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Invoicing for Indian Businesses : Tools & Trends

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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. – PowerPoint PPT presentation

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Title: Invoicing for Indian Businesses : Tools & Trends


1
Invoicing For Indian Businesses - Tools and Trends
2
Contents
  • Introduction
  • Central Sales Tax
  • Value Added Tax
  • Excise Duty
  • Customs Duty
  • Choosing The Right Tool

3
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.

4
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.

5
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    been replaced by the VAT and this is one of the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.

6
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.

7
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

8
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

9
Get In Touch
Web www.invoicera.com Social www.facebook.com/I
nvoicera www.twitter.com/invoicera https//www.lin
kedin.com/company/invoicera-invoicing-simplified P
h (IN) 91-9350204838 (600 am - 1200 midnight
IST) E-Mail marketing_at_invoicera.com
10
Thanks You )
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