IndiaFilings GST Invoicing and Returns Filing Software

Learn how to create invoice as per GST invoice rules

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.

Checklist for GST Tax Invoice Requirements

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(/) 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.

When should Invoice be issued under GST?

The GST invoice is issued when the payment of goods or services of received or reasonably assured or if the goods or services have been supplied.

Suppose the goods and services are supplied and payment is not received, then an invoice must be issued within 30 days- irrespective of the receivable’s status.

It should be noted that the supplier becomes liable for remittance of GST to the government on the issuance of tax invoices, even if the payment is not received from the customer.

Hence, if the payment is not reasonably assured and the goods or services have not been delivered, the supplier can issue an estimate.

Procedure for issuing GST invoice

All of the GST invoices must be prepared in triplicate in case of the supply of goods

  1. The original copy should be marked as ORIGINAL FOR RECIPIENT.
  2. The duplicate copy should be marked as DUPLICATE FOR THE TRANSPORTER.
  3. The Triplicate copy should be marked as TRIPLICATE FOR SUPPLIER.

In case of the supply of services, the invoices should be prepared in duplicate

  1. The original copy should be marked as ORIGINAL FOR RECIPIENT.
  2. The duplicate copy should be marked as DUPLICATE FOR SUPPLIER.

Uploading GST invoice on GST Portal

The serial number of all invoices issued during a tax period should be filed through Form GSTR-1 every month. The GSTIN of all the recipients that are registered under GST must be mentioned on GSTR-1 filing for B2B transactions.

In case the recipients are not registered under GST or B2C transactions, name, address, and place of supply should be mentioned for the high-value transaction. GSTR 1 filing made by the supplier will be auto-populated in GSTR-2 filing to be submitted by the recipient of the goods or services.

Hence, GST invoicing plays a crucial role in input tax credit claims for the counterparty.

Why use Ledgers for GST invoicing?

Advantages of using LEDGERS for GST invoicing

The following are some of the significant advantages of using LEDGERS for invoicing:

Seamless Estimate to Invoice Conversion

Invoicing is the core of revenue cycle management. With Ledgers, an individual can receive estimates or quotes and easily convert an invoice on receiving payment or delivering goods/services.

With the integrated estimates and invoicing solution, it is easy to track the estimates, and invoicing solutions, the estimates that are converted can be easily tracked.

Track Payments and Receivables

Track payments received against invoices, split payments received against multiple invoices, and easily reconcile accounts. One-click issuance and reconciliation of payment or cash receipts. Automatic preparation of Accounts Statement with payments reconciliation for end-customer.

Payment Gateway Integration

Integrated UPI Payment gateway or third-party payment gateways to help you receive payments through UPI or Credit/Debit card on estimates and invoices. UPI payment mechanism is the fastest growing payment mode in India and is supported by a wide range of mobile apps like GooglePay, Whatsapp, PhonePe, and Paytm.