GST Invoicing
Basic
Standard
Premium
GST Invoicing
Learn how to create an invoice according to GST invoice rules
Simple GST invoice solutions help increase sales, reduce residual earnings, gain in-depth business information, and reduce the difficulties associated with completing GST returns.
Payment software with GST and all invoice features built into rates, online statements and payments, receivables management, eWay bill portfolio, and GST installations can completely change revenue management for small and medium enterprises.
The release of GST in 2017 necessitated changes to the invoice format of millions of businesses. The GST invoice issuance format and related rules are set out in the GST Tax Invoice, Credit, and Debit Notes rules.
Managers automatically issue a GST invoice that complies with the standards set by GST rules and regulations.
Checklist for GST tax invoice requirements
GST rules and regulations, all invoices issued by any business under GST must contain the following information:
Step: 1 – Name, address, and GSTIN of the supplier
Step: 2 – A consecutive product number that does not exceed sixteen characters in a single series consists of alphabets or numbers or hyphenes of special characters or dashings (- or /) respectively and any combination of yours, unique for the financial year.
Step: 3 – Release Date Serial Number
Step: 4 – Name, address, and GSTIN or UIN, if registered, of the recipient.
Step: 5 – Name and address of recipient and delivery address, as well as regional name and code, if the recipient is unregistered and where the taxable amount is fifty thousand or more.
Step: 6 – HSN Asset Code or Services Accounting Code
Step: 7 – Description of goods or services
Step: 8 – The value of the goods and unit or unique value code
Step: 9 – Total amount of supply of goods or services or both
Step: 10 – The taxable amount of the supply of goods or services or both with consideration of discount or reduction, if any
Step: 11 – Tax rate (middle tax, state tax, collective tax, Union area tax or cess)
Step: 12 – Value tax on goods or services taxable (middle tax, state tax, aggregate tax, Union property tax, or cess)
Step: 13 – The place of supply and the name of the state, in the case of delivery during trade or commerce
Step: 14 – Delivery address is different from the destination
Step: 15 – That tax is payable by deferral and
Step: 16 – A digital signature or signature of a supplier or his authorized representative.
When should the invoice be issued under GST?
A GST invoice is issued when payment for goods or services is received or reasonably guaranteed or when goods or services are provided.
Suppose goods and services are provided and payment can be received, the invoice must be issued within 30 days – regardless of the receipt status.
It should be noted that the supplier is responsible for submitting the GST to the government when tax invoices are issued, even if payment is not received from the customer.
Therefore, if payment is not properly guaranteed and goods or services are not delivered, the supplier may issue a rebate.
GST invoice issuance process
All GST invoices must be tripled in the event of delivery
- The original copy must be marked AS ORIGINAL FOR RECIPIENT.
- A duplicate copy should be marked as DUPLICATE FOR THE TRANSPORTER.
- A triple copy should be marked as TRIPLICATE FOR SUPPLIER.
In the case of service delivery, invoices must be doubled
- The original copy must be marked AS ORIGINAL FOR RECIPIENT.
- A duplicate copy should be marked as DUPLICATE FOR SUPPLIER.
Loading GST invoice on GST portal
The product number of all invoices issued during the tax period must be completed on Form GSTR-1 every month. The GSTIN for all recipients registered under GST should be mentioned in the GSTR-1 B2B transaction.
In the event that recipients are not registered under GST or B2C transactions, the name, address, and place of sale should be discussed at a higher price. The GSTR 1 supplier generated by the supplier will be automatically completed on the GSTR-2 filling which will be sent to the recipient of the goods or services.
Therefore, GST invoices play an important role in counterfeiting tax claims for partner inputs.
Why use Ledges on GST invoices?
Benefits of using LEDGERS in GST invoices
The following are some of the important benefits of using LEDGERS in invoices:
Seamless Rate in Invoice Conversion
Invoices are the essence of revenue management cycle. With Ledgers, one can get quotes or quotes and easily change the invoice for payment or delivery of goods / services.
With rates combined with invoice solution, it is easy to track rates, and invoice solutions, convertible rates can be easily tracked.
Track Payments and Receivables
Track payments received by invoices, split payments received on multiple invoices, and easily integrate accounts. Single issuance and reconciliation of payments or cash receipts. Automatic adjustment of Account Statement and reconciliation of end customer payments.
Payment Gateway Integration
Integrated UPI Payment gateway or third-party payment gateways to help you access payments via UPI or credit / debit card balances and invoices. The UPI payment method is the fastest growing payment method in India and is supported by a variety of mobile applications such as GooglePay, Whatsapp, PhonePe, and Paytm.
Frequently Asked Questions
Invoice date is the date when the invoice is created on the bill-book, while the due date is when the payment is due on the invoice.
In case of GST payable under reverse charge, it is necessary to additionally mention that tax is paid on a reverse charge, on the GST invoice.
Yes, invoice serial number must be maintained. An individual may change the format by providing a written intimating the GST department officer along with reasons for the same.
Under the GST Tax law, it is mandatory for any person who is registered under the act and is buying goods and services from the unregistered person has to issue the payment voucher as a tax invoice.
A registered person who is supplying taxable, as well as the exempted goods and services to an unregistered person, can issue an invoice for such supplies.