Let’s understand how the EarnBill system can help as GST Compliance Software.
EarnBill As GST Compliance Software
EarnBill is designed as a flexible and configurable system to help companies carry out their end-to-end billing & revenue management requirements while keeping track of customers and other financial data securely. Further, EarnBill is also the best fit for subscription businesses as their revenue models may involve complex tax calculations and invoicing structures.
Considering GST compliance in India, EarnBill offers a wide range of features & capabilities, which include e-invoice generation, tax calculations per product & service, and segregating GST taxes based on GST types & their share. The system also offers features of GST return software for filing GST taxes.
Let’s understand what is GST in India?
The Goods and Services Tax (GST) is an indirect tax in India used on the supply of goods and services as per different taxation slabs. Therefore, it becomes mandatory to calculate the applicable GST taxes appropriately and send correct invoices to customers/buyers. To meet such a mandate, EarnBill brings a solution to meet all your GST and invoicing-related requirements effortlessly.
Let’s take a look at the features and capabilities in more detail.
1) Businesses can define multiple GST taxation slabs (or categories) with respective tax rates and applicability periods by specifying start and end dates for each slab. Let’s understand what applicable periods & how they work by the below example –
Suppose 28% GST tax on a few items is only applicable till 31st March, but from 1st April, it is 18%. In such cases, validity periods become helpful and play a crucial role.
2) The GST tax can be defined at the product as well as at the plan level. A plan is a bundle of multiple products, and each product can have a different GST tax, whereas a Plan could have a separate GST tax. For example –
- Service Plan A (monthly subscription) – 18% GST tax.
- Bundled product/item A1 (one time) – 5 % GST
- Bundled product/item A2 (one time) – 10% GST
3) EarnBill’s Billing Process engine calculates the taxes appropriately for each product & service and accordingly generates an invoice.
4) EarnBill enables you with a preference to show the segregated amount of GST shares in an invoice based on the nature of your business transaction.
For example, the invoice can show the breakdown of tax share as below.
Invoice amount = Rs 100.00
GST (18%) = Rs 18.00
CGST (9%) = Rs 09.00
SGST (9%) = Rs 09.00
5) The EarnBill offers a complete solution for E-Invoice requirements with a configurable option to generate an e-invoice for each customer through an automated process or manually. The solution provides integration with GST Suvidha Provider for e-invoices generation. Also, you can send email notifications with an e-invoice PDF (including the IRN number) as an attachment to customers from the EarnBill system.
6) The EarnBill as GST return software provides the capability to export all invoice data in JSON format for filing GSTR-1 returns on the GST portal.
1) Companies can run their day-to-day business operations with peace of mind while complying with Govt mandates and compliances related to GST and e-invoice.
2) The solution offers flexibility in defining the applicable period for GST tax rates. It helps businesses to comply with the change in GST rules as per Government mandates. For example, a particular GST tax (say 10%) applies to only a few items for a limited period but gets changed later.
3) Businesses can generate e-invoices with GST taxes (segregation based on preference/option) and comply with e-invoicing requirements. Further, the system helps in filing GSTR-1 returns.