter, etc.

With the implementation of GST however, the way invoices are created will be changed. According to the GST regime, two types of invoices have to be issued either before or on the occurrence of a particular event within a certain period. These invoices are the tax invoice, and bill of supply.

Tax Invoice

If you are a registered taxable person under the GST regime who is supplying goods or services, then you are required to issue a tax invoice for all the supplies involved.

Bill of Supply

If you are supplying goods or services that are exempted from GST, or if have opted for the composition levy scheme (provided under the GST regime itself) then you will need to issue a bill or supply rather than the tax invoice for the supplies. Plus, you can’t use the bill of supply to claim input tax credits.

What are the Differences Between a Tax Invoice and a Bill of Supply?

  • A tax invoice is to be issued to a taxable supplier liable under GST regime, who is supplying good and/or services that are taxable. A bill of supply, on the other hand, is to be issued by the supplier of goods and/or service that are exempt from GST, or in case the supplier is a composition taxpayer.
  • You can claim Input Tax Credits with a tax invoice, but not with a bill of supply.
  • Reverse charge (in which a tax paid is by the recipient of goods/services instead of the supplier) in allowed for the registered GST sellers. However, taxpayers under the composition scheme have to pay the taxes themselves.

How to Issue a Tax Invoice?

If you are a registered taxable person under the GST scheme, then you need to issue a tax invoice either before or at the time of when you have to:

  • Remove goods, in case the supply includes movement of goods.
  • Issue several statement accounts in succession.
  • Deliver goods to the receiver, in case the supply doesn’t include the movement of goods.

You have to issue a tax invoice in accordance with the following timelines:

  • Within 30 days under normal circumstances.
  • Within 30 days from the date of due payment, if there is a continuous supply of services and the due date is ascertainable.
  • Within 30 days from the date of payment, if there is a continuous supply of services and the due date is unascertainable.
  • At the time of cessation, if there is a continuous supply of services and the contract expires/made to nullify.
  • Within 45 days from the supply of service, if you are a bank on NBFC.

The following are the details to be included in your tax invoice:

  • Your name, address, and the GSTIN number or registration number.
  • A consecutive serial number that doesn’t contain any special symbols (alphabets and numbers only) and is different for every financial year. For instance, for the financial year 2017-2018, you can use 2017NameOfCompany.
  • Issuing date.
  • Description of the goods and services involved.
  • The total value of the goods and services.
  • Rate of tax levied (CGST, SGST, or IGST)
  • Place of supply along with State name, if it’s an interstate

If you are an exporter then you need to include some additional information in the invoice, which is:

  • Name of the country along with the address you are exporting the goods to
  • The statement “Supply meant for export on payment of IGST” or “Supply meant for export under bond without payment of IGST”, depending on the case
  • Your name and address
  • Number and date of ARE-1, which is the application for removal of goods for export

If you are a goods transport agency then the invoice issued by you should have the following information:

  • Gross weight of the shipment
  • Name of the consignee and consignor
  • Registration number of the carriage used for transportation
  • GSTIN of the taxpayer
  • Details of the shipment, such as the address of origin and destination

How many copies of tax invoices have to be issued?

If you are supplying goods then you are required to create three copies of the invoice:

  • Original Invoice: This is the original invoice marked as “ORIGINAL FOR RECIPIENT” which you have to issue to the buyer of the goods.
  • Duplicate Copy: This is the second copy of the original invoice marked as “DUPLICATE FOR TRANSPORTER” which you have to issue to the delivery boy (the one transporting the goods). However, if you have an invoice reference number then the delivery boy needn’t carry the duplicate invoice.
  • Triplicate Copy: This is the final copy of the tax invoice (marked “TRIPLICATE FOR SUPPLIER”) that you have to keep with yourself for record purposes.

In case you are supplying services then you need to create just two copies of the invoices:

  • Original Copy: This one is marked “ORIGINAL FOR RECIPIENT”.
  • Triplicate Copy: This one is marked “TRIPLICATE FOR SUPPLIER”.

How to Issue a Bill of Supply?

If you have opted for the GST composition scheme then instead of tax invoice you have to issue a bill of supply, as you are not allowed to collect the tax.

The bill of supply should include the following:

  • Your name, address, and GSTIN
  • Date of issue.
  • A consecutive serial number that doesn’t contain any special symbols (alphabets and numbers only) and is different for every financial year. For instance, for the financial year 2017-2018, you can use 2017NameOfCompany.
  • Description of the goods and services involved.
  • The total value of the goods and services.
  • HSN code (in case of goods) or Accounting code (in case of services)
  • Your Signature (either digital or non-digital).

Also, if the total value of the goods supplied is less than Rs. 100 then you are not required to issue a bill of supply unless the receiver insists.