Billing, Invoicing for Composition Scheme under GST Rules

A Composition Dealer cannot charge CGST,SGST,IGST on Bill and cannot issue Tax Invoice.

A Composition Dealer has to Issue Bill of Supplies in GST.

Tax is not to be shown Separately in Bill.

In Invoice, it is to be Mentioned “composition taxable person, not eligible to collect tax on supplies”.

 

Exemption for Small Amount upto Rs 100

if the value of the goods or services supplied is less than Rs 100,Bill of Supply need not be issued.

For the whole Day,a Consolidated Bill can be Issued.

However if Buyer demands bill ,then Bill of Suppl to be issued even if amount is less than Rs 100.

TrueRatingERP allows you to create Invoice as per Composition scheme requirements and with normal GST Rates, User can decide which format of invoice he want to use for his normal or regular invoice generation.

For Details, Please feel free to speak with us +91 8369160790

Unit Supported in TrueRating ERP Invoice, Bill Under GST

TrueRatinERP  Bill,   Invoice, Delivery Challan support following type of measurement in unit for product or item.

Measure Unit
Bag
Barrel
Bolt
Box
Bunch
Bundle
Butt
Canister
Carton
Case
Centimeter
Container
Crate
Cylinder
Dozen
Each/Number
Envelope
Foot
Kilogram
Kilograms
Liter
Meter
Package
Packet
Pair
Pairs
Pallet
Piece
Pieces
Pound
Proof Liter
Roll
Set
Square Meter
Square Yard
Tube
Yard

 

For Details connect with our team.

E-way bill GST or E-way bill under GST – E-way bill using TrueRatingERP software.

Under GST Guidelines,  transporters should carry an e-Way Bill when moving goods of value greater than Rs. 50,000 from one place to another.

E-Way Bill is an electronic way bill for movement of goods which can be generated on the e-Way Bill Portal. Transport of goods of more than Rs 50,000 in value cannot be made by a registered person without an e-way bill.

E-way bill have information like Invoice Number, Total Invoice Value, HSN of Goods, Vehicle Number, Approximate Distance from source to destination, Invoice date, GSTIN of Customer.

E-way bills in EWB-01 can be generated by either of two methods:

  1. On the Web
  2. Using API
  3. Through SMS

TrueRatingERP software will allow you to generate E-way bill after successfully creation of invoice. Once the E-way bill generated, you can track, cancel and update vehicle information on e-way bill.

It’s mandatory to have Invoice/Challan/Bill before generating the E-way (Eway) bill, based on the information in this document  the E-way bill will be generated.

Once the E-way bill generated, you will receive e-way bill no 1700011155 (sample).

User would be able to update vehicle details after generating  e-way bill.

Cancellation is allowed only for generator of the e-Way Bill.

Cancellation is allowed with 24 hours of generation of e-Way Bill.

The verified e-waybill cannot be cancelled.

 

For details How to Generate E-way Bill using TrueRatingERP software, Please speak to us on +91-8369160790

Small Medium Businesses -Retail sector and Malls in India

Malls in India

The Retail sector in India is dominated by small and unorganised entrepreneurs consisting of standalone stores, boutiques and local grocery stores, is radically changing its face.

There has been a massive development of new retail formats such as malls, hypermarkets, supermarkets and lifestyle stores. The organized sector represents a mere 2 per cent share of this market. It is very low as compared to other developed economies of the world. However, as the spending power in the economy is growing fast, this development has gained importance not only in the metropolitan cities but also in the Tier II and III towns. These upcoming formats are giving consumers a lot to spend on, especially with existing players such as Pantaloons, Shopper‘s Stop and the Tata and RPG Group Scaling up fast and the new players such as Birla’s and Sunil Mittal investing a lot in the retail market. With this transition taking place, the shopping behavior of consumers is likely to change as these formats were not in existence in the country until recently.

What is a (Shopping) mall?

“A shopping mall (or simply mall), shopping center, or shopping arcade is a building or set of buildings that contain stores, and has interconnecting walkways enabling visitors to easily walk from store to store. The walkways may or may not be enclosed.”

It provides shopping as well as entertainment options to the target consumers. It generally, contains one anchor store, which consumes twenty five percent of its retail space. In addition a mall contains specialty stores for clothes, accessories, home needs, books, as well as food court, multiplexes and entertainment zones.

What is the concept of mall?

The concept of Retail as entertainment came to India with the advent of malls. The mall fever has touched every facet of the Indian society. Whatever is the income stratum of consumers, malls make no distinction in offering the most-revered national and global brands. Malls are incorporated with a whole bank of lifts and escalators for smooth transit of shoppers. They are located in proximity to urban outskirts, and ranges from 60,000 sq. ft. to 70,000 sq. ft. The future of organized retailing is largely in the hands of mall where the shoppers get quality, quantity, aspirational appeal, recreation facilities and ambience. Under one roof, the flashy malls promises just about everything under the sun, from foreign gizmos to the very desi, virtually an airbus full of national and international brands, to say the least. Malls offer a plethora of attractions- high profile shopping, impulse eating establishment, a glitzy and glamorous environment to discerning shoppers of more refined tastes, who are more concerned with quality and fashion and less concerned with budgets. Mall reveals six factors namely comfort diversity, luxury, mall essence, entertainment, and convenience which are a source of cynosure. In India, malls have transformed shopping from a need driven activity to a leisure time entertainment.

 

Statistics about Indian Malls:

There is a paradigm shift in the mall scenario, from just 3 malls in the year 2000; the country witnessed 220 malls in the year 2006. In most of traditional Indian malls, around 30 percent of space is allocated to apparel retailers while 12-20 percent space is dedicated to Food and Beverages. Indian malls is somewhere between 35,000 sq. ft. to 10, 00,000 sq. ft. The largest malls in Indian metropolitan cities enjoy 25,000 footfalls per day which hikes to an average of 40,000 on weekends. In India, North Zone is having the peak attractiveness with 39 percent while South, East, and West Zone respectively holds 18 percent, 10 percent, 33 percent of total malls pie.

SWOT Analysis of Indian malls.

Sr. No.

STRENGTH

WEAKNESS

1 Skyscrapers with perfect blend of shopping, eating and entertainment, in short “shoppertainment” Mall developers are enacting as mall managers. Retail not accredited as an industry in India

Complicated taxation system

2. Developed in contemporary style, these flashy malls promises just about everything under the sun, from foreign gizmos to the very desi brands. Lack of adequate infrastructure including supply chain, parking facilities.
3. Attractive destinations for civic and official meetings, hang out, reducing stress. Unavailability and skyrocketing prices of prime catchment‘s areas.
4. Procure goods directly from factories and farmers in case of lifestyle and food/beverages respectively. Poor positioning and zoning of malls.
5. Bouquet of value propositions like value for time, value for quality, value for experience, value for money. Shortage of qualified human personnel in the area of facility management, creative firms, and design houses.
6. High quality shopping environment quality assortment at variant shopping format. Lack of differentiated offerings i.e. same mix of shopping, foods and films.

 

Sr. no.

OPPORTUNITIES

THREATS

1 Tier II and Tier III cities are still untapped Non availability of adequate finance
2 Growing urbanization and increase in purchasing power of consumers Undeveloped Supply Chain
3 Outsourcing from other developed retail market Vigorous competition from unorganized retailers Keeping up brand loyalty
4 Progressive growth of apparitional consumer class. Disturbance in income strata of consumers greatly influence malls growth

 

5 Believing more in spending than savings , as most of the population is youth (with median age 24 and 35 percent of population below 14 years) Threat from online players, (even though internet penetration is low in India.

 

Types of Malls:

The malls basically are classified on the basis of their Merchandise orientation means types or Goods and Services sold and their size.

  1. Regional Malls: It is a Shopping Mall which is designed to service a larger area than a conventional Shopping Mall. It is typically larger than 400,000 square feet to 800,000 square feet gross leasable area with at least two anchors and offers a wider selection of stores.
  2. Super regional malls: This is a mall which is almost similar to a regional mall, but it is larger in size than a regional mall. It has more anchor stores, a deeper selection of Merchandise and draws from a larger population base. A super regional mall is a Shopping Mall with over 800,000 square feet (74000 2 m ) of gross leasable area and which serves as the dominant Shopping venue for the region in which it is located.
  3. Outlet malls: An outlet mall or outlet center is a type of shopping mall in which manufacturers sell their products directly to the public through their own stores. The other stores in outlet malls are operated by retailers selling returned goods and discontinued products often at heavily reduced price. In India these outlet stores are not shopping malls, they are called generally called as factory outlet shops because they generally call general products directly offered by the company.
  4. Vertical Malls: Vertical Malls are the malls typically multistory building. The vertical mall is common due to the high land price in densely populated and the higher yield on retail property.
  5. Lifestyle Centers: Lifestyle Center is new designated that has a loose definition. Generally, it‘s a center that does not have on anchor tenant in the classic sense that is, department store. Lifestyle centers have a cinema as a major tenant.
  6. Strip Mall: Strip mall also called Shopping Plaza or Mini mall. It is an open area shopping center where the stores are arranged in a row with a sidewalk in front. Strip malls are typically developed as a unit and have large parking lots in front. They face major traffic arterials and tend to be self-contained with few pedestrian connections to surrounding neighborhoods.
  7. Luxury Malls: Luxury Mall is mall which only house luxury brands. The mall in India luxury malls have been planned to be built soon, most of the tenants are expected to be the best brands in the world such as France‘s Louis Witton, Greece Dunhill Fendi Mont Benc, Van Clef and Arpels Rolex and Omega.

 Mall Management: Five phases of Mall functions

  1. Mall Ideation– This is the first stage in the mall functions. It is an ideation stage where the retailer‘s builder will select the following real estate (on the basis of a locational analysis and catchment area analysis), the target group mall format mall positioning, branding etc.
  2. Mall Construction- Mall construction is a very crucial phase in this phase. For this the retailer needs to understand construction then he himself will be able to construct the mall. But by any chance if he is not well versed then he would go for outsourcing. In India these days‘ malls are going for international look and are outsourcing the architecture to international players. The complete mall construction will take two to four years.
  3. Mall Marketing- Once the mall is constructed and ready for operation, the owner has to aggressively market the mall and search for tenants. For this a separate marketing department is required to be floated for this purpose. At this stage negotiations on rentals/lease periods and contracts or even ownership of the store would be finalized. To popularize the mall there should be publicity drives for this various trade promotions need to be used.
  4. Mall Operation- The mall is finally ready for the operation and the day it is launched it would be marked as a big event. It would indulge in aggressive public relations activities, marketing activities, events management etc. There also is special events like DJ wars fashion shows, dance and songs shows, etc. This entire activity is conducted to increase footfalls and result in more conversions. High footfalls can be achieved through cross branding with the existing stores/brands in the mall or even brands that do not have a presence in a mall.
  5. Mall Maintenance- This is also known as housekeeping. It is usually outsourced. It includes cleaning the floors, keeping the washrooms clean, providing drinking water facilities, operating security systems for surveillance. It also includes maintenance of escalators and lifts electrical systems, physical security, the surroundings of the mall and parking facilities.

 Effect of Mall culture in India

The mall boom in India began with Cross roads which was constructed in 1991 and was owned by Nichlos Piramal Pharmaceuticals. It is located near Haji Ali, Mumbai and is spread across 1, 50,000 square feet. The mall was a culmination of two offices which were:

  1. The office of Nicholas Piramal
  2. The office of a famous MNC pharmaceutical brand

Reasons for growth of malls in India

  1. Fast growing middle class with higher discretionary income.
  2. Emergence of youth as an independent shopper with a lot of disposal income.
  3. Ruggedness of Indian shoppers for a new shopping experience.
  4. Ability of Mall developers to make shopping an enjoyable experience.
  5. Presence of factors like cost effectiveness, convenience wide variety of products with the fun element entertainment and good time pass plus shopping on weekends.
  6. Influence of media and marketing communication resulting in changing aspirations, lifestyle orientation and change in consumer perceptions about shopping.

Future Prospects

However with the subsequent revival of the boom period, growth of organized retail and consumption is expected to take a higher trajectory. Consumers presently conditioned into sparing behavior will eventually unleash their pent-up demand for preferred brands. So the present phase can be favorably construed as an opportunity for the retail industry to realign its operational structure, study consumer behavior and build consumer-centric strategies. On a greater platform, a mall leaves an indelible impression on its immediate catchment area and further. Apart from changing the physical skyline, it has a spill-over effect to the human web associated with the mall. Consumers change their consumption patterns, their lifestyle activities and inculcate the mall-culture – which provides further growth opportunities for the fledgling retail industry. Also the importance of the retail industry as a job and wealth creator cannot be undermined. This leads to a process where one generates the other and is simultaneously transformed, paving the way for the socio-economic revolution to gain greater ground in India

 

Connect with our SME : Harish Madhavan

TrueRatingERP – GST Billing, Inventory, Barcode, Customer Rating ,Review Feedback, Money Manager, Digital Wallet everything in one Software.

For Sales and Inquiry, Please speak to us on +91 836916079

Invoicing Under GST – format of Invoice, GST Billing, Rules and Guideline

Invoice Maker,Invoice Document,Create Invoice
 GST Invoice – format of Invoice

GST Invoice or GST Bill

An Invoice is a document provided by a provider of a product or service to the purchaser. The invoice establishes an obligation on the part of the purchaser to pay, creating an account receivable. In other words, the invoice is a written verification of the agreement between the buyer and seller of the goods or services.

Under GST, Invoice generated by registered taxable person supplies taxable goods or services should have following specified details in invoice.

You can create GST compliant invoices using TrueRatingERP Software

 

GST Invoice Format

  • Invoice number and date
  • Customer name
  • Shipping and billing address
  • Customer and taxpayer’s GSTIN
  • Place of supply
  • HSN code
  • Taxable value and discounts(if any)
  • Rate and amount of taxes i.e. CGST + SGST OR IGST (inter-state)
  • Item details i.e. description, unit price, quantity

FAQ on GST Invoice

Q : Who can issue GST Invoice?

Ans : A GST registered business, having valid GSTIN number can issue a GST format invoice to his customers for sales of goods or services.

Q: Can I have my company or organization logo on GST invoice?

Ans : You can have your logo on GST Invoice, TrueRatingERP allow you to create GST formatted Invoice.

Q: Number of Invoice should be issued for product or service sale?

Ans : For Goods Sale – 3copies of invoice should be issued

  • Original for recipient
  • Duplicate for Transporter
  • Triplicate for Supplier

For Services  Sale- 3copies of invoice should be issued

  • Original for recipient
  • Duplicate for Supplier

 

Q : Should we have Invoice Date and Due Date on Invoice and what’s difference between both.

Ans : Invoice date refer to date when invoice was created and Due date refer to payment due against invoice.

You should specify the Invoice date and Due date on Invoice.

 

Q: Should I have all my invoices in specific order or serial number? Can I change Invoice number or serial number?

Ans: Yes, it’s important to have your invoice in same order or serial number. If you want to change serial number then you have to provide written letter to GST  department specifying reason for changing serial number.

TrueRatingERP generate Invoice as per GST standard, Please speak to us for free demo  +91-8369160760

GST E-Way Bill Guide & FAQ

GST-E-Way-Bill Rules
GST-E-Way-Bill information and FAQ.

E-way Bill under GST, The idea is that the taxpayer be made to upload the details of each transaction to a common portal through the Internet, and once uploaded, the common portal would automatically generate a document with a unique number. This unique number could accompany the goods vehicle as a proof of having uploaded the details of the transaction. Such a system would by itself guarantee that once a document is issued, there could be no avenue of non-accounting by the dealer.

Under GST, transporters will need to carry an electronic waybill or E Way Bill when moving goods from one place to another. Since it is a new rule introduced under GST, it is necessary for all consignors/consignees/transporters to be aware of the required compliance.

E-way bill is an electronic way bill for movement of goods which can be generated on the GSTN (common portal). A ‘movement’ of goods of more than Rs 50,000 in value cannot be made by a registered person without an e-way bill.

E-way bill will also be allowed to be generated or cancelled through SMS.

When an e-way bill is generated a unique e-way bill number (EBN) is allocated and is available to the supplier, recipient, and the transporter.

FAQ on E-WAY-BILL

Q: Who should generate the e-way bill?

Ans: When the goods are handed over to a transporter, the e-way bill should be generated by the transporter. In this case, the registered person should declare the details of the goods in a common portal.

In case of inward supplies from an unregistered person, either the recipient of supply or the transporter should generate the e-way bill.

Q : Can the e-way bill be generated for consignments of value less than Rs.50,000?

Ans: Yes, either a registered person or a transporter can generate an e-way bill although it maynot be mandatory.

Q: Multiple consignments are transported in one vehicle?

Ans : The transporter should generate a consolidated e-way bill in the Form GST EWB-02 and separately indicate the serial number of e-way bills for each of the consignment. 

Q: Can consignor move the goods (items) without any e-way bill even though the value of consignment is more than Rs.50,000?

Ans: The transporter has to generate the e-way bill in Form GST EWB 01 on the basis of the invoice, bill of supply or the delivery challan.

Q: What happens if e-way bill is generated but goods are not transported?

Ans : The e-way bill can be cancelled electronically on the common portal within 24 hours of its generation. The e-way bill cannot be cancelled if it has been verified by an officer during transit.

Q: If there is mistake, incorrect or wrong entry in the e-way bill, what has to be done?

Ans: If there is mistake, incorrect or wrong entry in the e-way bill, then it cannot be edited or corrected.

Q: Can e-way bill can be cancelled?

Ans: Yes. e-way bill can be cancelled if either goods are not transported or are not transported as per the details furnished in the e-way bill. e-way bill can be cancelled within 24 hours from the time of generation.

Q: Can I transport the goods with e-way bill without vehicle details in it?

Ans : No. One needs to transport the goods with a e-way bill specifying the vehicle number, which is a carrying the goods. However, where the goods are transported for a distance of less than ten kilometers within the State from the place of business of consignor to the place of transporter for further transportation, then the vehicle number is a not mandatory.

Q: Whether e-way bill is required for all the good that are being transported

Ans : The e-way bill is required to transport all the taxable goods with the value exceeding fifty thousand rupees.

Q: Who can reject e-way bill and why?

Ans:  The person who causes transport of goods shall generate the e-way bill specifying the details of other person as a recipient of goods. There is a provision in the common portal for the other party to see the e-way bill generated against his/her GSTIN. As the other party, one can communicate the acceptance or rejection of such consignment specified in the e-way bill. If the acceptance or rejection is not communicated within 72 hours from the time of generation of e-way Bill, it is deemed that he has accepted the details.

Q : What are the documents that need to be carried along with the goods being transported?

Ans : The person in charge of a conveyance shall carry the tax invoice or bill of supply or delivery challan, as the case may be; and a copy of the e-way bill or the e-way bill number generated from the common portal.

 

Connect with our SME : Harish Madhavan

TrueRatingERP – GST Billing, Inventory, Barcode, Customer Rating ,Review Feedback, Money Manager, Digital Wallet everything in one Software.

For Sales and Inquiry, Please speak to us on +91 8369160790

Looking for a Tally, MargERP, Zoho Software alternative ?

Know why people choose TrueRatingERP over TALLY, MARG , ZOHO and other ERP solutions.

A simple comparison table explaining the pricing model for popular  GST ERP solution for Small Medium Businesses.

FEATURE/SPECIFICATIONS
TALLY ERP
MARG ERP
TRUERATING ERP
Lowest Price Plan (Silver)
Rs. 18000
Rs. 13500
Rs. 12500
Number of Users 1 Users 2 Users 11 Users
Extra User on Additional Cost NA 3000/- per user Free
Customization Charges extra Yes Yes No
Onsite Visits charges ₹ 500-1080 per hour ₹ 800 per hour Free
Extra Training charges Yes ₹ 1500 for 2-4 hours Free
RDP Access and Support Depends ₹ 5000/- per user Free
Customer Feedback & Rating App No No Yes
Digital Wallet No No Yes

All rights reserved. While the information in this report has been obtained from sources believed to be reliable (website), Crowd disclaims all warranties as to the accuracy, completeness, or adequacy of such information and shall have no liability for errors, omissions, or inadequacies in such information.

What is GST and GST Return in India?

What is GST (in India)?

Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.

Prior to GST, the pattern of tax levy was as follows:

Accounting Software
Prior- to- GST

Under the GST regime, the tax will be levied at every point of sale.

Now let us try to understand the definition of Goods and Service Tax – “GST is a comprehensive, multi-stagedestination-based tax that will be levied on every value addition.”

 

Multi-stage

There are multiple change-of-hands an item goes through along its supply chain: from manufacture to final sale to the consumer.

Let us consider the following case:

  • Purchase of raw materials
  • Production or manufacture
  • Warehousing of finished goods
  • Sale to wholesaler
  • Sale of the product to the retailer
  • Sale to the end consumer
GST-flow-explained
Product Stages

 

Value Addition

  • The manufacturer who makes biscuits buys flour, sugar and other material. The value of the inputs increases when the sugar and flour are mixed and baked into biscuits.
Product-Manufacturing-to-Supply
  • The manufacturer then sells the biscuits to the warehousing agent who packs large quantities of biscuits and labels it. That is another addition of value after which the warehouse sells it to the retailer.
  • The retailer packages the biscuits in smaller quantities and invests in the marketing of the biscuits thus increasing its value.
  • GST will be levied on these value additions i.e. the monetary worth added at each stage to achieve the final sale to the end customer. 

    Destination-Based

    Consider goods manufactured in Maharashtra and are sold to the final consumer in Karnataka. Since Goods & Service Tax (GST) is levied at the point of consumption, in this case, Karnataka, the entire tax revenue will go to Karnataka and not Maharashtra.

     

    Advantages of GST:

    1. Removing cascading effect.
    2. Higher threshold for registration.
    3. Composition scheme for all business.
    4. Online simpler procedure under GST.
    5. Defined treatment for e-commerce.
    6. Regulating the unorganized sector.

     

    Components of GST:

    There are 3 taxes applicable under GST: CGST, SGST & IGST.

    • CGST:Collected by the Central Government on an intra-state sale (E.g.: Within Maharashtra)
    • SGST:Collected by the State Government on an intra-state sale (E.g.: Within Maharashtra)
    • IGST:Collected by the Central Government for inter-state sale (E.g.: Maharashtra to Tamil Nadu)

SME :  Harish Madhavan

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