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Tax Invoice vs. Bill of Supply

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  A tax invoice is a document that is issued by a business to a customer for the purpose of charging them for goods or services. It includes details about the goods or services being sold, the price of those goods or services, and any applicable taxes. A tax invoice is typically used when the customer is required to pay sales tax or value-added tax (VAT) on the goods or services they are purchasing. On the other hand, a bill of supply is a document that is issued by a business to a customer for the purpose of charging them for goods or services that are not subject to VAT or sales tax. This might include items that are being sold for export, or items that are exempt from VAT or sales tax for some other reason. There are several key differences between a tax invoice and a bill of supply: VAT or sales tax: A tax invoice includes details about any VAT or sales tax that is applicable to the goods or services being sold, while a bill of supply does not. Exempt items: A bill of supply is u
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What is the Taxable Value of Supply under GST?

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  Under the Goods and Services Tax (GST) system, the taxable value of supply refers to the amount that is used to determine the GST liability of a supplier. It is the value on which the GST is calculated and charged to the consumer. The taxable value of supply is determined by taking into account the consideration, or payment, received by the supplier for the Accounting Software goods or services provided. This includes any discounts, rebates, or other forms of adjustments that may be applied. In addition to the consideration received, the taxable value of supply may also include any taxes, duties, fees, or charges that are incurred in relation to the supply of the goods or services. There are some cases where the taxable value of supply may differ from the actual price paid by the consumer. This can occur if the supplier offers a discount or rebate, or if the supplier is required to pay taxes or duties on the Accounting Software Gst. In such cases, the taxable value of supply is dete
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How Busy GST Software Works?

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  GST, or Goods and Services Tax, is a value-added tax that is levied on most goods and services in India. One of the key features of the GST system is that it is entirely digital, with all GST returns and payments being made online. This means that businesses and individuals need to use GST software to manage their GST compliance and paperwork. So, how does busy GST software work? First and foremost, GST software helps businesses and individuals to calculate their GST liability. This is done by inputting data about the goods and services that have been sold or purchased, along with any applicable GST rates. The software then calculates the amount of GST that is due, based on the value of the goods and services and the applicable GST rate. GST software also helps businesses and individuals to keep track of their GST payments and returns. This is particularly important for businesses, as they are required to file regular GST returns detailing the GST that they have collected and paid o
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Easy E-Way Bill Generation Feature of Busy

  GST Accounting Software You can easily auto-generate E-way Bill with Busy. Our e-way bill software connects seamlessly with the GST Portal and helps you generate an E-way Bill quickly without needing to go to the GST Portal. The e-way billing feature introduced by Busy  GST Accounting Software  caters to a variety of businesses by helping them effortlessly generate E-Way Bill for their business without even going to the portal. It is highly accessible and scalable and allows lakhs of E-Way Bill to be generated at one point of time. Features of E-Way Billing Software by Busy Error Checking:  Numerous data validations are provided to ensure data accuracy before generating the E-way Bill. It is almost impossible to escape any data error before generating E-way Bill. Generation of E-way Bill:  Users can select various vouchers from a single screen and generate individual E-way Bill for each transaction in one shot. Auto-calculates distance:  In the case of  E-way Bill generat
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Why is GSTR-2A reconciliation so important for businesses?

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  What is GSTR-2A? The GSTR-2A form is an auto-populated statement of inward supplies which is available only in view-only mode, so it cannot be edited. It is filled completely dynamically and is updated whenever a supplier quotes your GST Registration Number in their invoices and uploads the to the GST Portal. It is generated only when the supplier has filed forms GSTR-1/5, and GSTR-6. The receiver can then download GSTR-2A and see the details in his inward supplies. Input Tax Credit or ITC depends on the details reported by vendors in the GSTR-1 form through invoices. The amount specified in that form is the extent to which ITC can be claimed by the taxpayer. Note that the taxpayer will get information about how much ITC can be claimed from the GSTR-2B, which is generated monthly and remains static. What is GSTR-2A/2B reconciliation? The  Gst Reconciliation Software  process involves matching or checking the data that has been uploaded by your suppliers with that of your purchase dat
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Legal implications of E-way bill

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  An E-Way bill is required under the GST law when shipping products from one state to another. To verify paperwork such as invoices and E-Way Bills , government-appointed field officers have the authority to block transport vehicles. Government officials claimed that E-Way bills were the most secure way to keep track of shipments and that the field officers did a necessary job of keeping dishonest truckers honest.   All E-Way verification processes will be carried out anywhere by government-authorized officials, as all permanent checkpoints along the route have been abolished. In order to get an E-Way bill, a driver is required to show his vehicle's owner's permit and a log book. It would be deemed to be a violation of GST law and regulation if you don't carry or produce E-Way invoices and invoice documentation when moving products. The taxpayer may suffer losses that are both monetary and non-monetary as a result of this.   Monetary Legal Implications You must bring both
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Ways to create E-way bill

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  A record made accessible under the GST System is the E-way bill. Prior to moving or sending items esteemed more than INR 50,000 inside the state or across state lines, this bill is made. The carrier or the person responsible for the transport of the things should be in control of an actual duplicate of the e-way receipt. It ought to contain subtleties on the items, the recipient, the dispatcher, and the carrier. On April 1, 2018, the eway regulation was presented the nation over. You might create  eway bills  (single and amassed), update the vehicle number on a current EWB, and drop produced EWBs utilizing the Eway Bill site. Methods of E-Way Bill Age The accompanying mediums are accessible for you to use to produce an e-way bill: • Through the authority e-way bill gateway: By following a couple of simple methodology, you might create e-way charges through the authority e-way bill gateway. • Utilizing SMS: The fitting government specialists have additionally allowed the foundation of
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