What is GST Compliance Rating?
GST Compliance rating is one the most needed initiative taken by Government under GST. Compliance rating is a score card for tax payers under GST. It will provoke tax payers to comply with GST rules and regulations in order to be on good rating scale. It can be termed as a performance indicator for business owners, tax payers etc.
How GST compliance rating works?
As it’s a performance rating businesses so rating would be based on some parameters. The basic parameters would be:
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Cloud accounting is widely accepted by small businesses. Cloud Accounting is termed as online accounting and manual accounting called as traditional accounting. Why we need cloud accounting? The best answer would be to save time, money and to reduce accounting errors. Also cloud accounting is the best way to do accounting as you can save & edit all your data at anytime and anywhere as data will be save on server. These are some features which attract small businesses to use accounting software.
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Bill of supply is a type of invoice generated at the time of selling exempted goods or services exempted under GST by the seller. Businesses who registered under composition scheme can’t charge any tax sell by them, whereas a non-composite dealer also can’t charge any tax on exempted goods and services.
When and who should generate bill of supply ?
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