Guide To GST Invoice
What is a GST bill?
Goods and Services Tax or GST is a single, destination-based indirect tax levied on the value added to goods and services at each stage of the supply chain. The main objective behind levying such a tax is to consolidate multiple indirect tax levies into a single tax.
A GST invoice is issued by a supplier or a seller to the recipient or the buyer of goods and services. Such a document indicates the names of the parties involved as well as the details of goods or services supplied under a given transaction like:
- Product name
- Quantity of goods or services sold
- Details of the supplier and the purchaser
- Terms of supply
- Date of supply
- Price of each good sold or service rendered
Important things to know about GST invoice
Why is GST invoicing important?
Various variables make the GST receipt amazingly important to the smoother recording of profits and diminished compromise.
- A GST receipt is definite proof of a substantial exchange. A substantial exchange is compulsory while recording GST returns since it contains all details, including data about the transacting parties, regardless of whether the transacting parties are enrolled under the GST structure, date of raising the receipt, details of products, administrations provided/received and so on.
- A receipt is utilised to compare with exchanges referenced by different gatherings to check if the details of the transaction are exact. It is just when the receipt details are effectively coordinated that the taxpayer’s returns go through and the output tax risk is determined. What’s more, this will decide the measure of input tax credit that can be claimed by a taxpayer, which carries us to our next significant factor approving the requirement for invoicing under GST – profiting Input Tax Credit.
- The input tax break is the discount on the tax you have already paid on an exchange. This can be claimed only if the invoice meets all GST compliance necessities. On the off chance that the taxpayer doesn’t possess the confirmation of a legitimate exchange, the input tax credit will probably be turned around and added to the taxpayer’s output tax liability.
- Lastly, a GST receipt guarantees that citizens don’t miss their deadlines for filing returns. A GST receipt is a record of all exchanges that were done during a month. So when a taxpayer files month to month returns, the GST receipt fills in as a record to decide the measures of GST a taxpayer should pay and the due date for the same.
Elements of a GST invoice
A GST sales Invoice must have the following mandatory fields as mentioned by Section 31 of the CGST Act, 2017:
- Date and Invoice number
- Name of Customer
- Billing Address and Shipping Address of the customer
- GSTIN of Taxpayer and Customer (if registered)
- Place of supply
- HSN Code / SAC Code
- Taxable value/applicable discount
- GST rates and total GST charged, including details of applicable CGST/SGST/IGST for the item
- Signature of the supplier.
Advantages of GST Invoicing software
GST software assists you with smoothing out the entirety of your undertakings related to GST compliance like generating invoices, reconciling different reports, matching ITC and file returns and so forth. This software is based on GST rules and standards and gives numerous helpful and extra highlights to make GST filing and processing a lot simpler.
- GST invoice: It permits taxpayers to produce a GST agreeable receipt according to their prerequisites and format, which incorporates every one of the obligatory things like GST No., HSN/SAC Code, GST Rate and all applicable taxes. It additionally empowers taxpayers to plan invoices and send payment reminders for outstanding payments.
- Create simple reports: This will assist the taxpayers with producing a simple report by importing the entirety of their GST information from excel sheets in the GST software or produce reports by recording all sales and purchase entries. These reports help to document month to month, quarterly and yearly tax returns.
- Check and match reports: Under GST filing, you need to make a wide range of sorts of reports and if there is some blunder, manually checking and coordinating these reports is a troublesome and tedious activity, yet the same thing with GST software, you can do it in minutes and catch a mistake without any problem. You can accommodate the mismatches of Invoices/Purchases/ITC/Returns.
- Get HSN/SAC codes: It is hard to look for significant HSN/SAC Code manually. However, with GST software’s assistance, taxpayers can undoubtedly search for these codes based on their taxable goods and services.
- Auto tax Calculation: With GST Software, taxpayers can undoubtedly figure their tax liability precisely with any mistakes. Without much of a stretch, you can find the applicable GST rates under CGST, SGST, UTGST, IGST and CESS. after presenting the details to the software, it consequently calculates and produces every one of the essential reports and invoices related to GST information.
- Cloud-based: GST software also supports cloud innovation. Cloud feature lets you get to your GST information from whenever and any place. This cloud-based bookkeeping assists you with taking care of every one of your errands on the go, which saves taxpayers time and expenses.
- Outsider support: This software permits you to interface with a third-party application, making it a one-stop bookkeeping answer to deal with all your bookkeeping and tax operations.
- Progressed security: As the taxpayer’s data is critical, insurance of your valuable information and other private data needs high security. GST Software is furnished with the best quality encryption innovations to ensure your data and additional confidential information is safe at all times.
- Consistent filing measure: The best GST software provides you with an amazing experience while filing GST Returns. All the basic data is saved on GSTN, and further, it is fetched automatically.
How does myBillBook cater to your GST billing needs?
A billing software like myBillBook allows retailers to bill faster and produce various invoices much more efficiently than creating manual bills and invoice while also keeping data accuracy in check. What’s more, myBillBook invoicing software lets you access all your data through the web at any given time that you need it, for no extra charge.
- Billing software gets started on creating GST and non-GST inclusive invoices (as per your preference) within seconds. All you need is:
- GSTIN of both parties (if applicable for the party)
- Billing and shipping address of the party
- Consecutive invoice numbers
- Date of issuance
- HSN code of items
- CGST/SGST/IGST on items (as applicable)
- It projects a professional and sophisticated image with professional-grade paper bills.
- You get regular notifications on the status of payables and receivables using our free accounting invoicing app,
- It provides 24×7 access to sale and purchase orders and allows you to monitor them till they’re delivered/received by relevant parties.
- myBillBook paid invoice app helps you save warehouse space by assessing the demand for the various stocks to make purchasing decisions accordingly.
- You receive 10+ exclusive reports that ensure smooth functioning of the business, including:
- Sales summary
- Profit and loss reports
- Party statements
- Stock summary
- GSTR-1 (Sales) [paid feature]
- GSTR-2 (Purchase) [paid feature]
- GSTR-3B [paid feature]
- Protect your data with daily automated backup and sync your mobile app with your desktop software. This way, you can access all your records on the go through your mobile phone.
- Create purchase vouchers, payment receipts, quotations (estimates/sale orders), purchase orders, sale returns, purchase returns, delivery challans, and expense vouchers from your mobiles.
- You can upload an entire inventory of the stocks by transferring items from other accounting apps or with the use of excel sheets and images.
- As an additional feature, myBillBook has a feature for automated purchase orders. So, if a particular stock is about to reach its lower limit, myBillBook places an order to maintain the inventory.