Articles

GSTR-2 filing

Posted on August 16, 2017September 12, 2017 by forceintellect

GSTR-2 filing has to be done by a registered taxable recipient, it will include details of all inward supplies of taxable goods and services .The due date of filing this form is 15th of each month. GSTR-2 filing headings are explained below:- 1. Goods and Services Taxpayer Identification Number (GSTIN) 2. Name of the Taxpayer 3. Inward Supplies from Registered Taxable Person: Most of this will be auto populated from GSTR-1 filing. Any further claim can be added by the registered person. The buyer can manually include these details. 4. Amendments to Details of Inward Supplies Received in E...

GSTR-1 Filing

Posted on August 14, 2017August 31, 2017 by forceintellect

Every registered taxable person is required to submit the details of outward supplies in the GSTR-1 filing. This return is required to be filed within 10 days from the end of the tax period, or the transaction month. GSTR-1 filing form has a total of 13 headings as explained below:- 1. Goods and Services Taxpayer Identification Number (GSTIN). 2. Name of the taxpayer. 3. Gross turnover of the taxpayer in the previous financial year. 4. Taxable outward supplies made to registered persons (including UIN-holders) other than supplies covered: Information about all the taxable supplies made by...

GST Return filing

Posted on August 14, 2017September 13, 2017 by forceintellect

GST return filing will be mandatory for all GST registered businesses irrespective of if there was any activity / sale during the return filing period. GST registration holder would have to file GSTR-1: detailing outward supplies until 10th of each month, GSTR-2: detailing inward supplies until 15th of each month GSTR-3: monthly return until 20th of each month. Composite dealers have to file GSTR-4 instead of GSTR-1, GSTR-2 and GSTR-3 Here is a brief explanation on GST return filing type GSTR-1: It has to be filled by registered taxable supplier, it will include details of all outwa...

Steps for ERP selection process

Posted on August 4, 2017April 23, 2019 by forceintellect

Why to follow proper ERP selection process Many ERP systems showcase the same modules but the difference can be found out in their details. It is necessary to proper ERP evaluation should be done before implementing it as there are tons of options available in the market and you have to shortlist on which ERP best suits your business so that you don’t waste valuable time and effort. Various steps involved in ERP selection process are:- Steps for ERP selection process are Step 1: Assess your business process Different businesses have different needs and hence require their business specif...

Optimize your supply chain with ERP best suited for you

Posted on July 28, 2017April 23, 2019 by forceintellect

A supply chain is a system of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer. Management of supply chain is necessary to make a business efficient. Most supply chains have greatly expanded due to the proliferation of computer networks and Internet tools and technologies during the past two decades. An optimized supply chain stays lean, manages costs and perhaps most critically responds instantaneously to even minor fluctuations in demand.So how can ERP in supply chain management help? Spectrum ERP in Supply chain...

Is your business in need of an ERP system?

Posted on July 26, 2017July 28, 2017 by forceintellect

When your business does needs an ERP system? Is implementing ERP into your business a good idea? These are the questions that we will address here and we will try that you have an answer to these questions when you complete reading of this article Lookout for this signs to understand if your business needs an ERP system:- 1. Information about your business is difficult to access for any reason While information can be gathered by using spreadsheets and keying in data, ERP software will automatically generate data like sales margins or a particular customer’s order and payment histo...

GST Myths vs. Reality

Posted on July 3, 2017July 22, 2017 by forceintellect

India has undergone the biggest tax reform in its history, GST has now been implemented into our taxation system, as GST in our system is completely new and different from GST being used in other countries there are tons of concerns specially among Indian businessman’s, but due to complexity of GST law many kind of myths are being born, this myths are making people nervous, so here are the 7 myths of GST and the reality behind them:- Myth 1: I need to generate all invoices on computer/ internet only Reality 1: invoices can be generated manually also Myth 2: I need internet all the tim...

Check if your business is GST ready with our “GST Checklist”

Posted on June 21, 2017September 19, 2017 by forceintellect

Find the GST checklist below and see how prepared is your business for GST Registration Check whether you have migrated to GST and obtained GSTIN number for your business. If you have multiple business verticals in state, check whether all vertical requires separate registration number. Separate registration in each state of India where company has business operations. Basic Setup Preparation Collect GSTIN number of vendors & customers and share yours. Incorrect GSTIN number may lead to loss of ITC and penalty. Identify unregistered party and check whether you...

Common mistake that you should avoid during GST implementation

Posted on June 6, 2017August 10, 2017 by forceintellect

July 1st 2017 is the date chosen to implement GST in India; GST is not a new idea, in fact it is being used in some developed economies for decades. GST will be a game changer for most of the business, they will need to change a lot of things according to GST guidelines for GST implementation in their business. But as this is new to our system some mistakes can occur. The common mistakes that you should remain alert of during GST implementation can be categorized as given below:- Mistakes that you should watch carefully during GST implementation 1. Poor record keepings: A l...

Do you need IT system for GST?

Posted on June 6, 2017July 22, 2017 by forceintellect

GST will be implemented in India from 1st July 2017, this will completely change the taxation system of India, GST will replace most of the indirect taxes in our system and merge them into one. Though GST presents a huge amount of challenge to businesses. , for a well prepared organization it can be an opportunity to review their supply chain and IT system. GST is a completely different taxation system, our current way of tax calculation and reporting are not adequate. Here are areas where IT system and ERP can be helpful in dealing with upcoming challenges. Detail record keeping - Com...