With Blinkit’s new functionality, businesses can get tremendous benefits in terms of tax savings via GST invoicing. This is due to the fact that Blinkit is providing up to 28% Input Tax Credit (ITC), enabling the businesses to utilise the benefits of GST, thus lowering costs and improving compliance.
Making it Easy for Businesses to Comprehend GST
Managing expenditures can become stressful for business owners. The integration of GST invoices to Blinkit has made it easier to manage purchases and claim proper GST refunds. Every time a business makes a purchase with Blinkit, it receives a GST invoice that may be utilized to file taxes.
Learn More: How to enable GST e-Invoicing by business?
What is The Process?
When a business is about to check out, the option of developing a GST bill is displayed. It is significant when it comes to making a claim for input tax which is advantageous in lowering the output tax for the input tax return that comes after you do GST Return Filing. Depending on the product category, the ITC(Input Tax Credit) can be as high as 28% which is a good return on investment since it cuts cost as a result.
Steps to Apply for GST Registration and be eligible for ITC
If your firm has not got GST Registration, here’s how you can get started:
- Apply for GST: To create GST-compliant invoices, you must first register for a GST number for your firm.
- Filing GST returns: After registration, you must file GST returns using invoices from platforms like Blinkit on a regular basis to remain compliant and benefit from ITC.
In short, Blinkit’s new invoicing function simplifies tax compliance for small enterprises and startups by allowing access to ITC, which may considerably increase cash flow. If you haven’t already, apply for GST and start receiving your advantages immediately.
Moreover, If you want any other guidance relating to enabling GST e-invoicing, GST Registration and GST return Filing please feel free to talk to our business advisors at 8881-069-069.
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