Asimot GST Software and Sales Bill Format in India
GST is a integrated scheme of collecting central and state taxes together. there are three types of taxes – Central GST and State GST and IGST (Integrated GST) for interstate transactions.
Since every the center and state taxes are combined and made as one tax under GST, state governments and central government will need to have their share of GST. Hence, there will be three types of taxes under GST. Since GST is a consumption-based tax, the tax revenue will be charged and collected by the consuming state. This helps the consuming state to secure their tax base.
If the goods are transferred within state i.e., the consumption state is same as origin state, there will be CGST (Central Government Tax) and SGST (State Government Levy)
When transfering goods from one state to the other, IGST will be charged and the central government will settle the tax to the consuming state.
What is Invoice/Bill?
It’s a document either online or in paper format in which details of supplier/ purchaser are incorporated like Name of the Sales/ purchaser, registration no. As well as in bill details of sales or purchases like name of Item, Quantity, Tax rate, tax amount should be present. there are some general formats instead of particular format for invoices.
Goods and Services Tax Invoice
GST invoice is which are given or taken by the individual who hold GSTIN (Goods and Service Tax Identification No). In these bill an individual should mention the rate of tax and the amount as well as there should be bifurcation on interstate and intrastate sales/purchases.
GST Sales Invoice
The invoice which are issued by the individual to their purchaser. Generally in these bills there are already pre-printed company name and their GSTIN No. in these invoices there are an invoice bill no. that should be in a sequence. These invoice no. can be in any format as per the wish of the assessee. The invoice should be issued with date of sales. Then there will be details of seller and the commodity details amount of sales and tax amount.
The necessary Fields to be in Your GST Sales Invoice
All the fields must be properly filled with correct entries. Some of the necessary fields are bill number and date, name of customer, delivery address, Customer and taxpayer’s GSTIN, Place of supply, HSN code. All the fields are important for the future references and should be taken note of while generating the invoice.
Invoice Date and Due Date should be Properly Entered
It is suggested, not to make mistakes while filling invoice date and due dates as the difference is that the invoice date is preparation date of the invoice while the due date is concerned with the payment of the invoice due. So, be aware of the difference between both the dates and take precaution.
Maintain the Invoice Serial Number
It is must to maintain the bill serial number as for the future reference in case a taxpayer wishes to change the invoice format, he can inform the tax department along with the invoice serial number. Asimot POS GST feature provides the all mandatory fields required for new GST invoice regime including inventory, accounts.
