Mandatory Components of GST Invoice Software

Mandatory Components of GST Invoice Software

GST Invoice is a commercial instrument that a supplier or a seller issues to the recipient or the buyer of goods or services or both to levy the tax and to forward the Input Tax Credit. It is mandatory for an individual registered under Goods and Services Tax (GST) to issue a GST invoice before or during the dispatch of goods for supply to the recipient.

If a taxable supplier fails to issue such a GST invoice to his client who is a registered taxable individual, his client will become ineligible to claim ITC and thus the supplier will lose his client base. However, if the buyer is not registered under GST & also not demanding any invoice and the total value of Goods & Services is not more than INR 200, then it is not mandatory to issue
GST invoice.

GST invoice reflects the names of the parties involved in the transactions along with the details of goods or services served under that, in a particular format specified by the government. Besides, there are some other details that should be mandatorily furnished in the GST invoice if the dealer is registered under GST. These mandatory components of GST invoice are as follows:

  • Invoice number and date
  • Customer name
  • Shipping and billing address
  • Customer and taxpayer’s GSTIN (if registered)**
  • Place of supply
  • HSN code/ SAC code
  • Item details i.e. description, quantity (number), unit (meter, kg, etc.), the total value
  • Taxable value and discounts
  • Rate and amount of taxes i.e. CGST/ SGST/ IGST
  • Whether GST is payable on the reverse charge basis
  • Signature of the suppliers

These mandatory details get abbreviated when the recipient is not registered under GST and the value of goods or services or both is not more than INR 50,000. For such invoices, the mandatory components are as follows:

  • Recipients’ name and address
  • Delivery address
  • State’s name and state’s code

The Gen GST billing software for small business is well designed/ customized.and have all the feature your company will ever need. So for me, Gen GST returns filing & billing the best and well customized GST billing software in India. Their list of Features is the reason for their success, check it out below.

  • Suitable for small and medium businesses.
  • Well designed.
  • Attractive UI and option at the perfect spot.
  • Easy to handle.
  • GSTR 9 Annual Return Filing Form
  • GSTR 9A Composition Annual Return
  • GSTR 9C Annual Audit Form
  • Facility to export client data into excel via GST Software
  • Reconciliation of GSTR-3B with input credit register
  • Download all the return data from the GSTN portal on the single click.

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