5 Tips for Better Invoice, Faster Payment and Better Business

Did you know? An Invoice can speak a lot about your Business.

Here are few tips that can bring in success to you and your Business.

InvoiceTIP #1
Adding Signatures and LOGO to your invoices can make your Business instantly look more Authentic. Because of which,  
95% of the Top Companies have got their LOGO on all their Invoices.

Continue reading “5 Tips for Better Invoice, Faster Payment and Better Business”

Are you counting cash instead of making cash? Business – say NO to Accounting!!!

Look, you didn’t start your Business to track MONEY— you opened it to make MONEY. isn’t it?

accounting

Certainly,  starting up on your own mean, you’ll need to run everything from serving customers, purchasing inventory, billing and many such tasks which is often a tough job for anyone. Along with that you also have to manage your cash flow which is an extremely critical task.  Being a Business owner, making sure that the cash wheel is rotating smoothly could be a challenge. Continue reading “Are you counting cash instead of making cash? Business – say NO to Accounting!!!”

GST on Restaurants: Uniform 5% tax rate on food bills in both AC and non-AC eat outs.

GST council on Friday has decided to fix the GST on Restaurants reducing tax brackets and hence the burden.

gst on restaurants

Here’s why eating out could become cheaper:

5% GST on…

  1. All independent restaurant Ac or non-AC.(which previously was 12% and 18% respectively)
  2. Takeaway food.
  3. Restaurants in hotels with room charge less than Rs 7500.

[No input tax credit for these Restaurants]

 

18% GST on…

Continue reading “GST on Restaurants: Uniform 5% tax rate on food bills in both AC and non-AC eat outs.”

Latest Updates on GST Rate Changes

Summary of 23rd GST Council

The GST Council has reviewed the tax rates, returns filing cycle, Late filing fees and much more on 10th Nov 2017, bringing in some relaxation to businessmen, traders, and consumers.

Update on GST

All things considered, tax rates on 177 items are brought down to 18% from 28% to provide relief to consumers and businesses.

  • Many of the items and services which were earlier taxed at 28% now attracts the tax of 18% only. The list includes wire and cables, Furniture, mattress trunk, suitcase, detergents, shampoos, hair cream, hair dyes, makeup, fans, lamp, rubber tubes and microscope. Chewing gum, chocolates, coffee, custard powder, marble and granite, dental hygiene products, polishes and creams, sanitary ware, leather clothing, artificial fur, wigs, cookers, stoves, after-shave, deodorant, detergent and washing powder, razors and blades, cutlery, storage water heater, batteries, goggles, wrist watches.

Continue reading “Latest Updates on GST Rate Changes”

Reverse Charge under GST – Buying and Selling between Registered and Unregistered Dealers.

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Reverse Charge under GST

Reverse Charge is a system where the receiver of the goods and/or services is liable to pay GST instead of the supplier. Sounds simple? But it isn’t! Here’s a break down of its cause and effects.

Reverse Charge provision states as:

The central tax in respect of the supply of taxable goods or services or both by a supplier, who is not registered, to a registered person shall be paid by such person on reverse charge basis as the recipient and all the provisions of this Act shall apply to such recipient as if he is the person liable for paying the tax in relation to the supply of such goods or services or both.

Continue reading “Reverse Charge under GST – Buying and Selling between Registered and Unregistered Dealers.”

Watch out! GST for SME’s can help as well as hurt

GST for SME's pros and cons
GST for SME’s had been introduced to make indirect tax administration much more hassle-free. But, instead, it seems to have caused much chaos in the country. In fact, there have been many GST misconceptions running in traders minds, causing confusion & fear among them.

Well if you’re a trader or planning to become one, Consider reading these to feel like being on top of the world: Continue reading “Watch out! GST for SME’s can help as well as hurt”