Gst Registration process is online based and must be carried out on the government website. Every dealer whose annual turnover exceeds Rs.20 lakh (Rs.40 lakh or Rs.10 lakh, as may vary depending upon state and kind of supplies) has to Registration for GST.
Who is eligible to register under GST?
GST Registration must be completed by the following individuals and businesses:
1. Individuals who have registered under the tax services before the GST law came into effect.
2. Non-Resident Taxable Person and Casual Taxable Person
3. Individuals who pay tax under the reverse charge mechanism
4. All e-commerce aggregators
5. Input service distributors and agents of a supplier
6. Individuals who supply goods through an e-commerce aggregator.
7. Individuals providing database access and online information from outside India to people who live in India other than those who are registered taxable persons.
Documents required for GST Registration
Here are the documents required to complete GST Registration:
1. Passport Size Photo
2. PAN card
3. Aadhar card
4. Business address proof
5. Mobile Number,Email ID
6. Bank account statement (or) cancelled cheque (or) Passbook first page
7. Incorporation Certificate or the business registration proof
8. Digital Signature.
Advantages of GST Registration
The main benefits of GST registration are mentioned below:
1. Big projects can be accepted from Multinational Corporations (MNCs).
2. Goods can be sold online.
3. Goods can be sold across the country.
4. GST registration acts as valid proof as it is a legal entity registration.
5. Input tax credit can be availed when any goods or services are being purchased.
6. With the help of a GSTIN, a current bank account can be opened.
7. The GSTIN helps in increasing the brand value of the business.
The world of business is constantly evolving and, every day, we tend to see new digital innovations. They transform businesses to the extent where they can earn huge profits and grab more attention simultaneously, making the time count, reducing the everyday operational costs, and stimulating productivity.
People like to keep up with the trends. The same goes for the business world. Businesses need to adopt new technological trends to enhance their functions. In this blog, we are going to identify why e-invoicing has become a new trend in the business world and why traditional invoicing has become an outdated process.
In today's world, where people are going towards sustainability and a better eco-system, the business community has also played its role in introducing e-invoicing. It is an electronic-derived invoice in a structured format such as Electronic Data Interchange (EDI) or XML formats. Also, it manages to replace manual tasks automatically and electronically. Furthermore, transfer your invoice to the client in a short period.
One of the biggest reasons to switch to e-invoicing is its assistance towards the customer experience. Offering feasible and innovative procedures in businesses help retain customers, as stated by Customer Experience Management (CEM). The results
prove that e-invoicing enhances and optimizes the customer experiences as it is easily accessible, not disposed to human errors, and comprehensible. Apart from this, the benefits of e-invoicing also include the Return of Investment and, this needs to get highlighted. It eliminates the cost of invoicing, such as the costs of the labor force, printing, filing documents, etc. Thus, making businesses gain more profits. E-invoicing has simplified the payment system by making it end-to-end automated, scheduling the payment dates, which results in ease for your business and, as well as vendor.
Other than the explicit benefits of e-invoicing, it also has subtle benefits for making your business and world better and progressive. Businesses shifting to e-invoicing can help save so many trees from being cut down. E-invoicing is helping to make the ecosystem more friendly, simultaneously, saving your work and energy.
Moreover, it shortens the span of sending the invoice as you can instantly share the invoice with your customer or client but, you can also make an edit in the invoice saving you so much time to do other productive tasks.
They say old is gold but, sometimes old procedures or methods become outdated, and a change is necessary to keep up with the world. In the business community, the same goes for traditional invoicing. When talking about invoicing, we always think about the regular ways of printing a paper and making a bill. But have you ever considered the thought of how many cons it might have?
First of all, the traditional way of manually handling invoices can be very time-consuming, and the chances of errors are also high. Consequently, these errors or faults can jeopardize the name of your company. Traditional invoicing can also reduce the productivity level of your staff, as sending invoices can be a staff-intensive procedure. Instead, why not make your people do something more productive and profit-gaining tasks. Considering another most crucial factor which is how much traditional invoicing is harming our environment. Over 30% of prints are read and thrown away shortly afterward, which wastes paper and money. It simply makes your money go down the drain and, just as many trees are cut down for no good reason. Last but not least are the operational costs while generating the invoices in traditional ways. This process does not eliminate the costs, yet it does eliminate the efficiency of your business. These include all the costs of paper, ink, and printer maintenance.
Do you know e-invoicing can save up to 70 to 80% of paper wastage and, it is also 70% less costly than traditional invoicing. E-invoicing is a huge step forward for making this environment sustainable and a better place to live. Furthermore, it drives your business to stand out in means of gains and being a responsible business. So better not waste any time and make a wise decision upon shifting to e-invoicing to make your business thrive in the long run. Also, businesses play a huge role in impacting the environment, that’s why e-invoicing software like Ola Books are revolutionizing the traditional invoicing system, and being a responsible business is taking a step forward to be Greener. Go and subscribe to get your hands down on the first editions of Ola Books. It is a very simple process; you just have to type your email and name to subscribe to Ola Books.
Money is the most important component of any business, whether you're a freelance writer or a bootstrapped startup entrepreneur, because if we did it for free, it'd be charity! Make sure you get paid on time for your services, and the first step to getting paid is to create a flawless, error-free invoice.
1. Delay in sending the invoice
Assumption and business are not compatible. You and your clients may have a beautiful connection, but if you forget to bill them for your services, they may conveniently forget to pay you!
It follows the same principle as 1,2,3. Make invoicing a priority because you deserve to be paid, and you deserve to be paid on time. We'll come back to that eventually.
A missed invoice can have a big impact on your cash flow. The sooner you deliver your invoice, the more likely you will be paid considerably ahead of schedule.
2. Lack of legal contracts
Because you can't rely solely on the reliability of the spoken word!
Before you begin working on a client's unique needs, make sure you have a clear contract in place that puts both sides on an equal footing. Prepare particular terms for accepting invoice payments online and the preferred payment methods ahead of time.
You'll always have documents to back up your claim if the grapes turn sour.
3. The invoice was sent to the wrong department or person
So you believe you've submitted your invoice to the correct person in the correct department, and you're sitting back with a cold beer, waiting for the payment credited message to arrive.
If you haven't received your payment by the due date, you should probably check the name and designation of the individual to whom the invoice was sent.
If you're working with a major corporation, they'll certainly have a separate finance and payments department that handles month-end payments. It's impolite to send an invoice to the wrong department. So make sure you check and double-check your invoice before sending it!
4. Sending out a tardy, incomplete invoice
If you take invoicing seriously, your customers will take paying you on time seriously as well. Invoices littered with errors, plagued by spelling blunders, and lacking in depth can only leave a negative impression on your clientele.
On a model invoice, make sure to include any information that your client or your country's governance standards may require. The following details could be included:
The payer's and payee's physical addresses.
Name of the company, phone/fax number, and email address
Number of the invoice
Name, title, and department of the person to whom the invoice is being sent.
Date of invoice
Terms of payment
The products/services provided are itemized in great detail.
5. Forgetting to mention a certain payment deadline
Do not, under any circumstances, forget to include the due date on your invoice. When you send "open invoices" with ambiguous payment terms, your invoice can be interpreted in various ways.
For one, "as soon as possible" could mean immediate payment, while another could mean a thirty-day interval. You must be specific, with a deadline clearly stated in the due date section.
Use words like "Net 30" sparingly, as many people may not be familiar with them.
6. List of services and product details
When you go to a department store, you always ask for the bill first before paying. Your client is in the same boat.
They want to know precisely what they are paying for. The chances of reverting and paying a bill with a vague lump sum amount on it are little to none.
Make sure to include the details of each product sold or service is given, including the required number of person-hours, price per unit, and total price.
If you make it a habit of providing detailed invoices, you'll receive fewer emails with questions about the items included on your invoice.
7. Lack of professionalism
Keep your wits about you and your Ps and Qs in order, and you'll be OK! When we are addressed nicely or pleasantly, we are wired to respond positively.
Using statements like "thank you for your business" or "please credit payment by" can go a long way toward establishing a positive relationship that goes above and beyond.
8. Forgetting to follow up
You tend to let seemingly minor details like following up on that last invoice slip through the cracks of your taxed head as you wear numerous hats to make ends meet.
Plan as much as you can, and don't forget to check on that delinquent account and send periodic reminders until the payment is received.
9. Sending out invoices with errors
Time is money in the corporate world, as it is in life. Don't squander your and others' time by repeatedly correcting and resending invoices that are plagued with errors.
Make every effort to get the facts correct the first time, as this demonstrates professionalism and ingenuity.
Clients are more likely to pay online when you use online invoicing software like OutInvoice. This simplifies and streamlines the payment procedure.
An invoice is much more than a demand for a reasonable price for services done and items sold, and it conveys a wide range of ideals, including professionalism and transparency.
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