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As per GST law, ‘tax invoice’ or 'GST Invoice' is required to be issued by a registered taxable person showing the description of goods and/or services, value and tax, at the time of supply. An invoice is a document evidencing the supply of goods and services which becomes the basis for the charge of tax.
Thus a ‘GST invoice’ shall be deemed to include-
A GST Invoice is a document that provides evidence of the existence of a transaction of supply of goods and/or services. Such invoice issued by the registered taxable person is an essential document to establish a time of supply and for the recipient of goods and/or services to avail input tax credit. All the matching of transactions of inwards and outward supplies is done based on the tax invoices, and thus businesses need to use the best invoicing software.
As per GST Act, GST law a registered taxable person supplying taxable goods shall issue, at the time of supply, a tax invoice showing the description, quantity and value of goods, the tax charged thereon as prescribed.
Thus, the government has also provisioned free invoicing software for small businesses to help them be GST compliant.
As per GST Invoice rules, a GST invoice or tax invoice issued by the supplier shall contain the following details-
Any invoice generator software should help businesses to create invoices as per the GST rules.
Sales under new taxation regime can be of two types:
Before passing a sales entry in Tally, we should first create ledgers relating to sales. Let’s first understand the creation of Ledgers.
One is required to first create the following types of sales ledger in their respective free invoice software and fill in the related information required to create these ledgers:
Note: Under Party account, you must also mention whether the party is composite dealer, consumer, registered or unregistered dealer.
Gateway of Tally > Accounting Vouchers > F8 Sales. For invoice no, write the serial number of the bill.
In the data field “under Party A/c” select the party ledger or the cash ledger.
To select the relevant sales ledger. If it is an intrastate sale, then select sales ledger for local taxable sales and if it is an interstate sales, then select the sales ledger for interstate sales.
Select the required stock items and specify the quantities and rates against each.
In case of intrastate sales, select the central and state tax ledger. If it is a sale made to other states, then select the integrated tax ledger (IGST). One can also include additional details as per one’s own requirement in the invoice by clicking F12: Configure such as buyer’s order no, delivery note no etc.
Any invoice maker software will have the provision to print invoices as per the GST rules.
In GST invoicing software, such as Tally.ERP 9, an invoice can be printed by just clicking Alt + P in the sales voucher screen. One can even customize the print configuration by pressing F 12.
To configure the printing of your sales invoice:
Needless to say, businesses will need to adopt invoicing software. Be it a free online invoice software or the best free invoice software, you need to ensure that the invoicing software you use is GST compliant and helps you to carry on your business seamlessly.
Following are the mandatory fields that need to form part of each GST invoice format:
When a registered taxable person supplies taxable goods or services, a GST invoice is issued. To issue and receive a GST compliant invoice is a prerequisite to claim ITC. If a taxpayer does not issue such an invoice to his customer - who is a registered taxable person, his customer loses the ITC claim and the taxpayer loses its customers.
Find out more about GST invoice, rules and format!
Check out which is the best GST Software for GST Return Filing and GST Billing
Find out more: https://awsstgqa.tallysolutions.com/gst/gst-invoice/
Watch Video on GST Compliant Invoices – TallyPrime GST Invoicing Software
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