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GST has made Chartered accountants quite busy. They are hardly any answers available for free. New tax introduction have made business owners scouting for the resources over the internet. Quite a few businesses slowly got the whole tax rate known with corresponding HSN code as well. Invoices have changed completely after introduction of GST. Now no more downloading and adapting invoices from the template website works.
We at whizz prints worked overtime to address this and got our design panel for bill book completely GST ready. All designs in our bill book are as per the latest GST gudelines by GOI (Government of India). Before taking you to the bill book design page, lets learn the various section of the invoice, their meaning and relevance.
HSN - harmonized code is mandatory for all businesses whose turnover is more than 2.5 cr in a financial year. For businesses who have opted for composite scheme or whose turnover is less they needn't have to mention this HSN code in their invoice. We have a separate column for HSN code in the GST invoice. You can either keep it in the invoice or remove it as per your business requirement.
There are 4 types of GST. SGST which stands for State GST, UTGST which stands for Union Territory GST, CGST stands for central GST and IGST stands for Indian GST. For intra sales SGST and CGST will apply, both 50% of the total GST. Any sales in union territory will have UTGST and CGST, again both equal. Inter state sales will attract IGST which will be later divided by center.
as was the case with VAT/CST also require multiple copies of invoices. You may have to handover the duplicate copies to the tax authority, delivery challan, travel copy etc. Companies are now better equipped to keep both online and offline versions for their GST. We at Whizz Prints can provide you editable PDF copies of your GST invoice along with hard copy. This can be used for recording of both online and offline records.
There is need of different set of invoice recording under GST reporting mechanism for B2C and B2B sales. For B2B sales, you will require to capture the GST number of your customer. B2B sales will fall into 2 sub categories - B2B intra state sales and B2B inter state sales. It is entirely upto you if you wish to keep everything under 1 invoice system or separate.
It is recommended to go with seperate as it becomes easy for invoice numbering and recording.
Ministry of finance, after due consideration has offered composite scheme. Under this composite scheme those with turnover not in excess of 75 lacs can avail benefit of no GST for their customers. There are few conditions though, customer under composite scheme can't involve themselves in inter sales. Also this scheme is not valid for online e-commerce companies. Companies or individuals under composite scheme can offer invoice with 0% GST.
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