Categories
Business Finance

How to make and send an awesome GST invoice

Everything you wanted to know about GST Invoice

Goods and Services Tax was conceived in the year 2017  with the intention of simplifying the taxation system in the country. In other words, it has subsumed the indirect taxes in the country. The indirect taxes like state VAT, service charge, etc is subsumed under GST. With the onset of GST, the taxation system has transformed from the source-based taxation system to the destination-based system.

The GST transaction validation happens by a GST invoice. It is a document on the basis of which the seller demands payment from the customer. Further, the types of GST invoice range from delivery challan, credit note, debit note, payment voucher, receipt voucher, bill of supply, etc.

GST Invoice
Create and send an awesome GST Invoice

In this blog, I will take you through the process of creation and sending of GST Invoice.

1. The minimum transaction limit for GST

It is mandatory for any business to issue an invoice if the transaction amount is greater than Rs. 200. If the transaction amount is less than Rs. 200 and the recipient is unregistered, it is not mandatory to issue an invoice. However, if the customer demands an invoice, the onus lies on the seller to provide the same.

2. Components of a GST Invoice form

  1. Customer’s name
  2. Shipping and Billing address
  3. Place of supply
  4. Customer’s and seller’s GSTIN
  5. Shipping and Billing address
  6. Invoice number and date
  7. Item description: Unit, Price
  8. GST split up: CGST and IGST or SGST or UTGST
  9. HSN Code

3. No: of copies of the invoice needed

(a) For Sevices: Original copy remains with the receiver and duplicate copy remains with the supplier.

(b) For Goods:  Original copy remains with the receiver and duplicate copy remains with the transporter. On the other hand, a triplicate copy remains with the supplier.

4. The time limit for issue of the invoice

(a) For General Services: Invoice issue within 30 days of supply of services

(b) For Services involving Banks and NBFCs: Invoice issue within 45 days of supply of services

(c) Normal Goods delivery: On or before the date of delivery

(d) Continuous Supply of Goods: On or before making payment

5. How to personalize the invoice?

The GST invoice is personalized using one’s company logo.

6. Types of GST invoices

(a) Delivery Challan: It is issued for transmitting goods from one place to another, irrespective of its sales.

(b) Credit note and Debit note: A credit note is issued when there is an increase in the original taxable amount while a debit note is issued when there is a decrease in the original taxable amount.

(c) Payment voucher: A payment voucher is issued by sellers when there is an advance payment for the goods or services involved.

(d) Receipt voucher: A receipt voucher is issued by sellers when there is a reverse charge applicable to the transaction.

(e) Bill of Supply: Bill of Supply is issued by sellers when GST is non-applicable on exempted goods, upon goods export or when the seller is covered under the composition scheme.

 

 

For more information, refer:

  1. https://cleartax.in/s/gst-invoice

 

 

 

For more blogs, visit https://blog.sabpaisa.in

YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date. Learn more about SabPaisa here:https://sabpaisa.in

Categories
digital payments fintech payment gateway

Everything you ever wanted to know about United Payment Interface (UPI)

Get answers to the most commonly asked questions on Unified Payments Interface

 

Launched in the year 2016, Unified Payments Interface is an instant, real-time payment settlement system in India. In the last three years, UPI has been anchoring the government’s digital revolution in India.

 

Recently, UPI crossed 1 billion transactions and added 100 million users for the month of October 2019. On a year on year basis, UPI transactions have increased by 135%. With 141 banks on the UPI platform, it is one of the sought after payment settlement systems in India.

UPI for payments
UPI for payments

 

In the course of this blog, let us try to understand some of the frequently asked questions concerning UPI.

 

1. What is the difference between UPI and IMPS?

A unified payment interface is a simplified version of an instant payment settlement system as compared to IMPS. UPI enables a user to make an online money transfer with only a virtual payment address. Hence, the long process of entering bank account, IFSC code, etc for IMPS is done away with.

2. Is UPI transaction free?

UPI transaction was free before April 1, 2019, for all banks. From April 1, 2019, Kotak Mahindra Bank is charging for UPI transactions. Users are charged after 30 peer to peer transactions/month. However, UPI payments via ICICI, SBI and HDFC platform continue to remain free.

3. Is card or wallet necessary for a UPI transaction?

No. Only bank account details are needed for UPI transactions.

4. Is it possible to have 2 UPI Ids?

Yes. It is possible to have up to ten UPI Ids linked to the same bank account.

5. What is the 2-factor authentication system in UPI?

It is the basic security feature of the UPI system. The 2-factor authentication system consists of verification using the M-PIN and the UPI ID.

6. Is mobile banking mandatory for UPI?

No, mobile banking is not necessary for UPI. The important requirements for UPI are Android phone and mobile number linked bank account.

7. Can UPI Id be changed?

Yes, you can change the UPI Id. You can obtain 2 more UPI Ids from the bank.

8. Is the UPI Id the same for all the UPI apps?

UPI Id is mobile-specific. One can create multiple email Ids linked to multiple mobile numbers. Hence, UPI Id remains the same for the same mobile number irrespective of the multiple UPI apps.

9. Does money transfer take place through UPI only during the banking hours?

No, money transactions take place through UPI 24*7.

10. Does the beneficiary need to register with UPI for receiving funds?

No, it is not necessary for the beneficiary to register with UPI for receiving funds. On the other hand, the only requirement for the beneficiary to receive funds is a mobile linked bank account.

11. How much time does UPI transfer take?

UPI transfer takes place instantly. 

12. In case of a change of UPI app, re-registration is required or can I use the same virtual address?

Re-registration is required in case of a change of the UPI app. One needs to just do mobile verification. The virtual address remains the same.

13. What are the different channels for transferring funds using UPI?

  1. Transfer through VPA
  2. Account Number + IFSC
  3. Mobile Number + MMID
  4. Aadhaar Number
  5. Collect / Pull money basis VPA

14. What is the limit of funds transfer with UPI?

The limit of funds transfer with UPI is 1 lakh with an upper limit of 10 transactions per day.

15. What is UPI 2.0?

Launched in Aug 2018, UPI 2.0 is an upgrade to the UPI system. The salient features of UPI 2.0 are the option of linking an overdraft account, setting of mandates, receiving an invoice in the inbox and provision for signed intent and QR.

For more information, refer:

  1. https://www.npci.org.in/upi-faq-s
  2. http://vikaspedia.in/e-governance/digital-payment/unified-payment-interface/upi-faqs
  3. https://www.dbs.com/digibank/in/banking/payments/upi/faqs.page

 

 

 

 

For more blogs, visit https://blog.sabpaisa.in

YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date. Learn more about SabPaisa here:https://sabpaisa.in

 

 

Categories
artificial intelligence digital payments

Five Best Applications of Artificial Intelligence In The Payments Domain

Take your business to the next level with the magic of artificial intelligence

Love the receptive chatbot upon entering a banking website? Definitely, everybody loves an ounce of handholding. Imagine, your monetary investment being automatically gauged to customize a detailed retirement plan for you. Looks amazing, isn’t it? Welcome to the amazing world of artificial intelligence.

Artificial intelligence is the replication of human intelligence of logical reasoning cum analysis, by machines. It is a popular buzzword spanning across numerous sectors like education, health, finance, cybersecurity, etc. In particular, the payments domain is witnessing a rapid stride in the use of artificial intelligence. From fraud detection to all-round customer support, artificial intelligence is the dire need of the hour.

Artificial intelligence
Prospects of artificial intelligence in the payments domain

In the duration of this blog, let’s travel to the amazing world of artificial intelligence in the payments domain.

1. Fraud detection

The banking channel is witnessing increasing levels of fraud off-late. For example, the Punjab bank crisis is a point in case. A high level of artificial intelligence intervention will keep a preventive check on the fraud. The artificial intelligence algorithm will segregate between fraud and the not so fraud transactions in the initial stages. In other words, AI will bring in better fraud monitoring cum effective decision making.

2. Better payment settlement with artificial intelligence

Were you stuck up with the thoughts of your impending payments? Or did you encounter the hassle of improper payment?  Then, artificial intelligence is the need of the hour for your brand. Be it claims settlement or insurance settlement, artificial intelligence ensures an automatic and precise payment mode. No more worry about delayed payment settlements. It will be a thing of the past.

3. Reduction in false declines

Banking channels face the constant issue of payment decline at the nth moment. It is due to multiple miscellaneous factors. Either, the network has timed out or the payment has been declined at the sender’s or receiver’s side. In either of the cases, artificial intelligence can reduce unintended human error by automating the process.

4. Predictive analysis

Predictive analysis refers to the prediction of future events using repetitive patterns, choices and decision making. From where to invest your money to analyzing the future prospect of your purchase, artificial intelligence acts as your best friend. The role of artificial intelligence in the predictive analysis is further going to increase with the enhanced dimensional applications. Bank security and national security are a point in question.

5. Faster customer service using artificial intelligence

Customer service feature using chatbots is one of the very interesting features of artificial intelligence. How do you feel when you get a prompt and quick response to your queries? Satisfying isn’t it? Further, your trust in the brand amplifies manifold. Artificial intelligence is taking the chatbot feature to a completely new level. From understanding the choice of the customer to the future decision of the customer, artificial intelligence has gone two notches high.

Chatbots have different applications in domains apart from the banking sector. For example, endurance is a chatbot designed specifically for dementia patients. It recognizes the change in memory patterns of the patient, thereby giving an alert to the family members.

 

 

 

 

 

For more blogs, visit https://blog.sabpaisa.in

YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date. Learn more about SabPaisa here:https://sabpaisa.in

 

Categories
Email Marketing

Eight reasons to be addicted to Email marketing tips for E-commerce

Email marketing strategies to be in the top league

Did you know that email marketing affects the purchasing decision of 59% of the customers? Email marketing attracts 40 times more customers as compared to social media marketing. Further, a study shows that over 30% of the emails are opened on the basis of the subject line alone.

If you are an e-commerce company or a startup, email marketing should be your core focus to build your business. In the course of this blog, you will learn to swim in the ocean of email marketing.

Email marketing
Email marketing for your business

1. Welcome Mail for Email marketing

“Athithi Devo Bhava”, Guests are God. Yes, customers are your guests. And they deserve a graceful treatment. A first impression goes a long way in maintaining your customers. Hence, it’s imperative that you have a thoughtful and well-framed mail for your new customers. Ideally, the mail must include a brief about the company explained through videos, infographics, pdfs, etc. Also, explain in detail, the steps to be followed for customer support. This shows the gesture of being loved and cared for.

2. Promotional Mail

How do you build loyal customers? One way is through quality content, another way is by prioritizing returning customers.  Hence, make sure you send offer emails to your ardent customers. Ensure that the promotion split up is clearly explained, leaving no room for confusion.

3. Carting out Mail

Imagine your bus breaking down minutes before you reach your dream destination. This is the same feeling when your customers abandon your cart during the last leg of the payment transaction. Brands have come out with interesting techniques to remind the customers about their abandoned carts. It ranges from personalized messages loaded with emotions to comeback videos. Hence, be unique in your abandon cart reminder emails to win back your customers.

4. Attractive template design for email marketing

Readability and visibility are very important for any marketing email. No matter how good the content is, the poor appearance turns off any customer. Also, ensure the compatibility of the email with both mobile and desktop. Bad visibility turns off potential customers in the initial stages leading to huge revenue loss.

5. Encourage reviews

Encouraging reviews is a strategic move to increase your visibility by connecting with your customers. In a digital world, word of mouth spreads far and wide. In other words, a customized review tag along with your email is the way ahead to get valuable feedback from your loyal customers.

6. Grow subscribers list by email marketing

Make sure that you capture the emails of all the customers who visit your e-commerce website. Applications like send fox and MailChimp has inbuilt forms to capture the visitor information in a specific format. Nevertheless, give an option to the customers to gracefully opt-out of the mailing list.

Further, make sure to systematically segment your list to avoid spam emails. For example, the categorization of customers as returning, occasional, etc could go a long way in growing the subscribers’ list.

7. Mail Automation

Automated email campaigns give a three-sixty degree analysis of the email performance. For example, there is a clear estimate of unsubscribers, no: of clicks, opens, etc. Snovio and send fox applications allows you to run automated email campaigns.

8. Seasonal Email

Festivals and seasons have a close place in the hearts of people. Hence, seasonal emails are the best way to capitalize on the emotions of the people. It is a good practice to send a customized promotional email with a festival or season flavor. There are more chances of positive customer response on the same. In this way, a lifelong relationship gets built up with the customers.

 

 

For more blogs, visit https://blog.sabpaisa.in

YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date. Learn more about SabPaisa here:https://sabpaisa.in