A streamlined GST invoicing solutions can help you easily boost sales, reduce outstanding receivables, get deeper insights into the business and reduce the complexities associated with GST return filing. LEDGERS GST invoicing suite integrated with estimates, online payments, receivables management, eWay bill portal and GST filing - can completely streamline revenue cycle management for a small or medium-sized business.

The rollout of GST in 2017 has necessitated changes to the invoice format for millions of businesses. The format for issuing GST invoice and the related rules are laid out in the GST Tax Invoice, Credit and Debit Notes Rules. With LEDGERS, you can automatically issue GST invoice that conforms to the standards laid out by the GST rules and regulations.

GST Invoice Format

Under GST rules and regulations, all invoice issued by businesses under GST must contain the following information:

1. Name, address and GSTIN of the supplier
2. A consecutive serial number not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters hyphen or dash and slash symbolised as "-" and "/" respectively, and any combination thereof, unique for a financial year.
3. Date of its issue
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 name of State and its code, if such recipient is un-registered and where the value of taxable supply is fifty thousand rupees or more;
6. HSN code of goods or Accounting Code of services;
7. Description of 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 account discount or abatement, if any
11. Rate of tax (central tax, State tax, integrated tax, Union territory tax or cess)
12. Amount of tax charged in respect of taxable goods or services (central tax, State tax, integrated tax, Union territory tax or cess)
13. Place of supply along with the name of State, in case of a supply in the course of inter-State trade or commerce
14. Address of delivery where the same 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 authorised representative.

When should an invoice be issued?

GST invoice should be issued when payment for goods or services is received or reasonably assured or if the goods or services have been supplied. If goods or services are supplied and payment is not received, then invoice must be issued within 30 days - irrespective of the status of the receivable.

It is important to note that the supplier becomes liable for remittance of GST to the government on the issuance of tax invoice, even if payment is not received from the customer. Hence, if payment is not reasonably assured, and goods or services have not been delivered, an estimate can be issued by the supplier.

Procedure for issuing GST invoice

All GST invoices must be prepared in triplicate in case of a supply of goods. The original copy should be marked as ORIGINAL FOR RECIPIENT. The duplicate copy should be marked as DUPLICATE FOR TRANSPORTER, and the triplicate copy should be marked as TRIPLICATE FOR SUPPLIER.

In case of a supply of services, the invoice should be prepared in duplicate. The original copy should be marked as ORIGINAL FOR RECIPIENT, and 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 every month in FORM GSTR-1. Also, GSTIN of all recipients registered under GST must be mentioned on GSTR-1 filing for B2B transactions. In case of recipients not registered under GST or B2C transactions, name, address and place of supply should be mentioned for high-value transactions. GSTR-1 filing made by the supplier will automatically be auto-populated in the GSTR-2 filing to be submitted by the recipient of goods or service. Hence, GST invoicing plays a vital role in input tax credit claims for the counter-party.

Advantages of using LEDGERS for GST invoicing

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

Seamless Estimate to Invoice Conversion
Invoicing is at the core of all revenue cycle management. With LEDGERS, you can start with estimates or quotes and easily convert it to an invoice on receiving payment or delivering goods/services. With our integrated estimates and invoicing solution, you will now be able to easily track estimates that are converted and follow-up with customers for open estimates.

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 supported by a wide range of mobile apps like Google Pay, Whatsapp, PhonePe and PayTM