Webtel WEB-E-PAYROLL Rolling in the Payroll system (Single User)
Its distinguishing features –
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Employee Master Creation along with CTC details.
- Creation of Multiple earning, deduction, reimbursement and perquisite head as per user defined options.
- Tracking of Holding/Un-holding and notice period salary and do full & final settlements.
- Bulk employee communication along with pay-slip e-mail, reconciliation of declaration and investment proofs and rejection of bill notification.
- Preparation of TDS returns and generation of Form-16.
- Employee based on retainer-ship also covered along with TDS return preparation (26Q) and generation of Form-16A.
- Advance reimbursement tracker to maintain eligibility along with Bill carry-forward facility.
- Detail Pay-slip along with Tax computation and information of consolidated YTD figures as well as estimated salary figures and month-wise TDS deduction details.
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Even though there are lots of issues and concerns around the e-Invoicing system, no one can ignore the fact that implementing the e-Invoicing system could save money for your organization.
Want to know how?https://onlineretailhub.in/
Then here are the top 10 hidden facts about it that everyone might have missed but should know to get maximum monetary benefits from it. So have a look at these points, enrich your knowledge, save yourself from penalties & make money.
Webtel WEB-E-PAYROLL Rolling in the Payroll system (Single User)
#1 e-Invoicing brings Transparency
e-Invoicing system brings more transparency in reporting of invoices as only valid or authenticated invoices with IRN shall be uploaded and no fake or bogus invoices.#2 Claiming Accurate ITC
Since no invoice will be hidden or missed from the system, the reconciliation will be thorough and detailed that helps taxpayers in claiming accurate and maximum ITC.#3 Unique QR Code and IRN Use
QR code and IRN are the main essences in e-Invoicing. IRN proves the invoice’s authenticity and a QR code are used to quickly access the same invoice details or information. For example, when a supplier supplies the goods or services to the recipient, the recipient only needs to scan the QR code to the QR code scanner and the recipient is able to see all the relevant details of that invoice in their system#4 Real-Time Trackinghttp://dssoftweb.com
Invoices reported in the e-invoice process on a real-time basis. So the taxpayers have the information for ITC claiming and return filling.Webtel WEB-E-PAYROLL Rolling in the Payroll system (Single User)
#5 Auto-population of Data
e-Invoicing helps in the auto-population of data in the system of GST. The e-invoice data helps in auto-population of Part-A of e-Way Bill, and also in GST returns, resulting in avoidance of manual entries.#6 e-Invoicing Partially Eliminates the Manual Work
Implementing e-Invoicing system eliminates the use of paper invoices. Currently the manual work is partially eliminated, as B2C invoices and businesses with turnover less than Rs. 100 Crores shall continue using paper invoices. The elimination of the paper use also eliminates its cost, other related costs, and the trouble of handling and transferring paper invoices.#7 Reduction in Human Errors
As the e-Invoicing process is automated, it reduces the human intervention in the form of data entry. The reduced human work shall ultimately reduce the errors. This overall process brings more accuracy in the e-Way Bills, Invoice generation, and GST filing.#8 Transparency for Tax Officials
e-Invoicing made it easier for the Tax officials to access the e-invoice data whenever they need it. This creates more transparency in the availability and accessibility of invoice data for both taxpayers and tax officials.#9 Less Notice to Taxpayers from Department
e-Invoicing made it easier for the Tax officials to access the e-invoice data whenever they need it. This creates more transparency in the availability and accessibility of invoice data for both taxpayers and tax officials.Government introduced e-Invoicing system wef October 1, 2020, for businesses with turnover exceeding Rs.500 crore. By January 1, 2021, this limit would be substituted by Rs.100 crore vide the amendment made in the notification 13/2020- Central Tax, dated 21st March 2020. As such, the government has made this amendment in the threshold limit of e-invoicing; consequently, small businesses have come under the ambit of e-Invoicing.
Government has given an additional 3 months to Medium Enterprises to help them to implement e-invoicing. Government intends to implement it for small businesses as well from April 1, 2021. It will help small businesses as the invoices data will auto-populate their returns and they will only have to pay taxes.
Invoices are shared with Dealers and Customers in hard or soft copy or both, as per the convenience of the parties. Creating invoices, generating e-way bills on government portal & finally entering details of invoices in GST Returns are all separate activities & require a lot of effort and are prone to errors and omissions. Now with e-Invoicing system, all these activities will be done simultaneously in the system.
Additionally, e-Invoices have made a big difference in working in the businesses in the GST context, with the unified format, data auto-population, and sharing with the recipients. It can be said that e-Invoicing is a great success in the Indian market and as per the initiatives of the Government towards improvement, it is expected to get better. To comply with the requirements of e-Invoicing system, Small and Medium Enterprises have to make proper arrangements for IT software. It is important for taxpayers to find easier ways of complying with e-Invoicing.
Webtel has introduced India’s best e-invoicing solution for taxpayers. With Webtel integrated e-Invoicing solution, you can generate, print, and track e-Invoices easily where you receive top of the line security for your data and a team of GST experts just a call away if you get stuck at any step during e-Invoicing. The icing on the cake is that all of this is available to you at an affordable price. Do check it out here!
#10 Savior for Working Capital
e-Invoicing is not just the smooth functioning of the invoice process but also the ultimate savior of working capital. The working capital can be saved by receiving fewer notices resulting in avoidance of penalties, legal cost, and reduced audits. e-Invoicing makes reconciliation of data and ITC availability easier and clear, hence saving the businesses from paying more than their actual liability.Implementing an e-Invoicing system is highly beneficial for any business. It makes the maximum use of an IT infrastructure and supports the digitalization of the economy. By complying wisely, organizations not just saves money but also adds more value with less trouble -
2. How is ‘e-invoicing’ different from present system?There is no much difference indeed.
Registered persons will continue to create their GST invoices on their own Accounting/Billing/ERP Systems. These invoices will now be reported to ‘Invoice Registration Portal (IRP)’. On reporting, IRP returns the e-invoice with a unique ‘Invoice Reference Number (IRN)’ after digitally signing the e-invoice and adding a QR Code.
Then, the invoice can be issued to the receiver (along with QR Code). A GST invoice will be valid only with a valid IRN.3. For which businesses, e-invoicing is mandatory?For Registered persons whose aggregate turnover (based on PAN) in any preceding financial year from 2017-18 onwards, is more than prescribed limit (as per relevant notification), e-invoicing is mandatory.4. What are the advantages of e -invoice for businesses?e-invoice has many advantages for businesses such as Auto-reporting of invoices into GST return, auto-generation of e-way bill (where required). -
Call us if you have any query, for free demo @ +91-9911721597,7838541297 or email us at support@dssoftweb.com
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