Category Archives: FinancePlus

What is Kerala Flood Cess?

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In view of the floods that affected Kerala in August 2018, the Government of Kerala has decided to collect a Kerala Flood Cess of 1% or 0.25% on the sale of goods and services for two years, starting from August 1, 2019. The money collected through this cess will be used for rebuilding the state. 

Kerala Flood Cess must be applied on the goods or services in the following manner:

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Who should collect the cess and from whom?

GST registered persons must collect the cess on the sale of goods or services to unregistered persons within Kerala i.e. only on intra-state B2C transactions. Also, they must collect cess while making an intra-state supply of goods or services to other GST registered persons if the sold goods or services will not be used for business purposes.

Note: This cess will not be applicable to businesses that are in the composition scheme.

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How do I file the cess return?

You (a taxable person or business who has collected the cess) must file a monthly return in Form No. KFC-A on or before the due date for filing the GSTR-3B return. The cess return must contain all the details of the sale of goods or services that attract the Kerala Flood Cess.

To file the cess return:

  • Go to www.keralataxes.gov.in.
  • Generate a user ID and password.
  • Log in to the website and file your cess return.

The cess you had collected must be paid along with this return. Also, the details of sales mentioned in this return must match with the details of sales in the GSTR-1.

Note: There will be no refund of the cess you pay along with the return.

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Is interest applicable on delayed payment of Kerala Flood Cess?

Yes, you will have to pay interest at 18% on the delayed payment of Kerala Flood Cess as per the provision under Kerala Goods and Services Tax Act, 2017 and Central Goods and Services Tax Act, 2017.

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How do I set up the Kerala Flood Cess in Zoho Invoice?

You can configure taxes in Zoho Invoice so that the cess is applied on the sale of goods or services to unregistered persons within Kerala. Here’s how:

If you are yet to create KFC:

Create new tax rates as Kerala Flood Cess with its rate as 0.25% and 1%.

  • Go to Settings > Taxes > Tax Rates.
  • Click + New Tax and enter a tax name for the cess. (For example, Kerala Flood Cess @ 1%.)
  • Enter the rate as 1%.
  • Select the tax type as Cess.
  • Check the option This is Kerala Flood Cess.
  • Click Save.

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Once you’ve created the KFC, the new tax groups that contains the cess and the GST rates will be automatically created.

If you sell goods at 3% GST, you can repeat the steps above and create another tax for the cess of 0.25%. In this case, you must create the tax group manually, which will contain SGST 1.5%, CGST 1.5% and Cess 0.25%.

If you have created KFC already:

Edit the KFC and check the option This is Kerala Flood Cess so that the transactions that have the cess applied on them is included in their respective returns.

  • Go to Settings > Taxes > Tax Rates.
  • Hover over the KFC tax rate and click Edit.
  • Check the option This is Kerala Flood Cess.
  • Click Save.

The tax groups that you had created which included the KFC will be automatically updated as a KFC tax group.

Now, when you make a sale of goods or services to an unregistered person, you can select the corresponding tax group from the dropdown and apply it to the line item.

If your business mostly supplies goods or services to unregistered persons within Kerala, you can set these tax groups as the default tax rates for your items and they will be applied automatically when you create a transaction.

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How does a expected payment date based reminder work?

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Once you set a reminder based on expected payment date, you will receive a reminder from Zoho Invoice reminding you about the payments those are nearing their date or payment dates that has already been crossed.

 

To set these reminders

  • Click on the gear icon present on the top right corner of the page, and select the Reminders option.

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  • Hover to the section ” Based on Expected Payment Date “.
  • Click on the Turn On button next to the details.
  • In the pop up that appears, enter the number of days you want to be reminded before/after the expected payment date.
  • You can also cc and Bcc the mail to other related organisation staff.
  • Click on Save.

Note : You must set an Expected Payment Date to use this reminder feature.

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How can we edit an existing tax rate?

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Edit an existing tax rate

Let’s see the steps for edit the existing tax rate

  • Click on the Gear icon found on the top right hand side corner of the screen and click on Taxes from the drop-down.
  • In the Edit Tax screen, edit the desired fields such as Tax Name, Rate and select if it is a compound tax.
  • Click Save for the changes to take effect.

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How do we change the tax amount for an expense manually?

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  • If this tax has already been applied in some transactions, you will asked to confirm if you wish to update the new tax rate in those transactions as well.

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How to delete a reminder in the invoice?

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  • Click on the reminder which needs to be deleted.
  • In the next window, a Delete this reminder button will be available on the right-bottom corner.
  • Click on the button and the reminder will be deleted instantaneously.

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Deleting The Reminder

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How do we change the tax amount for an expense manually?

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There might be cases wherein the tax amount in a transaction, say an expense, varies because your vendor calculates the tax applied on the transaction differently.

Zoho Invoice allows you to account for these minor variations by allowing you to manually change i.e override an automatically calculated tax amount, once you apply a tax to a transaction.

Let’s take an example where you print two sets of flyers, A5 (100 Nos.) and A4 (50 Nos.) to give it out to customers at a Sales conference.

The receipt of the expense has the following details:

A5 Flyer (100 Nos.) – $ 123.45

A4 Flyer (50 Nos. ) – $ 123.46

Sub Total – $ 246.91

The vendor also adds a 10% tax for every item in the bill.

10% of 123.45 = 12.345 => 12.35 (Rounded for 2 decimal places)

10% of 123.46 = 12.346 => 12.35 (Rounded for 2 decimal places)

Now tax amount will be 12.35+12.35 = $24.70

Total – $ 246.91 + $ 24.70 = $ 271.61

However, when you attach the receipt and add the expense details in Zoho Invoice, you will enter the sub total of $ 246.91 and you will choose the tax of 10% from the drop-down (or create a new one) and mark it as Tax Exclusive.

Now, the tax in Zoho Invoice will be calculated for the whole amount ($ 246.91) rather than how it was done by the vendor (apply tax to each item). This would result in a tax amount of $24.69.

From the above calculation you can observe a small variation between the calculations done by the vendor and Zoho Invoice.

Under such cases, you can maually adjust these variations using the Tax override feature.

In this case, all you have to do is manually change the tax amount that was initially calculated to reflect the actual tax amount spent.

While creating an expense, click on the Change option next to the Tax Amount to modify the tax rate that has been calculated automatically.

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I tried duplicating the tax name but was unable to do so. Please resolve my issue.

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How do I add a new reminder to the invoice?

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A new reminder can be added only for cases based on due date.

  • Go to Reminders – Automated Reminders – Invoices.
  • You can click on the Turn On button beside any one of the reminders. You can edit the reminder template as per your wish and hit the Save button.
  • If you would like to create a new reminder, click on +New Reminder option.
  • In the new window, enter the Name of the reminder to be created.
  • Select who should be reminded, either you, the customer or both from the Remind drop down.
  • Set the due date criteria and modify the content if necessary using Placeholders for help.
  • Click on Save.

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I tried duplicating the tax name but was unable to do so. Please resolve my issue.

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[et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_button button_url=”https://go.zoho.com/KwD” url_new_window=”on” button_text=”Access Free Invoicing Software” button_alignment=”center” _builder_version=”4.9.3″ _module_preset=”default” custom_button=”on” button_text_color=”#FFFFFF” button_bg_color=”#0C71C3″ button_border_width=”0px” button_border_radius=”22px” button_use_icon=”off” filter_saturate=”74%” button_text_shadow_style=”preset2″ box_shadow_style=”preset3″][/et_pb_button][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_image src=”https://blog.gotmenow.com/wp-content/uploads/2021/06/Zoho-Invoice-a-one-stop-solution-to-all-your-invoicing-requirements.png” alt=”How can I convert an estimate into an invoice?” title_text=”Zoho Invoice – a one-stop solution to all your invoicing requirements” url=”https://go.zoho.com/KwD” url_new_window=”on” align=”center” _builder_version=”4.9.3″ _module_preset=”default”][/et_pb_image][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.10″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_text _builder_version=”4.9.10″ _module_preset=”default”]

Importing an item with a tax name which is similar to the tax created manually. But instead of replacing the tax name, duplicating the tax name and now  have 2 taxes with the same tax name in the invoice.

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When importing items, taxes are matched with three properties.

  • Tax Name
  • Tax Type
  • Tax Percentage

The values in your Zoho Invoice account and the CSV file should match perfectly. If there is a mismatch then Zoho Invoice would create a new tax.

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Deletion of a tax that is no longer needed. Will it affect previous transactions?

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No, your transactions in the past will not be affected by deleting the tax linked to it. If you feel a tax you created is not of much use for your business, then you can go ahead and delete it without worrying about your previous transactions.

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Q) I want to add more than one tax to an item. How do I do this?

This can be done by adding the multiple taxes under a tax group before associating it to the item.

  • Go to Settings > Taxes.
  • Click on +New Tax Group.
  • Provide a name and associate the taxes you want to club under this tax group.
  • Save changes.

Now, you can associate this tax group to your item, either on the item creation page or invoice creation page.

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Q) Can I delete a item? It shows me an error message when I try.

 

You cannot delete an item involved in existing transactions in your account. You have to delete the concerned transactions before you come back and delete the items, or you can simply just mark the particular items as inactive.

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Record a transaction to reclaim VAT while creating a mileage expense?

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Yes, you can reclaim VAT on mileage expenses. Please note, however, that HMRC says that VAT can be reclaimed only on the fuel part of the mileage expense.

The fuel rates are calculated as per HMRC’s Advisory Fuel Rates.

While creating a mileage expense, make sure the checkbox against Reclaim VAT? is selected.

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Once you select the checkbox, three additional fields will appear,

  • VAT: Select the VAT rate that is applicable for this expense.
  • Fuel Type: Select whether the vehicle runs on Petrol, LPG or Diesel.
  • Engine Capacity: Select the vehicle’s Cubic Capacity(cc) from the drop-down.

The Fuel Type and Engine Capacity are asked so that Zoho Invoice can calculate the cost of fuel for the distance you’ve traveled in a vehicle.

The VAT that is applicable on the purchase of fuel is then calculated using these rates.

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How can we add a new tax?

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Add a new tax

  • Go to Settings > Taxes and click on +New Tax.
  • Enter a tax name and provide a Rate(%) for your tax.
  • Check the Yes, this is a compound tax box to define it as a compound tax, if necessary.
  • Click on Save.

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