Indian Taxation Law introduced one of a kind act known as the GST or Goods and Service Tax that would change the perspective of indirect taxes applicable in Indian sub-continent. Earlier the Central Board of Excise and Customs was handling the indirect taxes but with the GST into use, maintaining it fell with the GST Council. Under the new tax regime, there were new registration, new returns and forming of new GST format, the calculations of which was way dissimilar to that of the persisting tax slab.
Even after more than two years of its launch, people are not clear about the entire proceedings and why should it be implemented at first instance. Businesses are also not familiar with the invoice format that is to be followed while invoicing under GST format. This write-up can help you understand the importance of a GST enabled invoice and what are its benefits.
What is GST Invoice?
In the interest of the public, it has been issued every now and then to opt for a cash memo or printed receipt every time a purchase is made. The bill can be generated in every form of goods and services purchase and sales. The only difference between the earlier billing system and the GST invoice is that the former didn’t have any proper format and the seller used any form of layout found suitable. These were termed as commercial bills. The GST invoice has a pre-defined format in excel that is to be followed by everybody. There are different parts affixed in a GST invoice that might be absent in a cash memo or handwritten bill. To enjoy the benefits of GST invoice, it is recommended to follow the GST layout as distributed by the GST Council.
What is the Importance of GST Compliance in POS Billing?
Even if your business is a small one, you should have GST enable POS billing software for ultimate benefits. Given are some of the benefits of GST in your business.
Invoicing Made Simple along with Easy Filing
Most of the business houses maintain separate software for accounting purpose. Then when the times come to upload it on the governmental portal issues can arise during transferring. With the utilisation of POS billing integrated with GST, you don’t have to hop around different software. Through the software itself, accurate data can be transferred to the online portal.
When you use a normal process for manual accounting, you may miscalculate as different Goods and Services are taxed under different slabs. Then it is about calculating different percentages and giving accurate codes. With the GST enabled POS billing software, all of these processes are undertaken automatically without any human intervening.
No Need to Follow the Rules of GST Additionally
Once the GST option is enabled in a POS billing software you don’t have to worry about tagging different tax slabs before billing the products. The GST tax slab is ascertained for every product during stocking up and the same is reflected while billing. Thus giving away the step to select every single time.
When you install a POS billing software in your store, you don’t have to depend on an accountant for GST calculation as every individual bill will show the overall taxed amount.
Secured Data and Customization
There is no doubt that a POS billing system enabled with GST invoicing secured the data like nothing. The POS software is built to perfection and under no circumstances can it be breached without the authorization from the cashier or the manager.
Another great aspect of POS software is its customization option. According to your requirement, you can have a talk with the POS billing software company you are working with and opt for personalisation. This will make sure you can always track the sales report along with all the important taxes and notes.
Cost-Effective and Time-Saving
The advanced software is nor expensive, and you can easily fit it in your expense. The GST enable POS billing software launched by a company called Cartface is cost-effective and reduces a lot of your workload. As the entire process is automated you don’t have to calculate anything additionally. You will get everything under different banners like daily sales, monthly reports and growth of your business.
The Final Note
People need an automated process to take over the manual task that turns out to be time and energy saver. All you have to do in a GST enabled POS billing software is input the values initially and let the software do its work itself. These software are easy to understand and a person having basic literacy can bill smoothly. The best part of the software is that it can be used in small to medium scale business alongside the big industries which means it is applicable to all.