Under the Goods and Services regime, it is mandatory to issue a GST complaint Invoice or a GST bill for every registered individual for the supply of Services and Goods. There are different GST invoice format to generate a bill. An invoice is an important document that is not only a proof of supply of services and goods but also helps the recipient claim Input Tax Credit. Under GST, different schemes are designed to benefit the taxpayers.
Composition Scheme under GST is one such scheme for small taxpayers. Small taxpayers are usually small companies or firms which not equipped in terms of technology. For such firms, the software can help generate an invoice quickly and efficiently, and it has now become a necessity to use software to create an invoice.
There is some good software available online which can be used to generate invoices or to automate the process of creating an invoice. But there are a few points that need to be considered before selecting software.
- The software should be capable of generating a JSON (JavaScript Object Notation) format. This is because it helps in transferring data from software to website. A supplier can create a JSON with the e-invoice schema and necessary parameters by choosing accounting and billing software that offer this particular service.
- Software that interacts with the billing/accounting system, the ERP, and is compatible with word/excel.
- Software that can be used on a mobile phone.
- Software that is equipped with offline tools to generate invoices offline.
- Software that works across different platforms such as Windows, Linux, Macintosh, etc
- Software that is compatible with various devices such as computers and mobile phones
- Software with the best in class security features
Best GST Billing Software
There are different GST billing software available that helps with generating an invoice efficiently and quickly. With the help of the software, you will be able to save time and be assured that there are minimal chances of any mistakes in generating an invoice. The popular GST billing software available are:
Zoho Invoice Software
Zoho invoice software is a pretty straight-forward invoicing and billing software. It helps businesses send automated reminders for payments. It is a powerful web-based software equipped with tools to address all functions in generating invoices. It makes online payments easier through the acceptance of card payments. It allows the recording of offline payments received. It features a quick view option to take a quick look at the invoice history and stay updated.
There is an option where you can send payment receipts to customers and can track refunds and credit issued. It helps in creating a recurring expense record. It also features an option to follow the spending of expenses in your business. It lets you brand your invoices where you can use the brand logo. It features multilingual and multi-currency invoices that help in catering to a more extensive base of customers. It also features real-time reports of sales, expenses, and tax summary.
QuickBooks Software
This software contains ready to use GST reports. It can create and send professional GST invoices. It also helps in designing and creating professional quotations. It is equipped with technology to track sales, invoices, payments, and supplier bills. It can also track cash flows with P&L and even balance sheets.
It can import transactions automatically by using the bank connect option. It can create purchase and budget orders. It can import data from excel spreadsheets, and one of the best features is that it allows access to open APIs as per the business needs.
Vyapar Software
Vypar is a GST-Complaint invoicing and billing software that can be customized easily as per the needs of your business. It has the option to create a professionally designed invoice. It contains modules for report generation, stock management, secure data backup, and order management. It provides options to categorize products and low stock items, which can help in taking steps to increase revenue.
Tally.ERP 9 Software
This is an invoicing and billing software that is comprehensive in managing business tasks like inventory, sales, accounting, finances, and branch management. It also contains features like compliance and audit services, remote access, security management, and integrated support center. It features a provision to generate an E-way bill and supports the latest e-way bill template. It also features the option to create income tax returns with education cess, the standard deduction, and health cess.
There are other good software like HyperDrive, FreshBooks, BillBooks, etc. that are good options to choose from to handle the creation and generation of invoices and bills almost automatically and on the go.
No matter which software you choose, you will have to mention a few particular details in your invoice to remain GST compliant. Below is the mandatory information required in a GST invoice.
GST invoice
GST is a multi-stage tax regime and to monitor that it is made mandatory for every supplier to generate an invoice at every stage of supply. Supply could be a transfer, lease, sale, etc. of Goods and Services. The invoices are required to be generated under certain situations, and it needs to be done in a prescribed timeframe. An invoice should contain some mandatory details for the supply of goods. A GST compliant invoice should include:
- Type of invoice.
- GST Invoice number.
- Code of the invoice type.
- Date of the invoice.
- Details of the supplier such as Name, GSTIN, address, state code. Etc.
- Details of consumers such as Name, GSTIN, address, state code, payee name, Etc
- Details of transfer or shipping such as Name, GSTIN, Address, Etc.
- Details of dispatch of goods.
- Details of the item that is being dispatched
- Total amount paid
- Total payment due.
- Total tax amount.
- Nature of tax scheme ( Excise, Custom, VAT, GST)
- Details of the goods supplied, that is, Consecutive Serial Number, Quantity, Unit, Rate, the total amount of SGST/CGST/IGST, total invoice value, etc.
Conclusion
There is no particular GST invoice format that should be followed. But the details mentioned above should be included in the invoice. While choosing the software, you should also check if the software provides features to help with different schemes, such as assisting with the composition scheme under GST or calculating the Input Tax Credit and other such options. This will help you centralize all your GST needs, along with quick handling and generating invoices.
