Nowadays, Getting a GST Number for setting up the business does not take much time. The GST Registration process is simple to understand and you just need to have documents which needs to be submitted to get the GST Number. GST payment can be done within the gst portal and that process also does not consume more time for any taxpayer.
It is essential for the business to make sales invoices for their clients and also have purchase Invoices from their parties. With the help of GST Software or Billing software you can create the best Invoices for the clients in minutes with your GST Identity.
What is GST payment?
GST payment is the payment which is done by the Registered Businesses When they carry out different purchases and sales with their Business Identity. It is always advisable to make the gst payment online by logging into their dashboard on GST Portal. The process is very easy for any registered businesses to make a gst payment challan and process online gst payment.
It is important for many small businesses to know about the gst payment due date otherwise the penalty will be charged on each day If the businesses were unable to make the payments within the time frame. The Big and Large Businesses which have a dedicated team for the accounting purpose to execute the different tasks with GST Payment don’t take so much time to process.
However, Small businesses have to deal with many tasks in the initial phase of their new business or startup. GST payment online method has made the task easier for many of the small and medium size businesses by paying the gst amount directly from the Internet. Small businesses can get productivity in their business through this mode of payment processing.
Generating a gst payment challan is not a big task. If you are creating a challan first time then It is better to ask or consult with the professional accounting people who can provide proper guidance or knowledge to you to make the gst payment easier.
Why E-Commerce Sellers Need To Know About GST Payment?
Online selling and buying trends are increasing in India and globally. There are many people which are onboarding on various platforms to scale their business and increase the reach of their brands and visibility of their items. Customers can make purchases of different products from anywhere. The online process becomes easier because of many payment gateways through which payment processing tasks become easy to understand for the customers and online sellers.
There are many e-commerce sellers on different marketplaces. Some of the online sellers are aware of taxation on their products and there are also those people who are selling products and services and are not aware of the actual tax rate on the items they want to sell. You must check and verify the actual tax rate which is applicable on the items you want to sell.
Different categories impose different tax rates whenever those items are sold to the customers. You must also check that gst rates are perfectly described to the customers. If you are selling on amazon, selling on flipkart, selling on paytm, or any other marketplaces then Account level product tax code PTC will be set which has a high taxation rate among all the items. Product listing PTC gst rates has to be done manually by editing in your listings dashboard.
E-Commerce marketplaces are providing all the Invoices of their services to the registered business on the portals. The gst on the marketplace commissions along with advertising services, shipping services tax Invoices are provided to the sellers. As an online seller, It’s your responsibility to collect all the Invoices from the seller central panel and download it in a pdf version.
There is all claraty of taxes defined in the Invoices to the Sellers. So, It is very useful to you that It can be saved in both physical and soft copy. The newbie Individuals who have just started their Online business on Amazon, Flipkart, Paytm or any other e-commerce marketplaces don’t know about the product tax code PTC on their different tax rate items.
They forget to update the tax rates in their separate category listings and as a result the seller has to pay extra tax rate on which the item is sold to the customer. That is the main reason you should understand the different tax rate on various categories of items and accordingly set the tax rate on all of the Listings in your Inventory.
If you are registered on various marketplaces to sell the items then you must gather all the Invoices by the company via email or signing into the seller panel dashboard. E-commerce platforms like Amazon have an automated system to directly send the Invoices to the Amazon sellers at a given time each month via email. This makes the gst payment procedure easier for online sellers so that they can submit the documents to their accounting team.
It is due to the online gst payment system the e-commerce sellers can be more productive in their day to day tasks and make the payments with Internet banking or generating a challan and making the payments by visiting the nearest bank.
GST payment online system is the best method for all the online sellers. The GST Dashboard is easy to understand and operate for any individual. You just need understanding about taxes and Invoicing creation and then you can process various tasks in it.
Step-By-Step Process To Make GST Payment Online
Step-1: You have to visit the GST Portal Website and Enter Login id and password.
Step-2: Now Roll over to the Services Section-Payments-Create Challan.
Step-3: Fill the amount details and then select the mode of payment. You can carry out the transactions with NEFT OR RTGS. As soon as the payment is done the challan can be generated within the dashboard.
Step-4: You will then receive a summarized page which will contain all the information of challan receipt. This can be useful to have a record of all the GST payment done by the businesses.
Step-5: Process gst payment online through Internet Banking and there is also an option of creating a challan in the portal and make the payment by going to the bank.
GST payment portal allows all the registered users to make the payments with easy procedure. It will become easy for you once you know the terms by operating in the dashboard. You can also check the gst payment status anytime and moreover there are options to view and download the files or challan receipts.
E-commerce sellers have to check and verify all the taxes in their product listing on the marketplaces. Product tax code (PTC) is the most important field which needs to be updated in the product detail page of any category product. It is found that many of the e-commerce sellers forget to update the tax rates in their product listings of Amazon, Flipkart, Paytm, etc. As a result, sellers have to pay extra taxes on their online orders from the customers.
GST payment task can be done with ease by e-commerce merchants. As an online seller, you have to make all the records for your purchases and sales with your GST details. It can be productive to you and your organization also. Billing and accounting software makes the task of invoicing very easy. You can store the records in the application.
Looking at the GST payment Rules, If an individual accomplishes a monthly gst return and not paid the tax which was due in it, then the return accomplished can be considered as an Invalid return. If the due taxes are not being paid then Interest will also be applied on it starting from the due date of gst payment.
Therefore, It is important to understand the gst payment modes so that you can avoid penalties of non-payment of taxes. The gst should be paid on the time and before the due date. As an online seller you may have many tasks to do in your daily routine. So, It is always good to pay the taxes at the time by utilizing resources such as billing and accounting tools in the organization.