Packing batteries with more punch
Indian researchers are working on cells that can store more energy, last longer
There appears to be no change in the way business is conducted by small undertakings in the post-GST regime except for the fact that they now issue a bill when a sale is effected. Incidentally, many seem unaware of the GST rate that they should be charging for various products.
“Our auditor has advised us to charge 5 per cent,” said the owner of a textile shop. The owner, who preferred not to be named, has been in the business for over two decades, sourcing the material from upcountry textile hubs. “In any case, my annual turnover does not exceed ₹20 lakh,” he added.
Tech solutionsMeanwhile, companies such as Microsoft and IDOS aver that they are committed to enable businesses with seamless GST integration.
“The Digital India initiative is focused on harnessing technology and Microsoft Kaizala is a made-for-India product. This mobile product will assist organisations in seamless interaction. It has been optimised for 2G networks to enable connectivity in remote locations and with features for offline support as well,” said Anant Maheswari, President, Microsoft India.
To ease the compliance process in the way businesses are conducted under the GST regime, Microsoft and IDOS (a fully automated accounting and compliance application) – are enabling registered buyers manage GST compliance even if they bought from small unregistered sellers by introducing IDOS+Kaizala.
“The solution has streamlined the purchase process – made from an unregistered dealer. It ensures that the registered buyer pays tax on reverse charge and raises a self invoice while accounting for the same. Since it is a Cloud-Mobile solution, users can access it from anywhere, anytime,” the source explained.
How it worksThe solution allows GST registered buyers to raise a purchase order from their IDOS software. This PO (purchase order) gets transmitted to Kaizala of the seller on his mobile phone. Once the seller accepts the PO, it is automatically transmitted to Kaizala on the buyer's mobile and updated in the buyers IDOS software as well.
The IDOS solution automatically applies reverse charge, generates self-invoice for the registered buyer, making it convenient for the GST registered buyers to continue their deal with small unregistered sellers, the source said.
Indian researchers are working on cells that can store more energy, last longer
To fix a broken bone, doctors often harvest another bone from the patient’s body or from someone else. It ...
Superconductors from IIScScientists at IISc Bangalore have invented a device with a nanocrystal structure ...
Engineering and construction giant L&T has won a licence from the Council of Scientific & Industrial ...
Ensure that the investment thesis based on which you bought the IPO still holds good
Here are some yardstick for selecting auto component stocks
Those with a moderate risk appetite & an investment horizon of 3 years can consider the fund
Digital money-lending platforms may be hassle-free and convenient, but look before you leap
India is ready with two vaccines to beat the deadliest virus of recent times. The immunisation drive, however, ...
‘Now It’s Come to Distances’ examines the defining moments of the past year — the Shaheen Bagh protests, ...
Legal and regulatory uncertainties hang like a sword on an industry which earned ₹2,470 crore revenues in the ...
Sopan Deb’s journey towards personal catharsis is perhaps the most honest and straightforward look a man can ...
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor