This month on 1st October 2 major compliances have kicked in – a phase wise implementation of e-invoicing and TCS (tax collected at source) for goods sold.
The purpose of e-invoicing is quite clear – more real-time information for the government, all data getting automatically populated in the portals and therefore less scope for any sort of manipulation.
This has started with companies over Rs. 500 crores with Rs. 100 crores expected in the next 3 months and I feel the government will keep reducing the threshold in a phased manner.
The TCS compliance while more cumbersome, gives the Government a small boost in tax collections and now pretty much gets most transactions into the tax net. Earlier, barring certain specified goods, sale of goods did not attract any TDS or TCS.
With this, each buyer is automatically depositing a certain amount of advance tax with the government (if you are purchasing goods worth more than Rs. 50 lakhs from the same supplier).
The RealBooks team has spent a good amount of time ensuring that both these compliance get completed and am happy to say that we have been able to meet the deadlines for both e-invoicing and TCS.
RealBooks continues to innovate and enhance its software and next up we shall be integrating GST return filing via a GSP and also have launched invoicing via our Mobile App.
Tip of the month :
- Go Green - Go Paperless -
Attach all supporting
documents to accounting entries
What's New :
- invoice generation
via Mobile App
To, Adansa Solutions Private Limited, RealBooks 18A Rupchand Roy Street
Kolkata‐ 700007, West Bengal
I am Rajeesh Rajan, founder and director of Finova Solutions S.P.C, Kingdom of Bahrain. We are one of the leading business consultants in the Kingdom.
We have been using the Realbooks for over a year, it's very simple and very user‐friendly has features has made our work much easier than the time we were using the traditional ERP.
As it is cloud‐based software, we can use it from anywhere especially during this work from home circumstances. We never faced a server downtime during this period.
Features like document management save time and effort taken for physical document maintenance.
We can generate some excellent report that provides the branch wise and company performance. The scheduled report gives the management on time information effortlessly.
We are very happy the customer service from the customer support team.
Overall we are very happy we migrated to Realbooks "
Rajeesh Rajan, Director, Finova Solutions S.P.C
A coaching centre specializing in CA and CFA training with a Pan India presence with over 100 centres
Tracking of Student Wise data and receivables - student dues were being missed out
RealBooks Fee Tracking Module implemented - allowed student wise tracking of collections & dues
Tracking of Commission Payouts to each Centre - centres were claiming excess commissions
Based on student registration for each centre, commission payout reports were prepared, hence double counting / claiming of commissions completely stopped
Comparison of centre wise performance
Centre wise and course wise booking of accounting entries - allowed ease of comparing performance of each centre
Lack of proper filing of documents - non availability during scrutiny
e-Document attachment feature, which allows you to attach relevant supporting documents to every single entry ensured that all documetns were readily available