Receipts Manager by Zybra

Zybra Accounting Software is an easy to use cloud based accounting software for Small & Medium scale business. It makes Accounting EffortLess and can be accessed Anytime & Anywhere. Zybra is a feature rich software with many features including 1. Dashboard – Real-time updates of data in graphical form. Shows graphs of Total Receivables, Total Payables, Cash Flow, Top Expenses, Income vs Expenses and more. 2. Contact – User can manage all the contacts of Customers & Vendors. User can also view the receivables & payables of each of them & generate customer/vendor statements. 3. Inventory – User can manage basic inventory of items/services. 4. Banking – All Cash & Bank Accounts can be added & managed here. 5. Sales – User can Add/Send/Edit/Covert Estimates/Invoices/Recurring Invoices/Credit Notes/Payment Received for sales related transactions the business. 6. Purchase – User can Add/Send/Edit/Covert POs/Bills/Recurring Bills/Vendor Credits/Payment Made/Expense/Recurring Expense for purchase related transactions the business. 7. Accountant – All chart of accountants & Journal Entries can be managed here. 8. Taxes – User can create different Taxes, Compound Taxes for sales & purchase entries. 9. Documents – This is a basic DMS for all bookkeeping related documents(Invoices/Bills/Receipts/Bank Statements)[this works well with Receipts Manager App]. 10. Reports – Gives access to 40+ different reports including P&L, Cashflow & Balance Sheet 11. Organization Profile – User can manage details about their organization & add logo for each transaction document that is generated. 12. Opening Balances – to enter the opening balance of the last Financial Year when starting to use the software 13. User & Role Management – Apart from basic accounting features, user can also invite/control access to different users for Add/View/Delete rights for different section. 14. Module Preferences – Activate/Inactivate modules when not needed for the business. 15. Live Chat Support – a 24x7 live chat support is provided inside the software.

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5 crucial ways how doing business will be different under GST

Posted on May 1, 2017
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By Deep Patel

The goods and services tax (GST) regime is less than 75 days away — assuming July 1 as the roll-out date. Here is a look at how doing business will be different in the GST-era.

What should businesses keep in mind while generating invoice?

Generating an invoice is perhaps the most critical part of the new indirect tax regime, based on which the input tax credit will be decided. According to the draft rules, invoices have to be filled up in a fairly detailed format.

The absence or wrong filing of required information could trigger denial or delay in claiming input tax credit.

Largely, there are around 16 particulars that are required to be filled up. These include various details of the supplier and the buyer, such as the HSN (Harmonised System of Nomenclature) code, the 15-digit goods and services taxpayer identification number (GSTIN) of the recipient and the state code in which the delivery has been made. “Service providers are required to give state-specific registration number while filing the invoice. For generating the invoice, the IT configuration in a business has to capture a variety of transactions, such as services on inter-company basis, stock transfer and receipt of advances and centralized procurements for re-distribution.

What are the key do’s and don’ts while claiming the input tax credit?

For claiming any input tax credit, all vendors in the supply chain have to be tax compliant. There is also a plan to rate all taxpayers on their GST score card — putting additional pressure on vendors to be GST-ready. Under the current system, a supplier can claim tax credit from the government irrespective of whether the vendor has met his tax obligations. That is set to change in the GST regime.

Vendor should pay tax before the same is claimed as input tax credit. The recipient must receive the tax invoice and supplies before claiming credit. Given the credits can be availed of only within the specified time limit, the date of issuance of invoice becomes important. Monitor the payment of value for the goods or services within the period of 180 days, while keeping a track of the debit or credit notes. According to the draft rules, vendors should be paid within 180 days of claiming credit. Credit should be claimed only for procurements related to taxable business supplies only.

How will the stock transfer of goods or services be different under the GST regime?

The model GST law puts the onus of determining whether a transaction is an “intra-state” or “inter-state” on the assesse. So one needs to decide whether the payment is against the central GST (CGST) plus state GST (SGST) or integrated GST (IGST), based on the type of transaction.

Services being intangible in nature, there are proxy rules or provisions in the GST framework to help the assesse determine the place of consumption. To determine the place of supply in GST regime, it becomes important to have permanent address of the service recipient. However, this can pose a challenge for sectors like telecom where customers keep moving from one state to another. Telecom companies have to update their customer database on real-time basis, complicating their operations.

Tax experts note that under GST, all inter-state stock transfers, including self-supplies, are chargeable to tax. Similarly, intra-state stock transfers between the different registered business verticals would attract GST. This also offers an opportunity for optimizing the supply chain from a business perspective.

According to the GST legislation, if an assessee wrongly pays, say CGST and SGST — on the belief that the transaction is intra-state — instead of IGST, they will have to pay the correct tax (that is, IGST) again and claim refund of the wrongfully paid taxes. Several experts feel instead of putting the onus on the taxpayer to determine whether the transaction is intra-state or inter-state, the GST law should provide a simpler redressal mechanism.

Why one should provision for a higher cash flow requirement in the new system?

Levy of GST on inter-state stock transfers would be one of the many reasons which would push up the requirement of cash flows. For instance, a company transferring goods from one warehouse to another across different states will come under the ambit of IGST. This means taxes have to be paid upfront, increasing the cash requirement for the business.

Another reason for higher cash flow requirement for businesses would be the higher average rate of service tax under the GST regime. Businesses currently pay around 15 per cent (including the various cesses) on services. This is likely to jump to 18 per cent in the GST regime. Experts note exporters too would need to bear the brunt of the tax, before claiming rebate.

What are the likely challenges in determining the place of supply for services?

Service providers such as banks and insurance companies have to register separately in all the states in which they are providing services. This state-wise registration will substantially increase compliance costs of businesses. The place of supply rules under the current regime of service tax are applicable only to cross border transactions.

Going forward, similar rules would be applicable to every transaction whether domestic or international. Most experts feel the rules for the place of supply of services have the potential to trigger legal dispute for taxpayers.