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GST INVOICE


                                 GST INVOICE


In this blog, we will discussthe following things
ü  what is Goods and Service Tax
ü  Types of taxes before GST
ü  Benefits of GST
ü  Types of GST Invoice
Before GST Invoice one should know about the Goods and Service Tax (GST)
Whatis Goods and Service Tax?
GST In India, it is the biggest tax in which levied on goods as well as services and it will subsume under the GST.
GST: In India it is the biggest applicable all over the country (except J&k and it are also referred to as “One Nation One Tax”.
A single product is taxed at the same rate in every corner of the country except Jammu & Kashmir this system under.
What is GST Invoice?
GST invoice is a document which is supposed to contain all the relevant details of a business transaction and both the parties involved. It must comprise of the product name, description, quantity, details of the supplier and the purchaser, terms of sale, the rate charged, discounts, etc.
·         Sales invoices and Purchase invoices
·         Bill of supply
·         Delivery challans (for supply on approval, the supply of liquid gas, job work and others)
·         Credit notes and Debit notes
·         Advance receipts & Refund vouchers

Types of Taxes before GST Invoice
Before 1st July 2017, there were many indirect taxes around seventeen in India like
ü  Income tax
ü  Securities transaction tax
ü  Sales tax
ü  Corporate tax
ü  Value-added tax
ü  Excise duty etc.
But on 1st July 2017, Finance Minister Arun Jaitley Introduce this Goods and service tax in Lok Sabha or lower house. One more thing France is the first country to use GST first time in the year 1954 since then many countries using GST like Germany, Italy, and the UK etc. In India, the thought of GST came in 2000 by then Prime Minister of India Lt. Shree Atal Bihari Vajpayee.
Benefits of GST invoice |GST Registration
One of the biggest benefits of Goods and Service tax is that it has replaced around 17 indirect taxes. By GST levies and compliance cost will fall this is also a benefit of GST
Below is the list of some of the important benefits of Goods and Service tax
ü  One of the important benefits of induction of GST invoice is that it is very important for a business to start invoicing under the Goods and Service tax or GST mode and it will not face any roadblocks.
ü  Introduction of GST invoice is ensuring that the GST transaction invoices are passed with the requisite details and it will latter enable to claim the Input Tax Credit (ITC) and remain GST complaint while growing continuously.
Information need for Generating GST Invoice: Following information need for generating GST Invoice.
ü  GSTIN of the customer
ü  GSTIN of the supplier
ü  Place and date of supply
ü  SAC or HSN code of the product.
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