Taxes

"As a FlipShop Pro seller, you'll need to charge taxes on your sales. FlipShop Pro handles most tax calculations automatically, but you can adjust settings for specific tax laws.

FlipShop Pro provides default tax rates, but it's important to check if they're right for you. You can change them as needed.

Remember, FlipShop Pro doesn't handle tax filings. You may need to register with tax authorities and seek expert advice for compliance."

How should I set up my taxes?

How to Add Tax on FlipShop Pro:

1. Navigate to Tax Settings:

   • After logging in to your FlipShop Pro account, navigate to the Tax Settings.

   • Click on "Settings" located in the top menu.

   • From the dropdown menu, select "Tax."

2. Add Tax Rate:

   • Within the Tax Settings page, locate and click on "Setup Tax Rates."

   • This will direct you to the section where you can manage tax rates for your products.

3. Input Tax Details:

   • Here, you'll need to input specific details for the tax rate you wish to add.

   • Enter the tax name, rate (percentage), type (e.g., GST), and any other relevant details as needed.

4. Save Tax Rate:

   • Once you've entered all the necessary information, click on "Save" to confirm the addition of the tax rate.

   • This ensures that the new tax rate is saved and ready to be applied to your products.

5. Add Tax Class:

   • Return to the Tax Settings page by navigating back or using the provided menu options.

   • Click on "Setup Tax Classes" to proceed with adding tax classes.

6. Define Tax Class:

   • Within the Tax Classes section, you'll define the specifics of each tax class.

   • Enter the tax class title, description (if applicable), applicable tax rate, and any other relevant details.

7. Save Tax Class:

   • After defining the tax class, click on "Save" to finalise the creation of the tax class.

   • This ensures that the tax class is saved and ready to be applied to your products as needed.

8. Review and Confirm:

   • Take a moment to review your tax settings to ensure accuracy.

   • Verify that all tax rates and classes are correctly configured before proceeding.

9. Save Changes:

   • Once you're satisfied with your tax settings, click on "Save" to apply the changes.

   • This ensures that any updates or additions you've made to your tax settings are saved and implemented.

10. Consultation

    • If you have any questions or need further clarification on tax-related matters, don't hesitate to seek expert advice.

    • Consult with tax professionals or experts to ensure compliance with local tax regulations and best practices.

FAQ

1. How can I make sure my taxes are set up correctly?

   • Consult with tax experts and use FlipShop Pro's tools to get it right.

2. Can I change taxes for different places in India?

   • Yes, you can adjust taxes based on where you sell within India.

3. What if FlipShop Pro's default taxes don't match what I need?

   • You can easily tweak them in FlipShop Pro's settings.

4. Can I avoid taxes for certain products or customers?

   • Yes, you can exempt specific items or buyers if needed.

5. Does FlipShop Pro help me track how much tax I owe?

   • Yes, it provides reports so you can stay on top of your tax obligations.

6. How do I change tax rates later on?

   • Just revisit FlipShop Pro's settings and make adjustments as needed.

GST in India FAQ for FlipShop Pro:

Note: This guide is specifically for merchants in India.

Introduction:

A Goods and Services Tax (GST) was implemented in India on July 1, 2017. GST is an indirect tax applied nationwide, replacing various taxes by both central and state governments, including VAT, Central Sales Tax, Excise Duty, and Commercial Tax.

FAQ:

1. Do I need to register for GST?

• It depends on your business circumstances:

  • Mandatory registration if:

    • Turnover exceeds Rs 20 lakhs (Rs 10 lakhs for North Eastern and hill states).

    • Registered under previous laws like Service Tax or VAT.

    • Involved in inter-state supply of goods.

    • Selling on online marketplaces.

• Consult a tax consultant for personalised advice.

2. What's the difference between IGST, CGST, and SGST?

• CGST and SGST are for in-state orders, payable to the central and state governments, respectively.

• IGST is for out-of-state orders, payable to the central government.

3. Where can I learn more about GST categories?

• Visit the Central Board of Excise and Customs website for detailed information.

4. How should I set up my taxes on FlipShop Pro?

• Tax rates vary by product type, requiring manual adjustments.

• Utilise default tax rates as a starting point, then customise as needed.

5. How can I ensure my tax settings are correct?

• FlipShop Pro automates tax calculations but doesn't handle tax filing.

• Consult local tax authorities or professionals to verify tax rates.

6. Why aren't I seeing the expected tax rates?

• Review settings and exemptions:

  • Ensure no regional tax exclusions.

  • Verify customer and product tax exemptions.

  • Adjust tax behaviours as needed.

7. How do I set an HSN code on my products?

• Use the HS tariff code field in the product's shipping section.

• Ensure codes have at least 6 digits or add shorter codes as Metafields or product tags.

8. Does FlipShop Pro provide a GST-compliant bill?

• No, FlipShop Pro doesn't generate GST-compliant bills.

• Use third-party GST invoicing services or apps from the FlipShop App Store for compliance.