Goods and Services Tax (GST) is one of the most important components of an invoice, and this tax must be recorded appropriately. You can calculate GST using POS software, such as BillMade. This system provides retailers with accurate and fast GST calculations, saving time and increasing accuracy. You can also use the same data to help your accountant keep track of your balance sheet. Here are some ways to make GST calculations in POS.
First, you need to upgrade your POS software to include GST such as BillMade, this is an easy process. Once you have installed it, open the POS software and configure it to include GST. This will allow you to enter a GST number for every customer, and then generate a credit note with the customer’s name and GST number.
When you use BillMade for GST, it will automatically calculate GST on your invoices and payments, so you don’t have to worry about preparing them manually. With this, you’ll be better equipped to manage GST and make the most of your online transactions. Then, you can focus on implementing the new rules and regulations of GST.
You can use the same software for all transactions. Your customers will love your system, and your employees will be happier too. It’s also possible to use it for your accounting needs if you’ve implemented the new tax laws.
GST on goods is charged when they’re sold to a third party. This will occur when a third party’s business is in another state. Hence, if the recipient is in a different state, he will be charged a different IGST. However, the third party’s location can be the same as yours or in a different state. You’ll need to register for the applicable GST or IGST in order to collect it on the goods you sell.
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