Newsletter
November, 2020

Traditionally, everything in India was very paper driven – whether it be agreements, contracts, submissions and filing at various government departments, invoices, etc. and even payments!

India has made significant progress on this front and more so even during this pandemic that people have tried to minimize handling of paper and cash. RealBooks has been at the forefront on this from the very beginning. Our clients have found the paperless concept within RealBooks a blessing and so much so that clients who had initially migrated to RealBooks due to heavy volumes, multiple branches and GSTIN registrations, now feel the single biggest advantage within RealBooks is the document attachment and referencing feature – you can actually approve invoices on the system, approve entries, payments – literally move the entire process online.

With offices functioning either from home or with limited staff in office to ensure some amount of social distancing RealBooks has been a blessing for our clients as it has ensured that you can actually control accounts from the comfort and safety of your homes. In fact our entire accounting outsourcing team has been Working-from-Home since March and we have added clients and business during this period. It has also reduced infrastructure costs and along with implementing task management tools – made the business vertical much more efficient. It is not to say that physical offices / meetings aren’t required – they are very much required to ensure the human connect, but being in the same physical space while working individually is something most definitely not required.

Most successful entrepreneurs believe that a clear an uncluttered space gives them more clarity in their thoughts and help them stay organized making them more productive. Also, going paperless in a bigger way means saving the environment. A small contribution towards preserving our ecosystem.

Think about it! There are a number of software available – which if used smartly can help you achieve a truly paperless and online office!

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  • 7Deposit TDS for month of October 2020
  • 11Return of outward supplies (i.e sales) for clients opting for monthly filing for October 2020
  • 15ESIC Payment for October, 2020
  • 15PF Payment for October, 2020
  • 20Return for Inward and Outward Supplies for October 2020
  • 22Return for Inward and Outward Supplies for October 2020 for up to 5 crores


EMIZA SUPPLY CHAIN SERVICES PRIVATE LIMITED
Reg Office: Office No. 120, 1st Floor, Damji Shamji Industrial Complex,
9 LBS Marg, Kurla (W), Mumbai 400070



Emiza is fast growing logistics start-up focusing on a spectrum of services such as Third-Party Logistics, Warehouse management, Order management, Multi-channel management etc.

We were earlier using Tally for our accounting and managing multiple GST, inter branch entries and consolidation was difficult and cumbersome. Everything had to be done on excel. We were recommended RealBooks by a company in our network who had been happy using RealBooks. Our scope of operations was much broader compared to theirs, so were initially a bit hesitant.

After a detailed online demo, we felt confident that this is the right product for us. The implementation and training were very smooth and quick. Data from Tally was migrated easily. The Realbook team supported us in migration from Tally to Realbook. Migration support was exceptionally well. Having used it for more than 12 months, I have no hesitation is recommending RealBooks as a very robust, cloud-based accounting software.

Thank you Team RealBooks and wish you much success in coming future.

For Emiza Supply Chain Services Private Limited

Regards


JITENDRA KUMAR - CFO
GST UPDATES
1. Debit/Credit Notes de-linked with Invoice -
The GST portal has de-linked Debit/Credit Notes with invoice. Earlier, in Form GSTR-1, along with details of Debit/Credit Notes, invoice date and invoice number pertaining to that Debit/Credit Notes was required to be mentioned as a mandatory field. Now, the portal has done away with this mandatory requirement of mentioning invoice date and invoice number while reporting details of Debit/Credit Note.
2. e-Invoicing for companies with more than Rs 100cr turnover
GST department has enabled the facility of generating E Invoice for registered person having aggregate annual turnover of more than Rs 100 Cr on a trial basis.

This makes the intention of the department very clear that the provision of E invoicing will apply on business enterprise having annual turnover of more than Rs 100 Cr from 1st Jan 2021, though notification in this respect of yet to be issued.
3. GST collections cross 1 lakhs crore for the first time in 8 months
GST collections for October grossed Rs 1.05 lakh crore, the highest so far in the financial year and 10% higher than collections in the same month last year, which stood at Rs 95,379 crore. The upward trajectory in collections in the last 3 months is clearly indicative of the economic recovery that India has been witnessing.
www.realbooks.in | hello@realbooks.in | +91-99108-22099