Invoicing Under GST – format of Invoice, GST Billing, Rules and Guideline

Invoice Maker,Invoice Document,Create Invoice
 GST Invoice – format of Invoice

GST Invoice or GST Bill

An Invoice is a document provided by a provider of a product or service to the purchaser. The invoice establishes an obligation on the part of the purchaser to pay, creating an account receivable. In other words, the invoice is a written verification of the agreement between the buyer and seller of the goods or services.

Under GST, Invoice generated by registered taxable person supplies taxable goods or services should have following specified details in invoice.

You can create GST compliant invoices using TrueRatingERP Software

 

GST Invoice Format

  • Invoice number and date
  • Customer name
  • Shipping and billing address
  • Customer and taxpayer’s GSTIN
  • Place of supply
  • HSN code
  • Taxable value and discounts(if any)
  • Rate and amount of taxes i.e. CGST + SGST OR IGST (inter-state)
  • Item details i.e. description, unit price, quantity

FAQ on GST Invoice

Q : Who can issue GST Invoice?

Ans : A GST registered business, having valid GSTIN number can issue a GST format invoice to his customers for sales of goods or services.

Q: Can I have my company or organization logo on GST invoice?

Ans : You can have your logo on GST Invoice, TrueRatingERP allow you to create GST formatted Invoice.

Q: Number of Invoice should be issued for product or service sale?

Ans : For Goods Sale – 3copies of invoice should be issued

  • Original for recipient
  • Duplicate for Transporter
  • Triplicate for Supplier

For Services  Sale- 3copies of invoice should be issued

  • Original for recipient
  • Duplicate for Supplier

 

Q : Should we have Invoice Date and Due Date on Invoice and what’s difference between both.

Ans : Invoice date refer to date when invoice was created and Due date refer to payment due against invoice.

You should specify the Invoice date and Due date on Invoice.

 

Q: Should I have all my invoices in specific order or serial number? Can I change Invoice number or serial number?

Ans: Yes, it’s important to have your invoice in same order or serial number. If you want to change serial number then you have to provide written letter to GST  department specifying reason for changing serial number.

TrueRatingERP generate Invoice as per GST standard, Please speak to us for free demo  +91-8369160760

GST E-Way Bill Guide & FAQ

GST-E-Way-Bill Rules
GST-E-Way-Bill information and FAQ.

E-way Bill under GST, The idea is that the taxpayer be made to upload the details of each transaction to a common portal through the Internet, and once uploaded, the common portal would automatically generate a document with a unique number. This unique number could accompany the goods vehicle as a proof of having uploaded the details of the transaction. Such a system would by itself guarantee that once a document is issued, there could be no avenue of non-accounting by the dealer.

Under GST, transporters will need to carry an electronic waybill or E Way Bill when moving goods from one place to another. Since it is a new rule introduced under GST, it is necessary for all consignors/consignees/transporters to be aware of the required compliance.

E-way bill is an electronic way bill for movement of goods which can be generated on the GSTN (common portal). A ‘movement’ of goods of more than Rs 50,000 in value cannot be made by a registered person without an e-way bill.

E-way bill will also be allowed to be generated or cancelled through SMS.

When an e-way bill is generated a unique e-way bill number (EBN) is allocated and is available to the supplier, recipient, and the transporter.

FAQ on E-WAY-BILL

Q: Who should generate the e-way bill?

Ans: When the goods are handed over to a transporter, the e-way bill should be generated by the transporter. In this case, the registered person should declare the details of the goods in a common portal.

In case of inward supplies from an unregistered person, either the recipient of supply or the transporter should generate the e-way bill.

Q : Can the e-way bill be generated for consignments of value less than Rs.50,000?

Ans: Yes, either a registered person or a transporter can generate an e-way bill although it maynot be mandatory.

Q: Multiple consignments are transported in one vehicle?

Ans : The transporter should generate a consolidated e-way bill in the Form GST EWB-02 and separately indicate the serial number of e-way bills for each of the consignment. 

Q: Can consignor move the goods (items) without any e-way bill even though the value of consignment is more than Rs.50,000?

Ans: The transporter has to generate the e-way bill in Form GST EWB 01 on the basis of the invoice, bill of supply or the delivery challan.

Q: What happens if e-way bill is generated but goods are not transported?

Ans : The e-way bill can be cancelled electronically on the common portal within 24 hours of its generation. The e-way bill cannot be cancelled if it has been verified by an officer during transit.

Q: If there is mistake, incorrect or wrong entry in the e-way bill, what has to be done?

Ans: If there is mistake, incorrect or wrong entry in the e-way bill, then it cannot be edited or corrected.

Q: Can e-way bill can be cancelled?

Ans: Yes. e-way bill can be cancelled if either goods are not transported or are not transported as per the details furnished in the e-way bill. e-way bill can be cancelled within 24 hours from the time of generation.

Q: Can I transport the goods with e-way bill without vehicle details in it?

Ans : No. One needs to transport the goods with a e-way bill specifying the vehicle number, which is a carrying the goods. However, where the goods are transported for a distance of less than ten kilometers within the State from the place of business of consignor to the place of transporter for further transportation, then the vehicle number is a not mandatory.

Q: Whether e-way bill is required for all the good that are being transported

Ans : The e-way bill is required to transport all the taxable goods with the value exceeding fifty thousand rupees.

Q: Who can reject e-way bill and why?

Ans:  The person who causes transport of goods shall generate the e-way bill specifying the details of other person as a recipient of goods. There is a provision in the common portal for the other party to see the e-way bill generated against his/her GSTIN. As the other party, one can communicate the acceptance or rejection of such consignment specified in the e-way bill. If the acceptance or rejection is not communicated within 72 hours from the time of generation of e-way Bill, it is deemed that he has accepted the details.

Q : What are the documents that need to be carried along with the goods being transported?

Ans : The person in charge of a conveyance shall carry the tax invoice or bill of supply or delivery challan, as the case may be; and a copy of the e-way bill or the e-way bill number generated from the common portal.

 

Connect with our SME : Harish Madhavan

TrueRatingERP – GST Billing, Inventory, Barcode, Customer Rating ,Review Feedback, Money Manager, Digital Wallet everything in one Software.

For Sales and Inquiry, Please speak to us on +91 8369160790

Looking for a Tally, MargERP, Zoho Software alternative ?

Know why people choose TrueRatingERP over TALLY, MARG , ZOHO and other ERP solutions.

A simple comparison table explaining the pricing model for popular  GST ERP solution for Small Medium Businesses.

FEATURE/SPECIFICATIONS
TALLY ERP
MARG ERP
TRUERATING ERP
Lowest Price Plan (Silver)
Rs. 18000
Rs. 13500
Rs. 12500
Number of Users 1 Users 2 Users 11 Users
Extra User on Additional Cost NA 3000/- per user Free
Customization Charges extra Yes Yes No
Onsite Visits charges ₹ 500-1080 per hour ₹ 800 per hour Free
Extra Training charges Yes ₹ 1500 for 2-4 hours Free
RDP Access and Support Depends ₹ 5000/- per user Free
Customer Feedback & Rating App No No Yes
Digital Wallet No No Yes

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What is GST and GST Return in India?

What is GST (in India)?

Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.

Prior to GST, the pattern of tax levy was as follows:

Accounting Software
Prior- to- GST

Under the GST regime, the tax will be levied at every point of sale.

Now let us try to understand the definition of Goods and Service Tax – “GST is a comprehensive, multi-stagedestination-based tax that will be levied on every value addition.”

 

Multi-stage

There are multiple change-of-hands an item goes through along its supply chain: from manufacture to final sale to the consumer.

Let us consider the following case:

  • Purchase of raw materials
  • Production or manufacture
  • Warehousing of finished goods
  • Sale to wholesaler
  • Sale of the product to the retailer
  • Sale to the end consumer
GST-flow-explained
Product Stages

 

Value Addition

  • The manufacturer who makes biscuits buys flour, sugar and other material. The value of the inputs increases when the sugar and flour are mixed and baked into biscuits.
Product-Manufacturing-to-Supply
  • The manufacturer then sells the biscuits to the warehousing agent who packs large quantities of biscuits and labels it. That is another addition of value after which the warehouse sells it to the retailer.
  • The retailer packages the biscuits in smaller quantities and invests in the marketing of the biscuits thus increasing its value.
  • GST will be levied on these value additions i.e. the monetary worth added at each stage to achieve the final sale to the end customer. 

    Destination-Based

    Consider goods manufactured in Maharashtra and are sold to the final consumer in Karnataka. Since Goods & Service Tax (GST) is levied at the point of consumption, in this case, Karnataka, the entire tax revenue will go to Karnataka and not Maharashtra.

     

    Advantages of GST:

    1. Removing cascading effect.
    2. Higher threshold for registration.
    3. Composition scheme for all business.
    4. Online simpler procedure under GST.
    5. Defined treatment for e-commerce.
    6. Regulating the unorganized sector.

     

    Components of GST:

    There are 3 taxes applicable under GST: CGST, SGST & IGST.

    • CGST:Collected by the Central Government on an intra-state sale (E.g.: Within Maharashtra)
    • SGST:Collected by the State Government on an intra-state sale (E.g.: Within Maharashtra)
    • IGST:Collected by the Central Government for inter-state sale (E.g.: Maharashtra to Tamil Nadu)

SME :  Harish Madhavan

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