Receipts Manager by Zybra

Zybra Accounting Software is an easy to use cloud based accounting software for Small & Medium scale business. It makes Accounting EffortLess and can be accessed Anytime & Anywhere. Zybra is a feature rich software with many features including 1. Dashboard – Real-time updates of data in graphical form. Shows graphs of Total Receivables, Total Payables, Cash Flow, Top Expenses, Income vs Expenses and more. 2. Contact – User can manage all the contacts of Customers & Vendors. User can also view the receivables & payables of each of them & generate customer/vendor statements. 3. Inventory – User can manage basic inventory of items/services. 4. Banking – All Cash & Bank Accounts can be added & managed here. 5. Sales – User can Add/Send/Edit/Covert Estimates/Invoices/Recurring Invoices/Credit Notes/Payment Received for sales related transactions the business. 6. Purchase – User can Add/Send/Edit/Covert POs/Bills/Recurring Bills/Vendor Credits/Payment Made/Expense/Recurring Expense for purchase related transactions the business. 7. Accountant – All chart of accountants & Journal Entries can be managed here. 8. Taxes – User can create different Taxes, Compound Taxes for sales & purchase entries. 9. Documents – This is a basic DMS for all bookkeeping related documents(Invoices/Bills/Receipts/Bank Statements)[this works well with Receipts Manager App]. 10. Reports – Gives access to 40+ different reports including P&L, Cashflow & Balance Sheet 11. Organization Profile – User can manage details about their organization & add logo for each transaction document that is generated. 12. Opening Balances – to enter the opening balance of the last Financial Year when starting to use the software 13. User & Role Management – Apart from basic accounting features, user can also invite/control access to different users for Add/View/Delete rights for different section. 14. Module Preferences – Activate/Inactivate modules when not needed for the business. 15. Live Chat Support – a 24x7 live chat support is provided inside the software.
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Sector-Wise GST Impact

  • Posted on Jul 11, 2017
  • |
  • By Dhruv

What will be the GST impact sector-wise?

As GST has been implemented and its been almost two weeks since it’s induction into our tax system, there are some speculations and questions arising in the mind of people about its impact on Indian economy.

So here is the sector-wise possible future impact of GST: 

Startups:

The Goods and Service Tax has brought some good news for Indian Startups. With limits increased for registration, a Do It Yourself compliance model, free flow of goods and services and tax credit on purchases, the GST will forecast well for the Indian startup scene. Currently, in many Indian states, they have very different VAT laws which can be confusing for companies that have a pan-India presence, especially the e-commerce sector. All of this is expected to change under GST with the only sore or negative point being the reduction in the excise limit.

Freelancers:

Freelancing in India is still a growing industry and the rules and regulations for this lawless industry are still up in the air. GST will simplify the tax filing process for the freelancers as they can file their taxes online. They will be taxed as service providers, and the new tax structure will bring about integrity and accountability.

E-commerce:

One of the most rapidly growing sector in India is the E-commerce sector. In many ways, GST will help the e-commerce sector’s continued growth but the long-term effects will be particularly interesting because the model GST law specifically proposes a tax collection at source (TCS) mechanism, which e-com companies are not too happy with. The current rate of TCS is at 1% and it’ll remain to be seen if it dilutes the rapid boom in this sector in any way in the future.

Real Estate:

The real estate sector is one in all the most pivotal sectors of the Indian economy and it is playing an important role in generating employment in India. The impact of GST on real estate sector cannot be assessed properly because for the most part, it depends on the tax rates. With GST implementation, this sector will have substantial gains, as GST is going to bring the much-needed transparency and accountability.

Consumer Durables:

While some companies were previously taxed at 27% as compared to 28 % under the GST regime. There are expectations that with GST making its way, there will be some increase in the prices of most consumer durable items. Market Analysts believes that there will be no significant change in the margins of the consumer durable companies post GST implementation.

Pharma and Healthcare:

The scenario for pharma and healthcare industries is expected to be beneficial due to GST. GST is going to create equal opportunities for generic drug makers, which will boost medical tourism and will also simplify the tax structure. The only matter of concern will be on the pricing structure of drugs. The GST act is going to result in affordable healthcare for all with easy accessibility.

Telecommunication:

The telecommunication sector is definitely expecting price drops after GST. Manufacturers are going to save a lot with the help of efficient inventory management and consolidated warehouses. The manufacturer of handsets will find it easy to sell their equipment as GST will simplify any interstate transactions and any transfer stocks.

FMCG:

There would be savings in Logistics and distribution costs of FMCG sector as the GST will eliminate the need for the multiple sales depot. It is expected that 17% will be the GST rate for this sector, which is lesser than the previous tax rate of 24-25% paid by FMCG. This taxes includes VAT, entry tax and excise duty, and all these taxes will be subsumed by GST.

Automobiles:

The automobile industry in India is a vast business producing a large number of cars annually, fueled mostly by the huge population of the country. Under the current tax system, there are several taxes applicable on this sector like excise, VAT, sales tax, road tax, motor vehicle tax, registration duty which will be subsumed by GST. Though there is still some ambiguity due to tax rates and incentives/exemptions provided by different states to the manufacturers/dealers for manufacturing car/bus/bike, the future of the industry will be growing good.

Agriculture

Agriculture plays a vital role in India’s economy. The Agriculture sector is the largest contributing sector the overall Indian GDP. It covers around 16% of Indian GDP. One of the major issues faced by the agricultural sector, is the transportation of agro products across state lines all over India. It is assumed that GST will solve the problem of transportation. GST may provide India with its first National Market for the agricultural goods. However, there are a lot of clarifications which need to be provided for rates for agricultural products.

  • Posted on Jul 11, 2017
  • |
  • By Dhruv
  • |
  • 0 Comments

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