Don't worry! Our FAQs Section will Help you Learn about Tax Payments in detail.
Q. What Is Tax Payment?
The tax payment module helps you deal with business-related taxes like GST without going through repetitive and manual processes. You can easily fetch the challan from the government portal, create challan for payment, get maker and approver approvals on record, and use the credit limit you have from EnKash to make the payment. Once the payment is completed, the payment proof will be scanned and filed digitally in your records for future reference.
Q. Can I Use Your Tax Payment Module to Make GST Payment?
The tax payment module on our portal is configured to enable GST payments. In fact, there is a set process that you can follow to make the payment every time the payment is due. This process enables you to follow all the steps, like the maker, checker, and approver processes, document the steps, and file away the documentation once the payment is completed.
Q. What Is the Process for GST Payment Online?
The process for GST payment online starts with the first step, which is to generate a GST challan. For this step, you need to log in to the government portal, create the GST challan, choose the mode of payment (either NEFT or RTGS), and enter the remitting bank. You can make the GST payment online using credit cards, virtual accounts, and more. You can also bring your audit team to help with the process and set approvals as required.
Q. Why Is It Crucial to Make Timely GST Tax Payments?
Timely GST tax payment is crucial to ensure that you are able to avoid any penalties. These range from fines to other forms of punishment. Any such problem will cause your business progress to be derailed.
Q. Why Is Tax Payment Critical for My Business?
Tax payments are mandatory by law, and the government requires businesses like yours to pay taxes on time to reap its benefits, avoid penalties, and keep the business going. The tax payment module facilitates the whole process and reduces manual errors.
Q. Does the Tax Payment Module help Improve the Finance Team’s Performance? If Yes, How?
The tax payment module helps the finance team’s performance by ensuring that the payments are not missed, the approval process is clear and fast, and by ensuring that the digital records for tax payments are stored in the right place. The tax payment module ensures that your business meets compliance and audit-related requirements.
Q. Why Should a Startup Consider Tax Payment?
Tax Payment is critical for a startup because it helps them with the following aspects:
Q. How does the Tax Payment Module Help Create Clear Records?
With the tax payment module, much of the process is online, with a clear process laid out. This ensures that the payments are made on time with the right people checking the details and giving their approvals. Once the payment is made, a digital record is created for future reference in case it is required to provide proof of payment or answer audit-related questions.