The demand for gold is never-ending. Day by day, the number of people purchasing gold is increasing, especially women customers. Whenever you purchase gold from a jeweller, it is important to take the invoice. There are various reasons why you must collect a permanent invoice when you purchase gold ornaments. To give you awareness regarding the temporary and permanent invoices, we have stated the difference between the two in the guide below.
A temporary invoice is a bill issued by a trader to hand over to the customer when the purchase of any gold item is made but is not recorded in the book of accounts by the trader. Such invoices are made by certain traders to avoid paying income tax. Here, the customer also does not have to pay taxes like GST. This is the reason why such retailers offer discounts to customers.
Whereas a permanent invoice is based on the legitimate transaction and the invoice will include the details like the purity of the gold, jewellery name and code, break-up amount, and GST identification number of the jewellery. The main reason why a permanent bill is required is that this invoice is proof of the purity of the gold, proof of legality, shows the accurate value, and is evidence of legal ownership.
What are the components of the gold bill format?
This section will give you a clear idea of the components of the gold billing format. An accurate gold billing format will include all the necessary information which states that the transactions are legal. But to know this, you should know what elements are included in a permanent gold invoice. Below you can discover the list of components that are involved in a jewellery invoice.
- The heading of the bill should be stated as Invoice
- The next details will be the name, address, and contact information of the business
- Name and contact information of the buyer
- The date on which the invoice is generated and the purchase was made
- Unique Invoice Number
- Details of the gold ornaments purchased along with the prices
- The quantity of the items bought
- Details of the taxes added and other applicable fees
- Discounts applicable if any
- The total amount to be paid including the taxes, fees, and discounts
- Mode of payment
- Agreed credit terms if any
- Terms and conditions of the sales made
- Registration number of the business
When you receive the gold bill format, if all the above-mentioned elements are included, you can be sure that you are getting a legal business transaction. So, whenever you purchase gold, do not just collect gold bill format and keep it in your bag. Cross-check if all this information is recorded accurately. Check the names of the items you have purchased, along with the quantity and price.
How to make GST bill format for gold jewellery using myBillBook
With the help of myBillBook, creating a GST bill format for gold jewellery is easy. Here you go with the steps.
Making GST bills or invoices
- First, you must create a GST compliant to make the GST bill.
- The invoice can be created in three steps, and it should include necessary information like the GSTIN of both parties if it applies to the party.
- The billing and shipping address of the part should be included, and the consecutive invoice number.
- Moreover, the date of issuance and the HSN code of the items should be entered.
- Likewise, CGST/SGST/IGST on every item must be entered as applicable. You can also create bills without the GST if required.
You can customize the invoice for any kind of business, such as a distributor, trader, wholesaler, retailer, stockiest, etc.
- Also, any type of industry, like pharmacy, FMCG, electronics, etc., can create customized bills.
- By using myBillBook, you can even choose the invoice themes and colours from the multiple choices given.
- Moreover, you can scan the items using the barcode scanner and reduce the billing time with the help of the software.
- If you have this software, you can share the bill instantly with the customer without any delay via WhatsApp or email.
- Even though the bills are created using the software, if you want, you can take printouts using regular A4 and A5 sheets with a thermal printer.
- Using the software, you can create purchase vouchers, payment receipts, quotations, proforma invoices, purchase orders, sales returns, purchase returns, delivery challans, and even expense vouchers.
- You can add and save the contact numbers of the customers, and the software can send automatic SMS to the parties whenever any voucher is created in their name.
Old gold purchase bill format in GST
The sale of old gold jewellery is not considered the business of the individual. Therefore the transaction of old gold will not qualify to be a supply, and it will not attract any provisions of GST. Thus, no tax is to be paid on a reverse charge basis. But, keep in mind that if the old gold ornaments are sold by the unregistered supplier to a registered supplier, then the provisions of the reverse charge mechanism will be applicable. Hence the tax is payable according to the quantity and the price of the gold.
Benefits of using myBillBook to make GST bill format for gold jewellery
These days a majority of the gold jewellers use online software to make GST bills as it can make their work simpler and error-free. Here are some of the benefits of using myBillBook to make GST bill format:
- Readymade GST Invoice Templates
If you are using online software, you will be able to find ready-made invoice templates. This helps in choosing the correct invoices for the customers and can have the invoice report in a GST-compatible format. You just have to check if all the details are mentioned in the bill.
- Can control the financial data
Bu using the online software, you can easily track all the invoices that are sent and can manage all the payments received. Besides, filing the report also becomes easier and hassle-free by using the integrated system. This will benefit in saving a lot of time and money.
- Get paid faster
The online software keeps track of all the payments and specialised reports to understand when an invoice is overdue. Moreover, the customer can get automated notifications for payment through the software that helps in getting your money on time.
- Say no to errors
Creating GST bills manually can generate many errors. But using online software, you can avoid any kind of errors and can easily apply CGST, SGST, and IGST for every invoice generated. This can also reduce a lot of the time of your employees.
- All the data are sorted safely.
As a business owner, you will have to check all the data to verify the transactions made in the business. By storing all the data in the online software, accessing the data become easy from anywhere using any device. Even though the data are stored online, everything will be encrypted, and only people who have access to your account can see the data.
- Files GST Returns
The billing software available to use is compatible with GST, and it helps in filing your GST returns which is essential to comply with the laws of GST.