GST Accounting in India
Every organisation, regardless of size, must prepare and keep accounting records in conformity with GST Law.
To avoid issues such as raids and penalties, it's always a good idea to keep track of your funds and report them to the authorities.
In addition, it facilitates the tracking of money that regularly enters the firm, which assists in anticipating patterns, paying workers and suppliers, and repaying debts, among other things.
Invoicing as per GST Law
A GST invoice is a bill or receipt for goods or services issued by a merchant or service provider to a consumer. It specifies the services/goods and the total amount owing.
Although there is no standard format for an invoice, invoicing requirements require that it contain the following fields (only relevant fields must be completed):
- the name, address, and GSTIN of the supplier;
- a single or multiple-series serial number incorporating alphabets, numbers, or special symbols such as the hyphen, dash, or slash symbolised as "-" and "/" and any combination thereof, each unique for a fiscal year;
- the date it was first published;
- if the receiver is unregistered and the value of the taxable supply is at least fifty thousand rupees, the recipient's name and address, as well as the delivery address, the name of the State and its code;
- HSN code for goods or SSN Code for services;
- a description of the service or product;
- in the case of merchandise, the quantity in addition to the unit or Unique Quantity Code;
- total value of given products or services, or both;the taxable value of the sale of goods or services, or both, less any discounts or exemptions;
- tax rate classification (central, state, integrated, union territory, or cess);
- the tax on taxable value of goods and services (central tax, state tax, integrated tax, Union territory tax, or cess);
- in the instance of a supply made in the course of interstate trade or commerce, the place of supply and the State's name;
- the shipping address, if different from the billing address;
- whether the tax is paid using the reverse charge method;
- the signature of the supplier or his authorised agent or a digital signature
Features of GST
The GST Council encourages principled diplomacy, and the statesmanship of its members is undeniably noteworthy. The new GST system is well-supported by technology, and we may anticipate the digitization of further GST services in the coming months.
- The GST reduces the effect of tax cascading.
- Increased obligatory registration threshold
- Scheme for small-business composition
- A basic and easy online registration method
- Simple and reduced compliance
- Defined compliance and process for operators of electronic commerce
- Improved logistical effectiveness
- The unorganised sectors are now subject to GST regulations.
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