Introduction:
Before getting to this lets make clear what tax invoice is? Tax invoice may be understood as the invoice issued by one registered vendor to another, during sales. The main purpose of issuing tax invoice is to avail input tax credit.
So now let’s understand what to issue? When to issue? How to issue? And Why to issue? About GST tax invoice:
What to issue?
Tax invoice
So what will be included in tax invoices after GST is implemented? Tax invoice should have the following:-
*Name, Address and GSTIN of the supplier; ®
*A consecutive serial number not ...
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Articles
Challenges on business operation due to GST
Introduction:
GST tax system will replace most of the indirect taxes in India from July 1st 2017. This will have a lot of benefits like easy to understand tax regimes, less paperwork, less cascade effect etc. But GST will be the largest change in the tax regimes in history of India, this is why it will comes with some severe challenges as well. The challenges due to GST on business operations are:-
Various challenges due to GST:
Various changes needed in business processes -The GST is not merely a tax change but a business reform that will affect the entire spectrum of business acti...
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9 steps towards hassle-free GST implementation
Here are the top 9 steps for GST implementation that every business should follow:-
Step-1 Registration :-
Every business carrying out a taxable supply of goods or services under GST regime and whose turnover exceeds the threshold limit which can be known in GST guidelines, if you are applicable you will be required to register as a normal taxable person. This process is of registration is referred as GST registration.
Now that we know who needs to register, the question arises that are there any benefits for registration? GST registration is critical because it will enable you...
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Getting Ready for GST: Read these points
What is GST?
Basically “GST is one indirect tax for the whole nation, which will make India one unified common market.” GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
At the Central level, the following taxes are being...
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Business @ Digital age
Why is a good IT infrastructure necessary for a business at digital age?
We are living in a different age now then we were 20 years ago. Market changed quite extraordinarily in these years. There are more opportunities now. New technology is coming into the market every day, new products are being launched everyday, hence giving rise to the tremendous competition that goes hand in hand with the opportunities. New businesses are opening and closing everyday. So how to compete in this market? Is there a way to stay ahead in this competition?
The changing business landscape
Business landscap...
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Check your readiness for ERP, a checklist for SMEs.
A study conducted by a Bangalore based research organization shows that 22% of SME’s have opted for ERP solution in countries like India and Thailand. At the same time another research organization from Hyderabad raises the question on the utilization of ERP deployed in SMEs. This low percentage of ERP adoption in SMEs and an even lower utilization raise a question ‘Do SMEs check readiness for ERP before going for implementation?’
We did a good amount of debate on social media like LinkedIn on this topic where various veterans on this subject joined the discussion and shared ...
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Why is it necessary to invest in “ERP Software for Small Business”
Business Restraints
No organization or individual has infinite resources. And when it is about small business they face more resource constraints as compare to big ones. Most CEO from SMEs always deals with equal pressing demand of resources from all the corner of enterprise. When these precious resources are planned for some intangible investment like ERP, such investments sometimes are questioned by some of the stakeholder to prove their worth. Small businesses doesn't need to go for big ERP's as they will cover a lot of features that their business will not need instead they can go for ERP...
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How to evaluate “Best ERP for Indian SMEs”
In the competitive markets of India you cannot be parochial; you have to understand the modern ways, the current market condition, and the needs of the customers for people to buy what you are selling. ERP is helping many SME’s in India and around the world in increasing their profit and make the best use of resources. ERP will change your way of manufacturing, finance, sales as well as CRM so it is necessary to evaluate ERP before implementing it. So how to evaluate a good ERP? There several factors to evaluate a good ERP but before starting to evaluate an ERP, first requirements that are nee...
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Challenges in ERP Implementation
These are the challenges in ERP implementation that businesses have to go through
1. Clear business objective – The first leap toward successful ERP implementation is to define clear objectives that should be achieved through the implementation. In other word, what will be called success should be predefined. Absence of clear objective may lead to vision match problem and finally lead to a failure. Objectives are also helpful, in setting priorities and deciding trade off in case of conflicting interests among the stake holders.
2. Management Backing – ERP impacts almost every nook and corne...
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ERP implementation in Indian SME’s
Spectrum ERP have helped in the growth of many Small businesses. It can help you too. Know more about Spectrum ERP.
Why is it necessary to have ERP for small business India
India has a wide market for SMEs and hence there is always a need to stay ahead in the competition. Compressed product development cycles, cut throat domestic and global competition, economic downturns, rapidly changing customer demands and volatile financial markets have all increased the pressure on SMEs to come up with effective and competitive capabilities to survive and succeed. ERP impl...
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