Invoicing for Indian Businesses : Tools & Trends

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Invoicing For Indian Businesses - Tools and Trends
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Contents

• Introduction
• Central Sales Tax
• Value Added Tax
• Excise Duty
• Customs Duty
• Choosing The Right Tool

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Introduction

• India has a distinctive tax structure which has
  evolved over a period of time. Most of the
  business taxation is levied by the state
  governments. The major part of reforms in the
  Indian taxation system have happened in the last
  decade or so.
• The overall tax system has been rationalized to
  ensure, that businesses can pay taxes with ease
  and more tax revenue can be generated.

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Central Sales Tax

• If a dealer of goods sells his goods outside of
  the state, then this tax is applicable.
• Central Sales tax is generally payable on the
  sale of all goods by a dealer in the course of
  inter-state trade or commerce or, outside a state
  or, in the course of import into or, export from
  India.

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Value Added Tax

• All goods go through various levels in the
  process of production and supply chain. Value
  added tax is a tax levied on goods, at each level
  of the supply chain. The state sales tax has now
  been replaced by the VAT and this is one of the
  more significant tax reforms in recent times.
  Some of the key features of Value added tax in
  India include
• Most of the Value Added tax rates are common for
  all the Union territories and states in the
  country.
• The basic rates of VAT are 4 and 12.5, while
  some of the services are excluded and have a
  special rate of 1. Some basic commodities also
  have a VAT rate of zero percent.
• With the new reforms all the state taxes can be
  converted to VAT. VAT however, does not cover
  the inter state transactions. All purchases made
  with respect to exports is exempted from taxes.
  The whole process has been made more business
  friendly by facilitating self assessment for
  dealers.
• Dealer with a sales turnover of less than Rs. 5
  lakh are exempted from VAT need not register
  themselves for VAT.

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Excise Duty

• Manufactured goods in India are charged with a
  tax called the Central Excise Duty. The specified
  goods unders the act come under this tax. There
  are 3 specific types of excise duties
• Basic Excise Duty
• This is a tax charged on all the goods produced
  in the country. The tax is applicable on all
  goods other than salt.
• Additional Duty Of Excise
• This taxes is collected for goods that are
  mentioned in the Section 3 of the Additional
  duties of Excise (goods of special importance)
  Act, 1957.
• Special Excise Duty
• This duty is levied as per the section 37 of the
  Finance Act of 1978.

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Customs Duty

• This duty is levied on import of goods. The rate
  of taxation depends on their classification.
  Over the years the peak customs duty has been
  reduced to rationalise the taxation system.
• Choosing the right online invoicing solution
  would help Indian businesses to manage their
  taxation with ease. Online solutions have the
  following business advantages
• Improves the efficiency of the invoicing system
• Helps in sending out invoices online, saving on
  paper costs
• Helps in getting paid quicker with online
  payments
• Customizing the invoicing according to client
  requirements

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Choose The Right Tool

• Invoicera is one such billing software that helps
  in managing the invoicing requirements of small
  and large businesses with ease. The software
  provides a simple option of additional fields,
  that helps in adding any state or central tax
  with ease. Multiple currencies and payment
  gateways ensure that if a business has global
  clients, then they too can be managed well.
• Some of its other features include
• Late fee and automatic payment reminders
• Time tracking and task management
• Expense management and control
• Advanced reporting and financial management
• Time tracking and time billing management
• Expense tracking and expense billing management
• Recurring billing management
• Project and task management
• Receive online payments
• Purchase order management

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