Are you looking for best GST Invoicing software for your business? You are at the right place to use Invoicing software for your business. Cloud based Easy GST accounting software offers new features for invoice. Let’s have a quick look for an Invoicing software.
Professional Looking Invoice: Create Professional invoice and customize them using your company logo and color scheme.
Customizable Invoice Template: Ready to invoice your clients? Use our easy to use free invoice templates to get started
Credit Notes: Create credit notes for customer refunds. Easy to use interface helps you to create credit notes within no time.
Recurring Invoice: Recurring invoice save your time by creating invoices automatically on defined interval. Recurring invoices are important when you have to create same amount invoice on defined interval.
GST Ready Invoices: Easily file all your GST returns with one click. As you already have your invoices and bills entered in Easy. We will automatically submit them to GST server.
Multi-Currency: Multi-currency lets you create invoices and bill in any currency.
Invoice Setting: invoice settings lets you customized your PDF invoices, select from our predefined themes.
Digital Receipts: convert all your receipts and bills into digital format using our digital receipt services.
Create an invoice and you can download bulk invoice at a time. You can copy your invoice, convert into PDF file format and Print it for your record. Create or generate invoice and share that invoice via an Email option.
Let’s have a start to using our Easy GST Business Accounting software now.
Accounting software is a crucial tool for any businesses now a days. Accounting software helps a business manager run the business with proficiency and profitable. Cloud based Easy accounting software provides all business accounting features includes payroll and HRMS.
Key Features of Business Accounting Trends in 2020 that can impact the entire accounting software:
Cloud Computing
Run your business from anywhere at anytime with the cloud accounting. Get real time view of your business finances. Access your business accounts anytime from any internet connected devices – computer, phone or tablet. You can invite your accountant to access your business account and easily share your financial data. Also your data is secured in our highly secured data center with multi layer security provisions.
Complete Functionality
Easy accounting software provides multiple features for your business accounting. Can create invoices, generate financial reports, Assets management, multi-currency, file your GST return, Inventory Management, manage billing & expenses, EPOS system.
Online Support for Implementation
Our dedicated employees help you to understand our accounting software. You can use Easy help center, video tutorials for each features, our team will support via chat, WhatsApp or on a call.
Mobile Accounting
We are providing Easy Touch Mobile application for both Android & iOS.
Analytics and Reporting
Easy has lot of reports to give you an overview of your company’s financial health and adding more time to time. Our detailed reports like balance sheet, profit & loss, trial balance, aged debtors and creditors help you to manage your finance. You can create comparison reports between any periods to see how your business is performing over different period of time.
Try Easy accounting software for seven days free trial now to get more details.
Easy GST provides small business expenses management software in India that employees love and offers meaningful visibility and control into your expenses. Record all your employee expenses and pay them on time.
Business Expense Management software – never forgot those expenses and lose receipts.
Features of Business expense management software:
Track all Business Expenses: whether it’s a business expense or personal expense you can track all your expenses right from Easy. Upload the scanned receipt to Easy. Don’t worry anymore of losing them. Once they are in Easy they are secure. Easily manage payment of all expenses to reflect them in your bank statement.
Snap and Go: Use our mobile app to snap the receipt as soon as you get it and upload them on Easy so you never miss them. You can also create the expenses at the same time which saves your time and forgetting it later on.
Multi-Currency: Multi currency lets you file your bills and expenses even if the expenses have been done in other country. Just select the currency in which you made the expenses and Easy will handle rest for you.
Employee Expenses: Record all your employee expenses and pay them on time. You can easily reimburse those expenses to your employees. Get the overview of spending by each employee so you know where they are spending more and where you have to put cut.
By tracking business expenses daily, you can also controls costs, see what you’re spending your money on and how much you’re spending.
Check it out 7 Days free trial version today to get more details about business billing & expenses.
Easy GST business accounting software can help you to manage all your business inventory. An inventory management software that allows you to track all goods across your business’s supply chain.
Easy GST Business accounting software has a big impact on the bottom line of business. Through this Easy GST accounting software you can track your goods, waste, analyze trends and make better investment decision.
Features of Inventory Management
Easy GST software offers all the features that are essential for effective inventory management operations.
Barcode Scanning: Easily identify and track your products to integrate with barcode.
Optimize Inventory: optimize the inventory for each product over or under stock item.
Stock Notification: This features also enables you to manage items in your inventory that have not reached the sales levels you expected.
Generate Report: you can easily generate report of your daily sale or purchase online.
Multi Branch Management: manage your multi branch or warehouse with a single login. Dashboard can give you better view of your inventory.
Record your Sale & Purchase: you can easily identify that which products are in demand to sale.
Get real time stock valuation: your inventory is continuously updated on your balance sheet to track real time value of your stock item. Inventory item speed up the process of creating invoices as all default values are predefined.
Use inventory items to Speed up data entry: set up things you buy and sell as tracked items to make creating quotes, invoices and purchase order quick and accurate.
Create more Accurate Quotes & Invoices: set up tracked inventory items to reduce data entry and typos – and see how much stock is on hand when you’re quoting and invoicing.
Easy GST provides Best Inventory Management Software in India. You can get a free demo for cloud-based inventory management systems. Try for 7 days free today.
Easy-GST is a GST ready accounting software to manage your accounting, Inventory, Payroll, Billing, and Banking, File your GST returns and many more features.
Feature to save your time and help you, Keep your business finance on track.
Easy Invoice: Easy invoicing software for your business. Create Professional invoice and customize them using your company logo and color theme.
Financial Report: Get real time view of all your company financial through Easy Reporting. Easy has lots of reports to give you an overview of your company’s financial health and adding more time to time.
Assets Management: Manage all your company assets from easy. Easy does all back end work for you and creates required journal entries so you don’t need an expert knowledge to manage your company assets.
Payroll Software: Easy payroll is everything you need to automate your payroll. Create employee information at your fingertips. It provides all necessary reports for HR to manage employee time and attendance.
Multi-Currency: Multi currency lets you create invoices and bills in any currency. With multi-currency option, you can easily generate bill and invoice in different currencies.
GST Return: Easy is now GST ready. Easily file all your GST returns with one click. As you already have your invoices and bills entered in easy we will automatically submit them to GST server. Upload GSTR1, GSTR2 and GSTR3 through Easy GST accounting software.
Secured Data: Easy use SSL to securely transmit data between your browser and easy server.
Inventory Management: Get real time stock valuation with Easy inventory. Your inventory is continually updated on your balance sheet to track real time.
Dashboard: get a quick glance at your business finance. Easy GST dashboard gives you an overview of your business finance. Get real time cash flows, bank balance, invoices & bills etc…
Time and Billing: Easy to use time sheet module let your employees create their time sheets easily without spending a lot time.
Easy EPOS for retails outlets: Android based wireless EPOS for restaurant & supermarket. The dashboard gives you an overview of your payment history, receipts, sales analytics history, inventory etc…
Bill Expenses: Easy GST is business expense management software. Whether it’s a business expense or personal expense you can track all your expenses right from easy.
Banking: Manage all your bank accounts easily, and keep them up to date. Connect easy to your bank account or import your bank statement into easy. Easy offers auto matching and rule based reconciliation to make it even faster to reconcile your bank.
Time Tracking: Record every second your team spent on a project. With our flexible time sheet reporting, prepare report as per your requirements.
Try Easy GST business accounting software for 7 days free trial. Check out the Easy GST website to get more idea about the software.
In order to simplify the compliance procedure further for GST-registered businesses, the 31st GST Council meeting proposed a new return system. It was absolute that a New Return System under GST would be introduced for taxpayers. This system is likely to be introduced on October 1st, 2020. This return will need to be filed on a monthly basis.
The Goods and Services Tax (GST), was introduced as a single, straightforward tax system to replace multiple indirect taxes.
Under the new system, there will be three main return forms – Normal (RET-1), Sahaj (RET-2) and Sugam (RET-3). The type of return to be filed and the filing frequency is determined based on the turnover of a business.
Annexures of Main Returns
All three return forms will have two annexures GST ANX-1 & GST ANX-2.
GST ANX-1 is used for reporting outward supplies, inward supplies that are subject to reverse charge, and imports of goods and services. The merchant can upload related documents on a real-time basis in GST ANX-1.
GST ANX-2 will have details related to all the inward deliveries received from a registered supplier including imports and supplies received from an SEZ unit. Some of the details uploaded by the supplier in ANX-1 will be automatically available for the recipients in ANX-2 to verify and accept, reject or keep it pending.
Important changes introduced in the new GST return system
These are some of the changes introduced in the new return system-
HSN code will be needed in order to submit details at a document level vs. a separate HSN summary.
A user will also get HSN code to his GST ANX-2, wherever a supplier was supposed to declare the HSN code.
B2B supplies, liable to reverse charge mechanism need not be shown by the supplier in the GST ANX-1, however, the total figure will need to be shown in GST RET-1.
Inward supplies which are accountable to RCM has to be declared in GST ANX-1 at the GSTIN level, by the recipient of supplies.
The concept of B2C-L has been removed. The turnover limit for quarterly filers will be considered as Rs 5 crore of the present limit of Rs 1.5 crore.
Current System vs New Return System
Turnover limit for small business: Rs 1.5 crore for the previous financial year under current GST returns and Rs 5 crore under new GST returns.
Number of returns: Under the new system, there is a single return form (Normal/Sahaj/Sugam), containing two annexures.
Reporting of missing invoices: Missing invoices were reported using GSTR-3B in the current system. Missed invoices will be reported using RET-1 in the new system.
Reporting imports: In the current returns, ITC on imports was separately reported in GSTR-3B. However, ITC reports will be detailed under GST ANX-1 in the new returns system.
Need for cloud accounting
The new GST return has paved way for e-invoicing in India, where the taxpayers will now have to upload invoices in real-time. Since your accounting software will be connected with the government portal, it will allow you to retrieve invoices anytime to clarify the inconsistencies in your books.
With a new GST return system coming up, it is a good time for all businesses to switch to GST-compliant cloud accounting software. By adopting the Easy GST software and processes now, businesses can avoid penalties or other repercussions for non-compliance when the new return is implemented in October 2020.
Finance minister Smt. Nirmala sitaraman held a press conference on 13th May 2020 to provide details of Rs.20 Lakh Crore special economic package announced by the Prime Minister on the day before 12.05.2020 to spur growth and revive the Indian economy amid COVID-19 pandemic.
The finance minister said the rates of TDS for non-salaried specified payments made to residents and rates of TCS for the specified receipts will be reduced by 25 per cent of existing rates.
The reduction shall be applicable for the remaining part of the financial year 2020-21 starting May 14, 2020 to till March 31, 2021.
The reduction of TDS and TCS rates on non-salaried payments by 25 per cent will set free additional cash in the hands of vendors, overall increasing liquidity in the economy.
The government also announced that it will issue all refunds to charitable organisations and other non-corporate tax payers. Till now over Rs 18,000 crore has been issued as refunds to small taxpayers.
Income Tax under the Direct Taxes which are outlined below:
The pending income tax refunds to charitable trusts and non-corporate businesses and professions including proprietorship, partnership and LLPs and cooperatives shall be issued immediately.
In order to provide more funds at the disposal of taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, rates of TDS have been reduced by 25% for specified payments to resident non-salaried assesses.
The due date of all Income Tax Returns for Assessment Year 2020-21 (FY 2019-20) will be extended from 31st July, 2020 and 31st October, 2020 to 30 November, 2020. Similarly, the tax audit due date will be extended from 30th September to 31st October 2020.
The date of assessments getting barred on 30th September, 2020 will be extended to 31st December, 2020 and those getting time barred on 31st March 2021 will be extended to 30th September, 2021.
CBDT has issued a press note on 13.05.2020 specifying the new reduced rates of TDS and TCS effective from 14.05.2020 to 31.03.2021. From April 1, 2021, the prescribed rates of TDS shall apply. In the notification, the CBDT said while TCS on sale of the motor vehicle above ₹10 lakh has been cut to 0.75 per cent from 1 per cent earlier, TDS on 23 items has been reduced.
Small companies’ best accounting software is free, easy to use, and helps track revenue and spending. The accounting software can also have detailed financial statements to give you insight into financial security for the company. We looked at more than three dozen things and narrowed them down to our top nine.
According to a new survey of Sage’s 700 small businesses, small businesses that don’t use software packages are more likely to struggle with accounts receivable, notes receivables, and billing than business people who use computerized accounting. Shaquela Tracy, CPA, from Chicago Accounting Company The Meekins Group, says that using pen and paper or databases is often a “complete and utter disaster.” Lastly, perhaps as short as 2015, some states will necessitate each company to manage their books using financial statements, so why wait if you can enjoy all the extra benefits today?
When reconciling your bank account with computerized applications, you don’t lose the deductions. If you do not post the bank charges or the missing receipt for the debit card purchase in the office supplies store, the account does not balance out.
Quick Input
If you ever don’t like keyboarding in your transactions, most banks would allow you to access your bank account details directly. Just a few keystrokes, you can achieve transactions worth a full month. Credit cards that are used in the company should be easy to track, so you should consider posting the payment fees. Reconciling the credit card balance would ensure that transactions are accounted for in the same way as reconciling the bank balance to the statement.
Simple GST Compliance
Whether you’re like most small business owners, you want to make the filing of your GST returns as simple as possible. To do so, consider using GST-enabled accounting software — it applies GST directly to all of your invoices, enabling you to easily retrieve essential financial documents so that you are ready to file your return.
Your accounting program can also be used as a reminder to register your GST returns. Simply set up the program by entering your GST returns in monthly, quarterly, and annual due dates.
Save Time with Automation
Many cloud-based accounting solutions allow you to build automated, time-saving workflows. For example, you can insert the details about your vendor into the system and set up a process that will automatically pay the vendor on the due date every month.
You can also give your customers recurring invoices automatically once their information is entered into the program.
Origin and aging of consumers. Using the invoicing feature of a program helps you to monitor the buying history and payment patterns of your customers. Reports on aging can be created to make collection efforts easier. In reality, selection attempts can be noted on the client profile screen in a special “Notes” window.
Vendor history and aging.
You may use the accounts payable program to track bills when they arrive and prepare for cash flow, rather than simply cutting checks when bills are due. You’ll also be issued with reports for each vendor using the software. This allows the position of previous payments and invoices.
Makes Collaboration Easy
If you don’t like writing your accountant’s financial reports, using cloud-based accounting software is a great choice for you.
Since the program and all the financial information are stored in the cloud, it can be accessed from anywhere so you can set up the accountant’s access so that if necessary, they can sign into the database. You can also track how much access you offer to your employees. For example, if you have an individual managing your payroll, you can let the employee access the payroll portion of the software without requiring them to view your bank accounts.
Software Improves Accuracy
When all of your financial information is kept in the same place, and you frequently enter the correct information into the system, you have the chance of costly accounting errors.
Most cloud-based accounting software is simple to use, allows you to enter spending and revenue as required, and allows you to categorize all your transactions. That way, you know the information you are looking at is right any time you pull a report or check your finances. You don’t need to know different accounting practices, formulas, or shortcuts when using cloud-based accounting software instead of an Excel spreadsheet.
If you are looking for an accounting software that can take care of your businesses accounting requirements from every corner then Easy-GST got it covered. You can avail a number of additional features with the subscription and hurry now to get the best deal and discounts.
The GST council has included the UTGST to fulfill the constitutional duty set out in Article 366 of the Constitution (One Hundred and First Amendment) Act, 2016, introducing a new provision, namely Provision 26B on “Government.” According to this section, with respect to Articles 246A, 268, 269, 269A, and 279A, “Land” includes a Union territory with a Legislature but also “Canada” for GST purposes, added a Union territory with a Legislature.
UTGST is imposed on transactions occurring in any union territory of India, including Andaman and Nicobar Islands, Dadra and Nagar Haveli, Chandigarh, Lakshadweep and Daman, and Diu, by the respective Union Territory. This tax in the rules of allocation and payment is identical to SGST.
The object of the UTGST bill is to apply, in the absence of a legislature, a tax collection on any Intra UT supply of goods and services in the union territories and has similar properties as SGST’s. All in all, therefore, the SGST can not fulfill the required requirement here and has taken its place for the same UTGST. The Union Territory GST applies to the territories of the Indian Union, including Chandigarh, Lakshadweep, Daman and Diu, Dadra and Nagar Haveli, Andaman and Nicobar.
Why Union Territory GST Is Implemented?
The key agenda was taken up by the GST council for which the UTGST was adopted by the apex body, which will continue to provide benefits the same as SGST. In addition, New Delhi and Puducherry will still enjoy the SGST rules, as both states have independent legislatures and are able to function openly under the terms of SGST, and the GST Council has also found them states.
For more comprehension on the subject of the Union Territory GST, one can see the legislative rules and regulations written into the constitution, that states that, pursuant to Article 246(4) of the Constitution, Parliamentary has the right to make laws on any matter for any part of the territory of India not included in the State, including the matters listed in the State List By checking the aforementioned constitutional rules and regulations, the central government will forward the UTGST for further approval to Parliament.
Under GST, all the states in India are protected by the SGST Act. In the Indian Constitution, the concept of ‘States’ includes union territories with their own legislature. Hence the SGST Act also refers to the Delhi and Puducherry union territories. This means that the taxes imposed on supplies within the Delhi and Puducherry union territories will be CGST+SGST, and the tax imposed on supplies from Delhi / Pondicherry to another State/union territory will be IGST.
Since the SGST Act cannot be applied in the territory of a union without its own legislature, the GST Council introduced the UTGST Act to impose a tax on the territories of the Chandigarh, Lakshadweep, Daman, and Diu, Dadra, and Nagar Haveli and Andaman and Nicobar Islands. UTGST will be levied in lieu of SGST in those union territories.
The explanation for the existence of UTGST is that the SGST for states cannot be enforced in Union Territories with no legislature. Because Delhi and Pondicherry have their own legislatures, they will collect and levy SGST in lieu of UTGST like other states.
The Coronavirus pandemic has led the Indian government to issue strict self-quarantining, social distancing, and lockdown guidelines to monitor Covid’s further spread—19. Although these steps were taken to ensure Indian citizens’ protection and health, they definitely affected the small-scale market. The sectors that are hardest affected include the Food and Beverage (F&B), the automobile industry, electronics, and textiles. Restaurant dining, for example, is facing an estimated decline in business of 30 – 35 percent given the high proportion of fixed costs in the foodservice sector, such a rapid decline in sales could lead to substantial losses for restaurants in the near future. Likewise, with the outbreak of COVID-19, the automotive industry, which was already experiencing a decline in overall demand, would slide on.
Companies walk on a tightrope; on the one hand, they have to ensure the health of their employees, but on the other, they can not afford to delay in accounting and conformity. The pandemic has caused an ongoing economic crisis. Nevertheless, one effective business leader is one who can effectively maneuver through these adverse twists and turns.
It can be a challenge to decide whether to allow your team to work from home, particularly if you don’t have the right infrastructure in place to support their work and keep everyone connected. The complete framework will provide your business with the new cloud-based platform to promote remote work and ensure that your employees are secure, healthy, and efficient in the midst of the current pandemic.
Adopting next-generation technology will allow your company’s desktops and applications to run in the cloud and ensure continuity of business no matter where you are. Reliable Internet connectivity is what you need, so you can connect your company remotely, so make data-driven decisions from anywhere, anywhere.
What Resources & Benefits You Can Avail During Covid-19 Crises
1) Taking help of the technology
Automation is one of the most useful technologies available to keep your teams working efficiently from home and smooth running of your company. You should adapt to changing demands with automation, and automate manual processes so that the “WFH” team should cope with the current scenario. Remote onboarding of staff, receiving customer notifications, and monitoring employee status reports are perfect automation scenarios.
2) Work from home opportunity
For larger businesses trying to make tough choices such as workplace layoffs, the primary alternative may be to slash the wages of the better-paying employees and seek to retain those who can least afford to lose their jobs. Nonetheless, when the time comes to make a difficult decision, it is best to do so with sensitivity, search for policy guidelines, and provide additional incentives if and when necessary. Such implementation should only be carried out once and not in steps so that it does not impact the morale of employees. You may ask them to participate remotely using the new technologies to operate from home using various software and tools.
3) Cloud-Based Accounting software
If there’s something because of the pandemic that has suffered the hardest blow, then it’s accounting and finance. Every day, the economy is going down, and there is not one single country that has been spared for these crises. In these circumstances, we must ensure that every single activity is carried out without endangering the lives of the people. For this reason, accounting software is very important when working for a company remotely. For compiling the accounting operations from your home, you can view all the bills and information only.
During these times, it is important to stand together as one and support one another. Know that keeping healthy indoors is the focus right now. Through tough times some of the best ideas are made, so don’t lose hope and keep your spirits up!
Credit Notes: Create credit notes for customer refunds. Easy to use interface helps you to create credit notes within no time.
Assets Management: Manage all your company assets from easy. Easy does all back end work for you and creates required journal entries so you don’t need an expert knowledge to manage your company assets.
Annexures of Main Returns
