Top 10 GST Billing Software for Small Businesses in India

 

Choosing the right GST billing software is a critical decision for any small business in India. The right tool not only simplifies your invoicing but also ensures compliance with complex tax regulations, manages your inventory, and gives you a clear picture of your business's financial health.

With countless options available, it can be overwhelming to find the perfect fit. To help you make an informed decision, we've compiled a list of the top 10 GST billing software options for small businesses in India, highlighting their key features and who they are best suited for.

1. Tririd Biz: The All-in-One Solution for Modern Businesses

Tririd Biz is a powerful, user-friendly, and cost-effective cloud-based accounting and billing software designed specifically for the needs of Indian startups and small businesses. It stands out for its simplicity and robust feature set.

• Best For: Small and medium-sized businesses (SMEs) and startups looking for a comprehensive, affordable, and easy-to-use solution that grows with their business.
• Key Features:
• User-Friendly Interface: Designed for non-accountants, making financial management simple and intuitive.
• Complete GST Compliance: Automatically calculates GST, generates GST-compliant invoices, and simplifies GST filing.
• Cloud-Based Accessibility: Access your data anytime, anywhere, and from any device.
• E-Way Bill & E-Invoicing: Generates e-invoices and e-way bills with a single click.
• Automated Reminders: Sends automated payment reminders to improve cash flow.
• Exceptional Customer Support: Provides prompt and effective customer support.

2. TallyPrime

Tally is a household name in India, known for its powerful accounting and financial management capabilities. TallyPrime, the latest version, is a robust, desktop-based solution.

• Best For: Established small and medium-sized businesses with complex accounting needs and those who prefer a traditional, on-premise software.
• Key Features: Comprehensive GST support, inventory and payroll management, multi-company and multi-user support.

3. Zoho Books

Zoho Books is a popular cloud-based accounting software known for its clean interface and strong integration with other Zoho products.

• Best For: Freelancers, service-based businesses, and small businesses looking for a scalable, cloud-first solution with excellent automation features.
• Key Features: Automated bank feeds, time tracking, project management, and seamless integration with the Zoho ecosystem.

4. Vyapar

Vyapar is a mobile-first GST billing and accounting app that's extremely popular with small business owners and shopkeepers in India. It's designed to be simple and accessible.

• Best For: Very small businesses, retailers, and traders who need a simple, straightforward billing solution that can be used on a mobile phone.
• Key Features: Offline functionality, customizable invoices, inventory tracking, and payment reminders via WhatsApp.

5. Marg ERP 9+

Marg ERP is a specialized ERP software that caters to specific industries like pharmaceuticals and fast-moving consumer goods (FMCG).

• Best For: Businesses in the retail, distribution, and manufacturing sectors that require industry-specific features like barcode integration and batch management.
• Key Features: GST billing, stock and inventory management, barcode scanning, and multi-location support.

6. Busy Accounting Software

Busy offers robust accounting and inventory management features. It is a desktop-based solution that is popular among businesses that need detailed reporting and powerful financial controls.

• Best For: Businesses that require strong inventory management and are comfortable with a desktop-based application.
• Key Features: Multi-location inventory management, GST and TDS support, and customizable reports.

7. myBillBook

myBillBook is a cloud-based billing and accounting software that is known for its user-friendly interface and focus on the Indian market.

• Best For: Small retailers and businesses that need a simple, mobile-friendly solution for billing, inventory, and GST compliance.
• Key Features: Invoice sharing via WhatsApp, barcode scanning, and real-time reports.

8. ProfitBooks

ProfitBooks is an easy-to-use cloud-based accounting software that is praised for its intuitive interface. It offers a free plan for single-user businesses.

• Best For: Startups and small businesses looking for a simple, cloud-based solution that helps them manage their finances without a steep learning curve.
• Key Features: Free GST billing, expense tracking, and payroll processing.

9. ClearTax GST

ClearTax is a well-known name in the tax filing space, and its GST software focuses on simplifying compliance.

• Best For: Businesses that prioritize accurate GST return filing and reconciliation above all else.
• Key Features: Automated GST calculations, HSN/SAC code management, and strong analytics for tax insights.

10. QuickBooks

QuickBooks is a globally recognized accounting software that has a strong presence in India with GST-compliant features.

• Best For: Businesses that are looking for an internationally recognized platform with comprehensive accounting and invoicing features.
• Key Features: GST compliance, bank reconciliation, multi-currency support, and powerful reporting.

Making the Right Choice

When selecting your GST billing software, consider your business's specific needs. Ask yourself:

• Is it easy to use for a non-accountant?
• Is it affordable and scalable for future growth?
• Does it handle all your GST compliance needs, including e-invoicing and e-way bills?
• Does it offer robust customer support?

For a modern, affordable, and all-in-one solution that ticks all these boxes, Tririd Biz is an excellent choice to streamline your business operations and ensure you stay on the path to success.

Top 7 Features Every Billing Software Must Have in 2025

 

Billing software has come a long way from being just a tool to print invoices. In 2025, businesses—especially in India—are seeking smart, compliant, and cloud-ready billing solutions that go far beyond the basics.

Whether you’re a small business owner, a freelancer, or a startup, choosing the right billing software means understanding which features are truly essential—not just nice to have.

In this article, we’ll break down the top 7 must-have features every billing software should offer in 2025 and why Tririd Biz is leading the way with a future-ready platform.

🔍 1. GST Compliance & E-Invoice Readiness

With evolving GST regulations in India, billing software must be fully GST-compliant and support the latest e-invoicing mandates.

✅ Auto-calculation of CGST, SGST, IGST
✅ HSN/SAC code support
✅ Reverse charge applicability
✅ E-invoice generation & QR code embedding
✅ JSON exports for GST portal uploads

💡 Tririd Biz is 100% GST-ready and keeps you compliant without needing an accountant.

📦 2. Inventory & Stock Management

Billing isn’t just about generating invoices—it’s about tracking products too.

✅ Add SKUs, units of measurement, pricing rules
✅ View low-stock alerts and reorder levels
✅ Batch & expiry tracking (useful for pharma/retail)
✅ Auto-adjust stock when invoicing

💼 Businesses in retail, trading, and manufacturing benefit greatly from built-in inventory tools.

📱 3. Cloud & Mobile Accessibility

In 2025, remote and mobile-first business operations are the norm.

✅ Access billing software from anywhere (cloud-based)
✅ Mobile app for on-the-go invoicing
✅ Real-time data sync across devices
✅ Role-based access for team members

🌐 Tririd Biz supports web and mobile access, so you can run your business anytime, from anywhere.

📈 4. Real-Time Reports & Dashboards

Modern billing tools must go beyond invoice logs to provide insights that help you grow.

✅ Daily/weekly/monthly sales reports
✅ Tax summary and compliance reports (GSTR-1, GSTR-3B)
✅ Payment collection tracking
✅ Downloadable financial summaries for CA review

📊 Tririd Biz offers dynamic dashboards and exportable reports with zero guesswork.

✨ 5. Customizable Invoice Templates

Your invoice is an extension of your brand. Make it count.

✅ Add your business logo, colors, and notes
✅ Choose from multiple invoice layouts
✅ Auto-convert to PDF and send via email or WhatsApp
✅ Multi-language support (optional)

📨 Tririd Biz allows full invoice customization—because professional branding builds trust.

🔒 6. Data Security & Auto Backup

With digital records and compliance on the rise, data security is more important than ever.

✅ Secure cloud storage with data encryption
✅ Daily automatic backups
✅ OTP/email-based authentication for users
✅ GDPR-compliant privacy standards

🔐 Your data is safe and recoverable in Tririd Biz, even if your device fails.

💰 7. Affordable Pricing & Transparent Plans

No hidden charges. No complex licensing. Businesses need value-based pricing.

✅ Clear, fixed pricing plans
✅ No per-invoice limits
✅ Lifetime and annual plans available
✅ Free trial or demo

💸 Tririd Biz offers one of the most cost-effective billing software solutions in India, starting from just ₹9,999/year.

🏆 Why Tririd Biz Is Future-Ready

Tririd Biz combines all 7 must-have features—and more:

✅ 100% GST compliance
✅ Inventory & stock management
✅ Mobile & cloud access
✅ Real-time reports
✅ Beautiful invoice templates
✅ Security-first infrastructure
✅ Affordable pricing for Indian businesses

Whether you're a shop owner, wholesaler, freelancer, or startup, Tririd Biz is built for your growth in 2025 and beyond.

🔚 Final Thoughts

In 2025, the best billing software isn’t just a tool—it’s your business partner.

Before choosing your billing solution, ask yourself:

• Will this software help me stay compliant with GST?
• Can I access it anywhere, anytime?
• Does it help me make smarter financial decisions?

If the answer is no, it's time to switch.

🚀 Ready to try the billing software that checks all the boxes?

👉 Start your free demo with Tririd Biz today → https://tririd.com/tririd-biz-gst-billing-accounting-software/

How to File GST Using Your Billing Software – Explained Simply

 

Filing GST returns is a mandatory but often stressful task for Indian business owners. From preparing invoice data to matching input tax credits and submitting returns on time — the process can feel overwhelming.

But what if you could do it all directly from your billing software?

Modern GST-ready billing solutions like Tririd Biz now simplify the entire process — from invoice generation to automated return preparation — even if you’re not a finance expert.

In this post, we’ll break down exactly how to file GST using your billing software — in plain language, step by step.

📌 What Is GST Filing?

GST filing is the process of reporting your sales, purchases, output tax, and input tax credits to the government via monthly or quarterly GST returns.

If you’re registered under GST in India, you must file returns such as:

Return	Frequency	Purpose
GSTR-1	Monthly / Quarterly	Details of outward supplies (sales)
GSTR-3B	Monthly	Summary return (sales, input credit, tax payable)
GSTR-9	Annually	Annual return (for turnover above ₹2 crore)

Missing a return can lead to penalties and ITC blockage.

✅ Benefits of Filing GST Using Billing Software

Filing GST manually using Excel sheets or the government portal is time-consuming and error-prone. Here’s how billing software simplifies the process:

• Auto-calculates GST on every invoice
• Generates GSTR-1 and GSTR-3B-ready data
• Matches purchase data for ITC (if integrated with purchase module)
• Exports files in GSTN-compatible format (JSON, Excel)
• Some platforms even offer direct API integration with GSTN

👉 Tools like Tririd Biz eliminate the need for CA intervention or Excel juggling — perfect for SMEs, freelancers, and retail businesses.

🔍 Step-by-Step: How to File GST Using Billing Software

Here’s a simplified guide for using a billing solution like Tririd Biz to prepare and file your GST return.

Step 1: Enable GST Features in Software

• Go to settings → Tax → Enable GST
• Enter your business GSTIN
• Set up applicable GST rates (5%, 12%, 18%, 28%)
• Add HSN/SAC codes for your products/services

💡 Tririd Biz comes preloaded with GST slabs and HSN codes.

Step 2: Create GST-Compliant Invoices

• While billing, select the correct GST rate
• Choose customer type (registered/unregistered, intra/inter-state)
• Software automatically applies CGST + SGST or IGST
• Save & download GST-compliant invoice

Each invoice you create will now feed into your GST return.

Step 3: Auto-Generate GSTR-1 Data

• Navigate to Reports → GST Reports → GSTR-1
• View/export details of all outward supplies
• Software shows summary by:
• B2B Sales
• B2C Large/Small Sales
• Credit/Debit Notes
• Download data in Excel or JSON format

Step 4: Prepare GSTR-3B Summary

• Go to GST Reports → GSTR-3B
• View summary of:
• Total taxable value
• Output GST
• Input tax credit (if using purchase module)
• Net payable tax
• Adjust any rounding or cash/credit ledger values

Step 5: File Returns on GST Portal

Even if your billing software doesn’t have direct filing integration (API), it prepares return-ready data.

• Log in to gst.gov.in
• Select the return (GSTR-1, GSTR-3B)
• Upload invoice data (JSON/Excel)
• Cross-check values
• Submit, offset tax, and file

✅ If your billing software supports direct GST API filing, you can submit without switching platforms.

🛠 Bonus Features in Tririd Biz for Easy GST Filing

• Invoice-wise GST reports
• Input tax credit matching
• GSTR-1/GSTR-3B/Annual return ready formats
• Automatic data backup for audit trail
• GST error flagging for missing fields or mismatches
• Email reminders for return due dates

⚠️ Common Mistakes to Avoid

❌ Incorrect GSTIN or invoice number format
❌ Missing HSN/SAC codes
❌ Charging wrong GST rate
❌ Not maintaining digital invoice records
❌ Late filing leading to ₹50–₹100/day penalty

💡 Tririd Biz helps eliminate these errors with built-in validations and alerts.

🔚 Final Thoughts

You don’t need to be a GST expert or hire a full-time accountant to stay compliant. With the right billing software, you can create, manage, and file GST returns easily and confidently.

Tririd Biz is designed specifically for Indian businesses looking for a fast, accurate, and affordable way to handle billing and GST filing in one place.

🎯 Ready to simplify your GST returns?

👉 Try Tririd Biz Free Demo → https://tririd.com/tririd-biz-gst-billing-accounting-software/

Top 5 Benefits of Using Accounting Software in India

 

In today’s fast-paced business world, managing finances manually isn’t just inefficient — it’s risky. Whether you’re a local trader, startup founder, freelancer, or small business owner in India, accounting software is no longer optional. It’s essential.

From streamlining GST compliance to gaining real-time visibility into cash flow, accounting tools are transforming how Indian businesses manage their finances.

In this article, we’ll break down the top 5 benefits of using accounting software in India — and why switching to a smart solution like Tririd Biz could be the best decision you make in 2025.

1. ✅ Simplified GST Compliance

The Goods and Services Tax (GST) system in India has added complexity to invoicing and tax reporting. Accounting software makes GST compliance effortless.

🔹 Automatically generate GST-compliant invoices
🔹 Track input tax credits
🔹 File GST returns with a few clicks
🔹 Avoid penalties from incorrect filings

💡 Pro Tip: Tririd Biz comes with a built-in GST billing module that helps small businesses stay compliant without hiring a full-time accountant.

2. ✅ Saves Time & Reduces Human Error

Manual bookkeeping is prone to mistakes — and correcting those mistakes costs you time and money.

With accounting software:

🔹 Data entry is faster and more accurate
🔹 Repetitive tasks like invoice creation and payment tracking are automated
🔹 Reports are generated instantly — no spreadsheets needed

The result? You get more time to focus on running your business instead of chasing numbers.

3. ✅ Real-Time Financial Insights

Smart accounting tools give you access to real-time financial data at your fingertips.

🔹 Monitor cash flow and outstanding payments
🔹 Track profit and loss over any period
🔹 Get customizable dashboards with analytics

📈 With Tririd Biz, you can see how your business is doing anytime, anywhere — on desktop or mobile.

4. ✅ Better Inventory & Expense Management

Most accounting software in India now comes with inventory management and expense tracking built in.

🔹 Track purchase orders, stock levels, and reordering
🔹 Categorize expenses and analyze spending patterns
🔹 Stay on top of supplier payments and cost optimization

💼 If you’re a retailer or wholesaler, this is especially crucial for managing margins.

5. ✅ Boosts Professionalism & Customer Trust

Sending professionally designed, branded, and timely invoices makes a great impression.

🔹 Build trust with clients through transparent billing
🔹 Offer multiple payment modes and automated reminders
🔹 Maintain records for dispute resolution or audits

🎯 Tririd Biz allows you to customize invoice templates, add your logo, and even email invoices directly to clients.

Bonus: Why Indian SMEs Are Choosing Tririd Biz

Tririd Biz is built specifically for Indian businesses and GST regulations. It combines billing, inventory, reporting, and tax compliance in a single, affordable platform — starting at just ₹4,999/year.

Whether you're running a shop in Ahmedabad, a startup in Bengaluru, or a distribution business in Mumbai — Tririd Biz gives you the tools to manage finances confidently and grow faster.

Final Thoughts

If you're still using Excel, paper ledgers, or outdated desktop tools, it’s time for an upgrade.

The benefits of using accounting software in India — especially with changing tax laws and competitive markets — are too powerful to ignore.

✅ Stay compliant
✅ Save time
✅ Gain insights
✅ Improve professionalism
✅ Scale your business with ease

🚀 Want to see how Tririd Biz can help?

👉 Try the Free Demo and experience smarter billing today.

Best Accounting Software in India for 2025: Features, Pricing & Comparison

 

Accounting software has become an essential tool for every Indian business — from local traders and small shopkeepers to large enterprises and startups. With GST compliance, e-invoicing, and digital transformation accelerating in India, choosing the right accounting software is critical.

In this post, we’ll explore the top accounting software solutions in India for 2025, compare their features and pricing, and help you find the best fit for your business.

Why You Need Accounting Software in 2025

✅ Save time on manual bookkeeping
✅ Ensure GST compliance with automated invoicing
✅ Track income, expenses, and profits in real-time
✅ Reduce human error and stay audit-ready
✅ Enable remote collaboration with cloud access

Top 5 Accounting Software in India (2025 Edition)

Let’s take a closer look at the best accounting and billing software options in India this year.

1. Tririd Biz (Best for Indian SMEs & GST Invoicing)

• 🌐 Website: tririd.com
• 💼 Ideal For: Small to mid-sized businesses, retailers, service providers
• 💰 Pricing: Starts at ₹9999/year
• ⭐ Key Features:
• GST-ready invoicing
• Inventory & stock tracking
• Multi-user access
• Real-time reporting dashboard
• Cloud & mobile access
• 🏆 Why Tririd Biz?
  Affordable, intuitive, and built specifically for Indian businesses with GST compliance in mind. Excellent support and fast onboarding.

2. TallyPrime

• 💼 Ideal For: Traditional businesses and accountants
• 💰 Pricing: ₹18,000/year (Single user)
• ⭐ Key Features:
• Advanced accounting and inventory management
• GST compliance
• Payroll management
• 🔍 Downside:
  Slight learning curve for non-accountants, desktop-based

3. Zoho Books

• 💼 Ideal For: Tech-savvy users & freelancers
• 💰 Pricing: ₹999/month
• ⭐ Key Features:
• Automated bank feeds
• GST filing support
• Expense & time tracking
• Client portal

4. Busy Accounting Software

• 💼 Ideal For: Distributors, manufacturers
• 💰 Pricing: From ₹9,000/year
• ⭐ Key Features:
• GST billing
• Multi-location inventory
• Barcode management

5. Marg ERP

• 💼 Ideal For: Pharma, retail, distribution businesses
• 💰 Pricing: ₹10,000/year onwards
• ⭐ Key Features:
• Barcode billing
• E-invoicing
• Pharma industry modules

Tririd Biz vs Competitors: Quick Comparison

Feature	Tririd Biz	TallyPrime	Zoho Books	Busy	Marg ERP
GST Invoicing	✅	✅	✅	✅	✅
Cloud Access	✅	❌	✅	✅	✅
Mobile App	✅	❌	✅	❌	✅
Inventory Management	✅	✅	✅	✅	✅
Free Trial/Demo	✅	❌	✅	❌	❌
Best For	SMEs	Accountants	Freelancers	Distributors	Retail

How to Choose the Best Accounting Software for Your Business

Consider the following before choosing:

🔹 Business Size & Type
🔹 Need for GST compliance
🔹 Cloud vs Desktop preferences
🔹 Industry-specific requirements (e.g. pharma, retail)
🔹 Budget and ease of use

For most Indian small businesses, Tririd Biz offers the perfect blend of affordability, compliance, and ease of use.

Final Thoughts

2025 is the year to digitize your billing and accounting workflows. Whether you're running a retail store, service business, or startup — investing in a reliable accounting software like Tririd Biz can save hours of manual work and keep you compliant with Indian tax laws.

🚀 Ready to simplify your finances?

👉 Try Tririd Biz’s Free Demo Today

🔗 Visit Tririd.com

What Is Billing Software? A Beginner’s Guide for Indian Entrepreneurs

 

🧾 Introduction

Running a business in India means juggling invoices, GST compliance, payments, and customer records—all while trying to stay organized and error-free. That’s where billing software steps in.

Whether you’re a small business owner, freelancer, trader, or startup founder, this beginner-friendly guide explains exactly what billing software is, how it works, and why it’s essential for every Indian entrepreneur in 2025 and beyond.

💡 What Is Billing Software?

Billing software is a digital tool that helps businesses create, manage, and send invoices to customers. It automates the entire billing process—from generating GST-compliant invoices to tracking payments, sending reminders, and generating financial reports.

It replaces traditional manual billing methods like spreadsheets or handwritten invoices with a faster, error-free, and more professional system.

🧠 Key Features of Billing Software

Here are the core features most billing software tools offer:

Feature	Description
Invoice Generation	Create GST-compliant invoices in a few clicks
Customer Management	Save and manage customer profiles for faster billing
Product/Service Catalog	Add and track items/services with HSN/SAC codes and tax details
Tax Calculations	Auto-calculate GST, CGST, SGST, IGST based on location
Payment Tracking	Track due payments, issue receipts, send reminders
Reporting & Analytics	Generate reports on sales, expenses, GST filing, and more
Inventory Integration	Monitor stock levels, purchase orders, and alerts (in advanced tools)
Mobile Access	Use the software on smartphones and tablets—anytime, anywhere

 

🇮🇳 Why Indian Entrepreneurs Need Billing Software in 2025

With India's GST system becoming more digitized and the rise of e-invoicing mandates, entrepreneurs can no longer afford manual billing errors or outdated systems.

Here’s why billing software is a must-have in India:

1. ✅ GST Compliance: Auto-populated fields, real-time tax calculations, and e-invoice generation
2. ✅ Saves Time: Create invoices in seconds, reducing paperwork and delays
3. ✅ Avoids Penalties: Ensures correct invoice formats and tax rates
4. ✅ Professional Image: Branded, professional invoices improve customer trust
5. ✅ Scalable: Works for a kirana store, a freelancer, or a multi-branch company
6. ✅ Better Insights: Helps you understand your cash flow and make smarter decisions

🧮 Real-Life Example: Manual Billing vs Software-Based Billing

Task	Manual Billing (Excel/Paper)	Using Billing Software (e.g., Tririd Biz)
Time to Create Invoice	5–10 mins	30 seconds
GST Calculation Accuracy	Prone to error	Auto-calculated with updates
Invoice Format Compliance	Needs checking	100% GST-compliant formats
Access on Mobile or Cloud	❌	✅
Inventory Sync	Manual updates	Real-time updates

 

🔍 How to Choose the Right Billing Software in India

Not all billing software is created equal. Here are the key criteria to consider:

1. 💸 Affordable pricing plans (especially under ₹5000/year for startups)
2. 📱 Mobile compatibility (Android/iOS apps are a plus)
3. 🧾 GST compliance with regular updates
4. 📊 Smart dashboards & downloadable reports
5. 🌐 Cloud-based access for remote working
6. 🔐 Data security and backup

🌟 Recommended: Tririd Biz – India’s Best Billing Software for SMEs

Tririd Biz is a powerful yet beginner-friendly billing software built specifically for Indian businesses. It helps you:

• Create GST-compliant invoices in seconds
• Manage inventory and customer records
• Get real-time reports on sales and payments
• Access billing tools from any device
• Pay less than ₹5000/year

🎯 Perfect for: Retailers, wholesalers, traders, freelancers, and startups.

👉 Try Tririd Biz Free Demo

🛠️ FAQ: Billing Software for Indian Entrepreneurs

❓ Is billing software mandatory for GST filing?
✅ Not mandatory, but highly recommended to avoid errors and save time during returns.

❓ Can I use billing software without accounting knowledge?
✅ Yes! Most tools are designed for non-technical users with intuitive dashboards.

❓ Do I need internet to use billing software?
✅ Cloud-based tools need internet; some desktop tools work offline too.

📌 Final Thoughts

Billing software is no longer a luxury—it’s a necessity for Indian entrepreneurs in 2025. With rising compliance demands, digital payments, and remote work culture, automating your billing process is a smart step toward running a professional, scalable business.

Tririd Biz makes this transition easy, affordable, and rewarding.

—

✅ Ready to Switch to Smart Billing?

👉 Explore Plans or Book a Free Demo at https://tririd.com/tririd-biz-gst-billing-accounting-software/
📞 Call us: +91-9023134246

How to Handle Export/Import Invoicing & Accounting Under GST in India

 

For Indian businesses looking to expand globally, or those dealing with cross-border transactions, understanding the nuances of export and import invoicing and accounting under GST is crucial. It can seem complex, but with the right approach and tools, you can ensure compliance and smooth operations.

This guide will break down the essentials and show you how smart accounting software, like Tririd Biz, can simplify the process.

Understanding Exports Under GST

Exporting goods or services from India is generally considered a "zero-rated supply" under GST. This means that while you can claim Input Tax Credit (ITC) on inputs used for exports, the final export supply itself is not subject to GST.

Two main options for Exporters:

1. Export under LUT/Bond without paying IGST:
• This is the most common and preferred method. You export goods/services without paying IGST by furnishing a Letter of Undertaking (LUT) or Bond to the tax authorities.
• Benefit: No upfront tax payment, easing cash flow. You can still claim ITC on inputs used for these exports.
• Invoicing: Your invoice must clearly state "Supply Meant For Export Under Bond Or LUT Without Payment Of Integrated Tax" and include the LUT/Bond reference.
2. Export on payment of IGST and claim refund:
• You pay IGST on your export supplies and then claim a refund of the paid IGST once the goods/services are exported.
• Benefit: Simpler for some, but involves blocking working capital until the refund is processed.
• Invoicing: Your invoice will include the applicable IGST rate.

Key things for Exports:

• Export Invoice Format: Must be a "Tax Invoice" for IGST payment route, or clearly marked for LUT/Bond route. Include foreign currency details, exchange rates, and value in INR.
• Shipping Bill/Bill of Export: Essential document for goods export.
• Foreign Inward Remittance Certificate (FIRC): Proof of foreign currency realization for services.

Decoding Imports Under GST

When you import goods or services into India, it's generally considered a "supply" and is subject to GST (specifically IGST) and Customs Duty.

Key considerations for Imports:

1. Import of Goods:
• IGST and Customs Duty are levied on the value of imported goods at the time of import. This is often paid at the customs port.
• Bill of Entry: This document is crucial for importing goods and acts as a deemed invoice for claiming ITC on the IGST paid.
• Claiming ITC: You can claim ITC on the IGST paid on imports, provided the goods are used for taxable supplies.
• Reverse Charge Mechanism (RCM): For certain notified goods or services, the recipient (importer) is liable to pay GST under RCM.
2. Import of Services:
• The recipient (importer) in India is typically liable to pay IGST under the Reverse Charge Mechanism (RCM).
• Payment: The importer must pay the IGST to the government and then can claim ITC on it (if eligible).
• Invoicing: While you receive an invoice from the foreign supplier, for GST purposes in India, you often need to issue a "self-invoice" to document the RCM liability.

Key things for Imports:

• Bill of Entry: For goods, this is your primary document.
• Self-Invoice: Often required for import of services under RCM.
• Currency Conversion: Use the exchange rate notified by the Central Board of Indirect Taxes and Customs (CBIC) at the time of import.

How Tririd Biz Simplifies Export/Import Accounting Under GST

Managing cross-border transactions manually can lead to errors and compliance issues. This is where a robust accounting and billing software like Tririd Biz becomes invaluable.

Here’s how Tririd Biz can help you handle your export and import accounting seamlessly:

• GST-Compliant Invoicing: Generate professional invoices for both exports (LUT/Bond or IGST payment) and manage self-invoicing for imported services, ensuring all necessary declarations and details are included.
• Automated ITC Management: Easily track and claim Input Tax Credit on your imported goods and services, helping you maximize your eligible refunds and optimize cash flow.
• Multi-Currency Support: Handle transactions in foreign currencies with ease. Tririd Biz can help you record exchange rates, manage currency fluctuations, and automatically convert values to INR for GST reporting.
• Reverse Charge Mechanism (RCM) Handling: Automatically identify and account for services subject to RCM, calculating the correct GST liability and helping you track ITC on these payments.
• Accurate GST Reporting: Generate precise GSTR-1 (for exports) and GSTR-3B (for both exports and imports, including RCM liabilities and ITC claims) reports, making your GST filing process smooth and error-free.
• Comprehensive Financial Reports: Get clear insights into your international trade activities, track profitability on exports, and manage expenses for imports with detailed financial statements.
• Streamlined Data Entry: Reduce manual errors by streamlining data entry for bills of entry and foreign invoices.

Don't let the complexities of export and import GST compliance hold back your global aspirations. With Tririd Biz, you can confidently manage your international transactions, stay compliant, and focus on growing your business.

Ready to streamline your export/import accounting?

Visit our website to learn more about Tririd Biz https://tririd.com/tririd-biz-gst-billing-accounting-software/