GST compliance is a book of rules and regulatory framework that mandates every small and medium business to meet their legal obligations. As per the GST Act, it is mandatory for MSMEs to be registered and carry out collections, payments and reporting.
GST-compliant invoices must be issued for all taxable supplies made by businesses to their customers.
Manual processing of invoices involves a huge amount of paperwork which is time-consuming and prone to errors. E-invoicing and e-way billing with VICCAS ensures accuracy, improves transparency, and saves time and effort to boost compliance with GOI GST mandates.
To make it easier with VICCAS, MSMEs can not only efficiently produce electronic invoices but also automate their collections, payment reminders, and share their payment links via various channels.
What is GST Mandate?
GOI GST mandates state that registered businesses with an aggregate turnover in any prior fiscal year from 2017-18 onwards exceeding 5 crores must essentially produce e-invoices.
VICCAS allows comprehensive compliance monitoring with secured transmission of data to the GST network for tax filing. This allows businesses to stay in compliance with the latest tax laws.
GST E-Invoice Generation
An e-invoice is a digital document shared between a supplier and a buyer validated by the government tax portal. The system inculcates B2B invoice generation digitally in e-invoicing formats.
The e-invoice format is standardized for all businesses to follow and is authenticated by the Goods and Services Tax Network (GSTN). With VICCAS, generate e-invoices and e-way bills with compliance management becomes easier.
GST Compliance Services
GST compliance services refer to offering end-to-end return filing solutions to help businesses stay GST compliant. VICCAS GST compliance solutions majorly comprise GST registration, GST return, GST invoicing and e-way bills.
Challenges Faced by MSMEs to Avail GST Compliance Services
- Digital literacy and awareness about fintech platforms and getting access to the right tools.
- Businesses come across heavily charged professional expertise to manage their accounting and taxation.
- MSMEs often run out of resources to spend on technology to digitize and automate their business processes.
- Manual reconciliation is prone to errors and is not accurate.
- Businesses may attract GST notices and heavy penalties for incorrect and inaccurate reporting of GST returns.
Benefits of Using VICCAS for GST Compliance
- Simple and Quick ERP and Bank Account Integration – Businesses can seamlessly integrate their existing ERP and bank account with VICCAS in a short time period with no such process change.
- Generate invoices, GST e-invoices and e-way bills – VICCAS allows rapid uploading of invoices from the existing ERP along with quick generation of e-invoices for better business efficiency.
- E-way bills – can be easily created with pre-filled data. E-invoice generation with VICCAS can be carried out in a few clicks.
- Zero Unscheduled Downtime – E-invoice generation in compliance with GST can be easily carried out across VICCAS in zero downtime.
- Automated Reconciliation – VICCAS replaces tedious and manual reconciliation and allows access to real-time digitized and automated reconciliation reports.
- Customer Support – MSMEs using VICCAS are entitled to support from technical, domain and sales experts.
VICCAS GST Software is Trusted by Businesses of All Sizes
All businesses that comprehend and implement VICCAS GST software are 100% compliant with GOI GST mandates.
- E-invoicing and e-way bills:
– Reduces paperwork, manpower, and expenditures and improves business efficiency with correct GST rates and computation.
- Invoice management:
– Quick processing of invoices along with generation and sharing of payment links across various channels and setting automated payment reminders to complete real-time collections.
- Return filing and annual return:
– GST returns are automatically generated from the payments, invoices and the credit data available.
– VICCAS offers auto-reconciliation into your invoices, ERP, and bank account through connected banking.
GST Compliance Rating
A score is given by the GOI to all registered businesses based on their record of GST compliance. The compliance rating is dependent upon.
- Punctual uploading of invoices.
- On-time filing of monthly and annual returns.
- Real-time tax payment and reconciliations.
- Furnishing accurate details of input credits used.
- Complying with GST rules and regulations, and cooperation with the tax officials.
Benefits of a Significant GST Compliance Rating
- Helps businesses attract more deals.
- This implies that the organization is punctual in filing their return.
- Buyers claim timely input tax credits on their purchases.
- MSMEs with a GST compliance rating of 5 or above on a scale of 10 are offered immediate tax refunds.
- Compliant businesses are likely to undergo fewer external audits compared to their non-compliant counterparts.
Why VICCAS GST Software is the Best to Comply with GOI GST Mandates?
- Allows creation of GST compliant invoices with zero downtime and proper accuracy.
- Invoicing can be processed with transparent pricing, free trials and customer support.
- Generate, consolidate, track and extend e-way bills.
- Access error free business reports for better decision making.
- Smart dashboard with real-time cash flow tracking.
Penalties for GOI GST Non-Compliance
MSMEs often fail to generate or issue correct e-invoices. This can result in severe penalties.
- The penalty for one erroneous invoice includes 100% of the tax owed or Rs. 10,000, whichever is higher.
- In addition, a fine of Rs. 25,000 per invoice may be imposed for inaccurate invoicing.
Is Staying in Compliance Hindering you from Scaling your Business?
MSMEs are devoid of utilizing smart technologies to digitize and automate their business processes.
With VICCAS, small businesses can stay in compliance with GOI GST mandates and generate e-invoices and e-way bills with ease.
Take a look at the exclusive price offers this Diwali to generate GST compliant e-invoices and e-way bills with VICCAS.
Start your FREE Trial today and connect with our experts to explore the platform.
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Frequently Asked Questions
Why is GST Compliance Important?
Businesses must stay in compliance to remain competitive, claim input tax credit and maintain the working capital of businesses. Small businesses often lack digital literacy and enough resources to be fully compliant.
With VICCAS, MSMEs can get –
1. Secured GST e-invoicing/invoicing and e-way bills.
2. Receive real-time payments.
3. Automated payment reminders.
4. Hassle-free ERP integration.
5. Automated Reconciliation.
6. Customer support.
What are the Conditions for GST Mandate?
If the business involves selling goods within the same state and the annual turnover is more than Rs. 20 lakhs.
Service providers and suppliers within the same state with annual turnovers of Rs. 40 lakhs must sign up for GST.