Goods & Service Tax
Streamlined GST invoicing solutions help boost sales, reduce the outstanding receivables, get deeper insights into the business, and reduce the complexities associated with GST return filing. Billing software with GST and all invoice features inbuilt with estimates, online statements and payments, receivables management, eWay bill portal, and GST filing can completely revolutionize the revenue management for small and medium-sized businesses.
The rollout of GST in 2017 has necessitated changes to the invoice format for millions of businesses. The format for issuing the GST invoices and the related rules are laid out in the GST Tax Invoice, Credit, and Debit notes rules. Ledgers automatically issue GST invoice that conforms to the prescribed standards by the GST rules and regulations.
Process of Registration
The GST rules and regulations, all invoices issued by any businesses under the GST should contain the following information:
1. Name, address, and GSTIN of the supplier
2. A consecutive serial number that does not exceed sixteen characters in one multiple series contains alphabets or numerals or special characters hyphen or dash( – or / ) respectively and any combination thereof, unique for a financial year.
3. Issuing Date of the serial number
4. Name, address, and GSTIN or UIN, if registered, of the recipient.
5. Name and address of the recipient and the address of delivery, along with the state’s name and code, if the recipient is unregistered and where taxable value is fifty thousand or more.
6. HSN code of goods or Accounting Code of services
7. Description of the goods or services
8. Quantity in case of goods and unit or unique quantity code thereof
9. The total value of the supply of goods or services or both
10. The taxable value of supply of goods or services or both taking into consideration the discount or reduction, if any
11. Rate of tax (central tax, state tax, integrated tax, Union territory tax or cess)
12. Amount of tax charged concerning the taxable goods or services (central tax, state tax, integrated tax, Union territory tax, or cess)
13. Place of supply along with the name of the state, in case of a supply in the course of interstate trade or commerce
14. Address of delivery which is different from the place of supply
15. Whether the tax is payable on a reverse charge basis and
16. The signature or digital signature of the supplier or his/her authorized representative.