GST had been a nightmare for all those who are dealing with the supplies of goods and services. There are certain things under the GST regime that are still complicated for the people running businesses. Although Government is taking measures to educate them, still there are processes that can be handled by the accounting professionals initially. For instance, generating invoice is one such issue that most businesses are facing. In this post, we list some simple steps to generate a business invoice. Take a look.
1. Name and Address
To issue any sort of invoice, one needs to input the first piece of information including the name and business address. While filling the invoice make sure you enter the address that you have already registered under the GST.
2. GST Registration Number
GST registration number is a 15 digit unique identification number that is allocated to a business during registration. You need to input the GST registration number while making the invoice and also when you use a GST credit calculator.
3. GST Invoice Number
GST invoice number is a consecutive serial number that contains either alphabets or numerals. The invoice number allocated to each invoice is unique and different.
4. Date of GST Invoice
It’s important for every business to input the accurate date on the GST invoice so that’s it’s easier for the buyer as well as the seller to recognize the purchase in case of any issues.
5. Recipient Details
It’s mandatory to include the name, address and GST/ GSTIN number of the customer on the invoice. In some cases, you also need to include the name of the state from where the purchase has been done.
6. HSN /SAC Code
HSN or SAC code is of equal importance under the GST as well as on the invoice. It determine the type of services you have availed. Both HSN and SAC are universally accepted codes used during to maintain the uniformity and classification of goods and services.
7. Description of Goods or Services
Another most important things that you need to keep in mind while generating the invoice is that you must add the description of the type and quantity of goods and services you have given to the customer and also the destination of the supply.
8. Rate of GST
The type of transaction and the GST rate levied on the supplies of goods and services is important to include in an invoice. For instance, items like food will have lower GST rate whereas luxury cars will have higher tax rate.
The Way Forward
There are several other things that needs to be included apart from the above mentioned points such as supplier’s signature and payment details. If you are finding difficulty in the tax or credit calculations, get an accurate GST credit calculator that can simplify all the GST-related tasks.
