By Upasana Mohapatra

One-Stop Solution to all you GST Invoicing Woes!

Amidst the biggest tax reform in the recent times i.e. the Goods and Services Tax (GST), it is no wonder that the Indian Tax regime has set a new precedent for being the single most dramatic change in the way the economy runs.

Now, the onus comes onto the small and medium enterprises and business owners when it comes to knowing what exactly they need to do under the new tax regime without driving themselves into a cauldron of never-ending information. For obvious reasons, (starting from the wide spectrum of goods and services that are now a part of GST to the fact that even after about a month of GST been rolled out it is still evolving) there is always an information overload but to no avail. While, everything that is to change or has already changed with the new GST could be a daunting task to be assimilated under one head, Slickaccount makes a humble effort to bring forth everything that you NEED to know as a business owner right at your finger tips.

First up,

What is GST?

GST is nothing but a destination-based tax that is levied on Goods as well as Services, meaning that the end user or the final consumer of the same is the one who bears the taxes. Here, the idea is to eliminate the cascading effect of the taxes on the goods that was prevalent previously and replace it with a taxation system which levies taxes only the value added to the goods or the services at every stage.

As a business owner, it is important to understand as for how are your invoices and transactions going to get affected under GST. Some key points to take note of:

GST enforces what can be considered as last-mile sales and transaction recording and reporting with regard to the movement of the goods. Hence, maintaining invoices take the center stage for uploading tax returns. Since both Goods and Services are liable to be taxed, let’s break it down for both categories of deliverables in this blog thread.

How to make your current invoicing compliant to the GST?

  • Acceptable forms of invoices: GST invoice (or tax invoice), Debit and Credit notes, vouchers, bill of Supply. The Tax invoice can be issued only when taxable goods is supplied to a registered taxable entity/person. In all other cases, the bill of supply comes into picture. For example, if there is a scenario in your business wherein you receive exempted under GST from a supplier, then the supplier is liable to issue a bill of supply instead of a Tax invoice as he is not allowed to charge any tax on the said exempted goods.

  • When to raise invoice or taxable event: A very vital point to understand is whenever there is a ‘supply’ of goods i.e. transfer, movement, barter, rental or exchange of goods, it is termed as a taxable event and hence, it may attract GST based on the kind of goods.

  • Number of copies of tax invoices: Tax invoices for goods would require at max three copies to be issued by the supplier with the original being issued to the buyer, Duplicate to carrier of the goods from the place of origin to the destination and the triplicate is retained with the supplier.

At the advent of this tax regime, government has released the acceptable formats for the invoices that have provision for HSN/ SAC codes against each deliverable/ commodity.

Who needs to register under GST?

This is the question that haunts most of the small business post the GST roll out. The answer to this is: If your business is registered for service tax and/or has an annual turnover of over 20 Lakhs, then you need to register under GST. Businesses that have a turnover of less than 20 Lakhs but deal with goods whose state of origin is not same as the destination state need to register as well. For now, Small businesses that do not belong to either of these categories can voluntarily vouch for registration under GST.

Follow our next blog in this thread to fill yourself more on GST Registration, Services Taxation under GST, among others

Send GST ready invoices and maintain inventory stocks with SlickAccount

Next Blog

How to get your business up and running under GST: A quick guide to registration under GST to filing return

SlickAccount: A simple online accounting & profitability software for your small business
Hundreds of small businesses from India, Austrailia, Philipines, USA, UK are using everyday.
Obtain a 14day free trial.
By sanmaya

How we are able to operate from Odisha!! A sincere thanks to KiiT-TBI

A startup needs a lot of help in the initial days. When we speak to a our customers, they ask how come you are able to start up in a place like Odisha??

Our customer support calls or chats would be like this a lot often:

- Where’s SlickAccount located?

: In India.

– Oh Bangalore! :)

: Nope Bhubaneswar, it’s in the state of Odisha in the eastern part of India, (map attched)

Recently we got selected to Ycombinator Startup School program (I’ll share about it in the another post). And my groupmates there, were surpised of the same.

So here’s a post to thank the organization that helped us all along: KIIT TBI

Startup Recognition Certificate

In Jan 2017 we got Startup Recognition Certificate from DIPP under Startup India Scheme  It’s a wonderful scheme to help good startups gain better facilities and govt help at each step. We were among the first batch of companies in India who got it.

Thanks to KiiT-TBI team and specifically Dr. Mrutyunjay Suar, Raghab, Dr. Manisha Acharya, Sanjukta and Devesh who recommended us for the same.

Since our inception here this team has been keen on helping us a lot, from making our initial connection to colleges and industries to be able to hire good people to obtaining the extremely needed Seed Fund Supports from the govt. They worked tirelessly to help us get those funding.

Seed Funding

We availed our most needed seed funding support from KiiT-TBI.

Odisha is a investment dry state when you look at Software Product companies. So govt. funds had been the only breeze. Both Central and State govts gradually have come up with schemes that help you along the line. These funds may not always be big, but big enough to help you focus on building products and grow.

KiiT-TBI is the enabler. Often getting these schemes are pretty hard and takes a lot of to and fro communication and govt regulations. Although there and TBIs in various places, the team here is working really hard, all the people I mentioned here deserve a special applause, because they took half of the burden out even after the selection how those funds will come on time etc. They ensured a lot of those headache. So we could focus on working hard on our business. Well, there is no substitute to hard work :P I am meeting a lot of founders from other TBIs across India and had never seen them supporting so tirelessly.

Facilities:

The facilities here are best in Bhubaneswar so far. We got full furnished office space, air conditioning (Bhubaneswar can be really hot in summers), power backups (you know again Indian summer power cuts :P ), high speed internet (if you are forgetting, before just even few months beyond 2MBps was a dream in Odisha :P ) This enabled us to provide uninterrupted service to our clients all over the world. You know how that how critical is support for SaaS services. And our first response time is so far had been max 8 minutes even with a small team.

Amazing deals

A good amount of the initial spendings of startups goes to cloud infrastructure. Raghab and Devesh were instrumental in bringing in AWS cloud credits and Payment Gateway deals of Instamojo etc. It is reducing a lot of our costs. Also they helped us connect to good lawyers, CAs etc.

Among some amazing companies

Startups don’t operate in isolation. They derive their passion and share highs and lows with fellow startups to gain energy and support. The startups housed here are amazing, work really hard. Plus KiiT-TBI has been always supportive in conducting events and various tech groups organize their hackathons and events here. It bring huge desired ecosystem boost and help us connect to people.

In this same building you will find apart from all software or IT based startups, Biotech startups doing highend research, Electronics startups doing lowcost high efficient illuminating solutions and Mechanical startups doing solar and e-vehicles for disabled and social startups and research scholars working on social issues etc. You’ll eventually see some of the best health solutions coming out of this same building. I can only imagine how Mr. Suar would have thought of a BioTech Incubator in the state often talked about for its poor infrastructure or facilities.

You will be surprised to find KiiT has hosted most number of Nobel Laureates than any other institutions in India.

KiiT-TBI is continuously evolving. When we came it was really good incubator for BioTech and Other fields but not for IT startups, but eventually they are becoming better at it at a very rapid space.

So here you know how we are being able to operate from Odisha. It’s still hard to create a good company outside of  buzzing startup hub. I’ll write more about the ecosystem here in my later posts the changes that we are seeing. And wait for my post on Ycombinator Startup School experience ;) All of you have asked me what’s going on behind that signup screen, in those group :P

SlickAccount: A simple online accounting & profitability software for your small business
Hundreds of small businesses from India, Austrailia, Philipines, USA, UK are using everyday.
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By Olivia Goldstein

5 Avoidable Accounting Mistakes Small Business Owners do

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Continue reading 5 Avoidable Accounting Mistakes Small Business Owners do

SlickAccount: A simple online accounting & profitability software for your small business
Hundreds of small businesses from India, Austrailia, Philipines, USA, UK are using everyday.
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By sanmaya

Everything you should know about your balance sheet

Your company’s balance sheet is essentially a snapshot of your company’s health. Balance sheets are broken down into three main components: assets, liabilities, and equity. It tells a lot about your company’s finances – how much you own (assets), how much you owe (liabilities), and how much is invested (equity).

Continue reading Everything you should know about your balance sheet

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By sanmaya

Dreams and realities are just complete dedication away.

SlickAccount: A simple online accounting & profitability software for your small business
Hundreds of small businesses from India, Austrailia, Philipines, USA, UK are using everyday.
Obtain a 14day free trial.
By Olivia Goldstein

5 Marketing Musts for your Small Business

It’s really tough to get your small business up on its feet. However, there are marketing fundamentals every business should adhere to early on. Regardless of whether you are running a salon or a small internet business with a few employees, there are some marketing musts that need to be followed. Whichever vertical your business is in, marketing is one way of ensuring you get the coverage you need to raise your profile and enable success. Continue reading 5 Marketing Musts for your Small Business

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Hundreds of small businesses from India, Austrailia, Philipines, USA, UK are using everyday.
Obtain a 14day free trial.
By sanmaya

“…. I have learnt one thing is that … even with reconnaissance, preplanning and the good opinion of the men closest to you, victory always comes down to a will to win. Now that will to win has to start at the very top …”

–MacArthur, from Tokyo Trial

SlickAccount: A simple online accounting & profitability software for your small business
Hundreds of small businesses from India, Austrailia, Philipines, USA, UK are using everyday.
Obtain a 14day free trial.
By Olivia Goldstein

Which pricing model should I use?

Developing a smart pricing model should be an ongoing exercise for companies. In many markets, consumers will search for a better product or service until the marginal cost of searching exceeds the marginal benefit. Likewise, companies will develop a long-run pricing strategy that considers market conditions.

Continue reading Which pricing model should I use?

SlickAccount: A simple online accounting & profitability software for your small business
Hundreds of small businesses from India, Austrailia, Philipines, USA, UK are using everyday.
Obtain a 14day free trial.
By Olivia Goldstein

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By Souvik Choudhury

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Continue reading What startups need:  A to-do list 

SlickAccount: A simple online accounting & profitability software for your small business
Hundreds of small businesses from India, Austrailia, Philipines, USA, UK are using everyday.
Obtain a 14day free trial.