Taxation for businesses is ready to be revolutionized, and has finally been implemented. Fun fact: GST was proposed 17 years before today, and has been in talks since 2000. We have tried our best to make your life easier by defining and changing a few things around to make your transition into GST regime smooth and hassle-free.
Read on to know about the new feature implementations that we have underway on Kraftly now:
1. You can view applicable GST right at the time of product addition:
We’ll do the calculations for you at source. Earlier, we would calculate service tax payable on your product when you’d add your products. Similarly, we’ll show your applicable GST rate at the time when you add your products. No surprises on your invoice! Here’s how it will look from now:
- Upload a scanned copy of your signature on the web panel:
It is compulsory to update your scanned signature along with GSTIN to your shop as per Govt regulations. Upload this signature to your Kraftly shop as well, under My Shop > Shop Details. The image needs to be in 400*400 pixels. You can do this by editing your image on Microsoft Paint. Select the option, resize on a blank canvas, and un-check the box, “Maintain Aspect Ratio”, and enter height and width as 400 pixels each. Add your signature to this new canvas, save and upload. That’s it!
- Your invoices will now incorporate GST broken into CGST and SGST:
We’re tweaking our invoice format too, to keep it in line with the GST mandate by the government. As you know, for selling within your state, GST is split into CGST and SGST, and becomes IGST for Inter-State transactions. The calculation split will apply to both of these kind of invoices:
- Invoice copy for your buyer
- Invoice raised by Kraftly to you
We’re incorporating the math of this one into our invoice formats as follows. You can say thanks later!
- The Settlement Report that is issued to you will now include tax as per GST
We are changing the settlement report format that we send to you. Your settlement report will now contain your TDS with respect to applicable GST, with a full break-up. You can measure and calculate your taxes and returns by referring to your report.
- Add GSTIN to your shop to Activate New Products
Lastly, It is mandatory for the sellers on an ECO (E-commerce Operator) to give their GSTIN to both the ECO and the Government. It is absolutely urgent for you to furnish your GSTIN on your Kraftly seller panel or your Kraftly app. New products that you add 1st July, 2017 onward will not be active on Kraftly until GSTIN is added to your seller dashboard → shop info section. Do it today if you haven’t already!
Add your GSTIN to your Kraftly shop if you haven’t already to continue selling as before on Kraftly.
We wish you all measures of success under the new tax regime in the country. Happy selling!