Varshamore

  The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The consumer pays the GST at the time of purchase. The GST replaces other indirect taxes, such as the value-added tax (VAT), service tax, luxury tax, octroi, and entry tax. The GST was introduced in India on 1 July 2017. It is a comprehensive indirect tax on manufacturing, selling, and consuming goods and services throughout India to make India a unified market. The GST levies all supplies of goods and services except those specifically exempted. Benefits of GST When it comes to the benefits of GST, there are quite a few. For starters, GST is expected to make India a unified market. This means that businesses will no longer have to pay multiple taxes on the same product or service. GST is also expected to reduce the overall tax burden on businesses, making it easier for them to do business in India. Additionally, GST is expected to lead to increased compliance w...

  E-invoicing is a new system implemented in India for businesses with a turnover of more than Rs. 500 crores. The system was introduced to streamline the invoicing process and reduce the compliance burden on businesses. E-invoicing or electronic invoicing is the issuance of an invoice in an electronic format, which computers can read. This differs from the current system, where businesses generate invoices in paper or PDF format. The e-invoicing system will be linked to the GST Network (GSTN), and invoices will be generated using a unique Invoice Reference Number (IRN). The main objective of introducing e-invoicing is to curb tax evasion and fraud by making it difficult for businesses to issue fake invoices. The government hopes that this will lead to an increase in tax revenue collections. This blog post will look at the changes made to the e-way bill system after the introduction of e-invoicing. How has the E-Way Bill system changed after e-invoicing? The E-Way Bill system has ...

  A consolidated E-way bill is a single document that contains all the details on the E-way bills related to the consignments. The transporter will face less confusion because he will only need to maintain one consolidated E-way bill rather than keeping multiple E-way bills for different consignors and consignees in one vehicle. You must be a transporter or should generate an E-way bill on your own to use the facility of a consolidated E-way bill. Steps to generate Consolidated e-way bills The following steps show the way to generate a consolidated E-way bill: Step 1: Log in to the E-way bill portal and generate individual E-way bills. Step 2: Select Generate New under the Consolidated EWB option found on the left-hand side of the dashboard. Step 3: After that, fill in the following details: ●      Select Mode of Transport (Rail/Road/air/Ship) ●      Next, expand the drop-down and select From State ●     ...

  Due to the epidemic, the government has temporarily blocked permitting taxpayers to generate E-way bills. The taxpayers were greatly relieved by this suspension since it saved them the inconvenience of having to unlock E-way bills that had been blocked for non-compliance. However, the most recent GST advisory, which was made public on August 4th, 2021, noted that, in accordance with Rules 138 E (a) and (b) of the CGST Rules, 2017, the blocking of the E-way Bill (EWB) generating facility has restarted after August 15th, 2021.   Thus, starting on August 15th, the system will examine the validity of any returns or statements submitted using Form GST CMP-08 or Form GSTR-3B, and it will prevent the creation of EWB under the following circumstances: ●      Two or more Form GSTR-3B returns that are due (monthly or quarterly, as applicable) but are not filed for tax periods that expire in June 2021. ●      For the quarters up to June 20...

  Companies all across the world are attempting to counter competitive challenges through cost savings and increased financial performance visibility. By automating repetitive administrative procedures, back-office departments can see considerable cost reductions. Fewer organizations have optimized accounts payable compared to the number of organizations that have simplified and digitalized operations like procurement. In order to save money, some are centralizing accounting tasks into payment factories, while others are moving invoice processing abroad or outsourcing to a third party. Here are four of the main justifications for why you need to use e-invoicing in your business if you have not previously. 1.   Overcome paper invoice challenges: It is surprising that so many organizations have not yet optimized their accounts payable activities given the time, effort, and expense associated with the paper-based invoicing process. Each paper invoice must be processed manually, w...

  Do daily operations in your business include stock goods or inventory? If this is the case, you must manage and maintain track of all of your stocks. How many of them have been sold each day? What is the stock balance? Are the stocks moving per demand? Do you have an excessive amount of unused stock? And so on. Business owners may operate their firm more successfully by carefully monitoring the closing stock and conducting routine inventory audits. You can constantly maintain supply and consumption levels at their appropriate levels with the use of small business accounting software . This feature of inventory management software for small businesses is useful when dealing with several product lines and having inventories in multiple locations. Why is small business accounting software important? You may have seen several times that a retail store owner may find it challenging to maintain track of the stock on hand and inventory levels at a certain location. Daily management of t...

  Electronically generated, verified B2B invoices for interchange between suppliers and customers are produced by the GSTN (Goods and Services Tax Network). From the point where the supplier creates the invoice until the buyer processes it, the actual practice of e-invoicing should be electronic.   To ensure a decrease in GST avoidance, the idea of GST E-invoice creation was taken into consideration. Businesses with a revenue of more than INR 500 crore are mandated to provide electronic invoices under the GST regime as of October 31, 2020. However, from January 1, 2021, companies with a revenue of more than Rs 100 crore will need to provide electronic invoices.   To improve productivity, reduce error handling, and assist organizations in complying with e-invoicing legislation, e-invoicing solutions may help replace human processes with automated business rules and actions.   Definition of E-invoice: E-invoicing, sometimes referred to as electronic invoicing, is a bi...

  Removing paper and manual processing from your invoices might result in huge cost and time savings. The amount of connectivity you can establish between your invoicing software and other company systems, as well as with your trade partners, determines the true benefits of electronic invoicing.   An ideal initial step in your organization's digital transformation path might be starting to send and receive E-invoices . It can also be a crucial step in ensuring that your business processes are effective and scalable to support your firm's future development.   It is important to understand the numerous benefits provided by e-invoicing, which are described below: Real-time invoice tracking: Electronic invoicing provides the ability to track invoices created by the issuer/supplier in real-time. It enables the Input Tax Credit (ITC) to be made available quickly. When an invoice is delivered or received, the supplier and the buyer may keep track of it. Seamless account reconci...

  Many aspire to acquire the desired wealth in order to lead a life full of financial freedom. However, the common misconception associated with wealth accumulation  is that it is only achievable for the rich. This is not true. Everyone has a chance to accumulate wealth. It may seems difficult right now, but with the proper steps, you will be able to save enough to lead the lifestyle you have dreamed of. Read further to know the following steps to kickstart your wealth building journey. Update your budget The first step to building wealth is to understand how you are spending your money, what you are spending on and your overall budget. This will give you a better idea about the proportion of income that you spend or save on a regular basis. Things that you need to keep a look out for are fixed expenses such as loans, mortgage, rent, etc. You may also want to reduce expenses that may not be necessary. By figuring out your budget, you can decide on how much you wish to add to s...

  Over the past few years, we have seen a significant increase in the number of diseases as well as the cost of the medical treatments. To ensure you do not succumb to financial strains while trying to pay for the medical expenses, it is important to opt for a good health insurance policy with extensive coverage. Since there are so many options available to choose from, we have come up with 5 important things you can consider when selecting a health insurance policy to help narrow down your list. Read further to know more.     Types of coverage offered: The first thing you must keep in mind when looking for a health insurance policy is the kind of coverage being offered to you. Not only that, you must also take note of the exclusions mentioned under the policy. It is important to conduct thorough research before opting for a health insurance plan. This way you will be able to opt for a policy that fits all your requirements. Being unaware of the inclusions and exclusions...

  We live in a quick-paced world, where there are endless conceivable outcomes as well as unforeseen circumstances. New financial choices have made way for many individuals to gain the desired wealth. However, with the rising inflation and volatile situations, it is imperative to prioritize one’s family’s safety by creating a financial backup that can be beneficial in the long run. A term insurance plan is the most effective way to give monetary assistance to your family, especially those financially dependent on you. This term life insurance plan will keep you secured, even in the event of an unfortunate mishap. Additionally, it provides your family with monetary assistance in the event of your untimely demise. Listed below are the reasons how this plan can help secure the future for your family and you: Financially protects your family This is one of the excellent highlights of the term insurance plan. The responsibility of providing financial security to your family falls o...

  Dealing with unforeseen circumstances can be hard, especially when it affects you and your family financially. Being the earner of your family puts you in a precarious situation, as your family could be left in a lurch financially in your absence. This is why it is essential to provide your family the financial protection it needs. This can be done by creating a financial net to ensure their safety from unpredictable mishaps. There are many ways that you can do this, and, listed below are a few of them which can help you in giving a proper direction on how to begin: Create an emergency fund: We are always advised to save a certain amount of money from our income for a rainy day. The main reason behind this is to have enough money for emergencies. The emergency could be of any kind, but having substantial savings to help cope with the cost of that emergency can be relieving. For example, Linda, 35, has been working as a software engineer for more than 8 years. She routinely se...

  When it comes to managing personal finance, two important factors need to be considered: investments and insurance. Investment is one way to grow your savings (with the investors making the right investment choices); insurance can help protect your current income. Investment seems to be an interesting topic to discuss for hours, with its future benefits and the hope it brings along. Investment and insurance both play an important role in setting financial goals and making your future ready. Here's why. Planning future events with insurance We all know that nothing is more important than good health and the wellbeing of ourselves and our families. However, life is not predictable. Keeping a positive outlook towards life is essential but ignoring the uncertainties of life is not the best way to be future-ready. This is where insurance plans become essential. In simple words, insurance provides financial protection against unforeseen events. When you buy the right insurance p...

Many doubts seem to pop up in our minds when we think of buying an insurance plan .  The features of different policies offering different benefits can make the process even more confusing. This article attempts to answer some of the most frequently asked questions about insurance savings plan to help an individual make the right choice. How do I know if I need an insurance savings plan? Insurance saving plan is a necessity to achieve mid to long term financial goals. An insurance savings plan is the way of investing funds over time to ensure that the accumulated wealth can be used to achieve bigger goals in life. Some insurance savings plan comes with monthly benefits whereby the policy pays out lump sum cash. This is good for someone who needs extra cash to ease financial burdens on a monthly basis. Alternatively, this monthly cash benefits can also be accumulated to get annual interests and added to the maturity payout at the end of the policy term.   Some of th...

  At the age of 20, when an individual is at the peak of their health, there seems to be hardly any need for critical illness insurance . However, in reality, having a critical illness insurance plan is a smart choice that one can make. Critical illness can strike anyone at any age.  At the age of 20 when life is filled with aspiration and dreams, stumbling upon a critical illness can throw your entire life off the track. Having a critical illness insurance plan provides a peace of mind knowing that  financial burden can be minimized in times of medical emergencies. Therefore, it is never too early to get yourself covered.  Towards better financial planning Reports have shown that an average Singaporean lives a longer life but the majority of the time is spent in ill health as compared with about 30 years ago . Another report from The Straits Times highlighted the increase in the number of cancer patients in Singapore every year. These reports not only highlighte...

  Dengue is an endemic infectious disease that has been present in Singapore for over a decade and the region has experienced a sudden increase in the number of cases in recent years. According to Statista, there were 36,315 cases reported for dengue fever and dengue haemorrhagic fever in 2020, which is a steep increase from 15,998 since 2019. A person suffering from the disease needs to be admitted to the hospital and incur medical expenses. While a health insurance plan will cover most of the expenses incurred for the hospital stay, a dengue insurance cover can provide additional assurance. Key features of a dengue insurance cover:  ●        Affordable coverage Many insurance companies offer dengue insurance cover in a form of microinsurance plan that covers you against dengue fever for 3 months. Due to the low tenure of the insurance policy the premium that you will have to pay for it is very affordable. ●      ...

When buying an investment linked plan , it is extremely critical that you ask yourself questions like “What is it that I aim to achieve out of my investment in an insurance plan?” or “Do I like choices and flexibility in a plan?”. There are people who would want to give priority to growing their savings for rainy days, while others may simply want to protect their family with an insurance coverage against what is unknown. Hence, if you are considering investing in an investment linked policy, you should also bear in mind certain factors like wealth goals and the viability of a policy to make sure it does not disrupt other financial commitments.  What is an investment linked plan (ILP)? An investment linked plan has both life insurance and investment components.   The ILPs come in two forms: 1.      The one where you pay single premium by paying a lump-sum once 2.      The one where you pay regular premiums on a monthly basis Ir...

  Our lives have been made easier by smartphones. You can use a smartphone to make a call, order food, buy clothes, set an alarm to wake up on time, and a lot more. In fact, most of us cannot even imagine our lives without our handy smartphones. All important functions on smartphones are carried out through apps dedicated to these functions. One of the most important apps that you should consider downloading is a health app. Leading insurers in Singapore have their own health apps that can bring a lot of utility into your life. Let’s take a look at some of the key features a health app can offer you. 1.         Health tips The long lockdown of the COVID-19 pandemic left many of us cooped up at home. Exercise and diets may get neglected in favour of binging on food in front of the television. As venues and activities have opened up again, it is now time to once again get back into routine. A health app can help you with all the necessar...