Gst Invoice Guide - GST Nil Return Guide
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The GST Invoice Guide outlines the necessary components of a GST-compliant invoice, including supplier details, tax rates, and HSN codes based on annual turnover. It specifies how to calculate GST based on the place of supply and provides steps for issuing invoices, including the requirement for multiple copies. Additionally, the guide promotes GST-compliant software for easier invoice creation and filing.
Gst Invoice Guide - GST Nil Return Guide
- 1. GST Invoice Guide © 2017 by E-Startup India || All rights reserved GUIDE ON GST INVOICE The government has notified rules of invoicing under GST along with a template of invoice (GST INV-‐01) covering the elements such as supplier’s details, GST tax rates etc that need to be presented. Basic Elements of GST Invoice -‐Your GST Number -‐Your Business registered address -‐Product description -‐HSN/SAC of Product sold -‐Unit & Value of product sold -‐Customer GST Number -‐Place of Supply -‐GST tax rates -‐GST tax amount (CGST, SGST or IGST) Click below to get a sample of GST Invoice template https://www.e-‐startupindia.com/pdf/gst-‐invoice-‐format.pdf What to charge CGST or SGST or IGST? Place of Supply GST to be charge Within the State • CGST @ half GST rate • SGST @ half GST rate Outside the State • IGST @ full GST rate How much GST rate will apply on my product/services? To find out tax rates on your goods click on below link http://www.cbec.gov.in/resources/htdocs-cbec/gst/chapter-wise-rate-wise-gst-schedule- 18.05.2017.pdf To find out tax rates on your services click on below link http://www.cbec.gov.in/resources/htdocs- cbec/gst/Schedule%20of%20GST%20rates%20for%20services.pdf
- 2. GST Invoice Guide © 2017 by E-Startup India || All rights reserved Should I need to mention full HSN Code of goods? No, Government of India has relaxed the HSN code specifying norms. It is based on annual turnover of previous year as follows:-‐ Annual turnover in last year Number of Digits of HSN Code to be mention in Invoice Upto INR 1.50 crore HSN not require to mention on tax invoice More than INR 1.50 crore upto 5 crore Only first 2 digits Above INR 5 crore Only first 4 digits How many copies of Tax Invoices are to be issued? When goods are supplied, the supplier is required to issue three copies of the invoice– 1. Original invoice: buyer gets the first copy of invoice, marked as ‘Original for recipient’. 2. Duplicate copy: The duplicate copy is issued to the transporter (carrier of goods) to present as evidence as and when required, and is marked as ‘Duplicate for transporter’. 3. Triplicate copy: This copy is retained by the supplier for his own record. Tips to issue GST Invoice o Before issuing a tax invoice, ask your customers to provide his/ her GST number & Place of Supply o Check GST rate on product o Unique & Serial Invoice Number o Place of Supply to charge IGST or (CGST + SGST) Still confused how to raise a invoice? Buy GST Compliant Software ü Easily issue GST invoice ü Easily file GST Return To know more about software, click below link https://www.e-‐startupindia.com/pdf/Feature%20Of%20Invoice%20software.pdf Just for ₹2,499/- plus 18% tax Click here to buy https://www.instamojo.com/EStartupIndia/invoice-‐software/
- 3. GST Invoice Guide © 2017 by E-Startup India || All rights reserved About E-Startup India E-‐Startup India is a team of Chartered Accountants, Company Secretary, Lawyer & other finance and accounting professionals driving towards integration of technology with traditional practices to cater small business(s) and MSMEs in the fast moving and cost effective world. We render range of online services to the need of small businesses running in India like Company formation, tax registration, ISO certification, do accounting, legal and financial compliance(s). Please see https://www.e-‐startupindia.com/about-‐us.html for further details. ©2017 E-‐Startup India. All rights reserved Visit to know more our other services www.e-‐startupindia.com Disclaimer: This document is for general guidance and informational purposes only, and does not constitute professional advice. You should not act upon the information contained in this communication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this communication, and, to the extent permitted by law, E-Startup India, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this document, or for any decision based on it. Without prior permission of E-Startup India, this communication may not be quoted in whole or in part or otherwise referred to in any document.