1 year LEDGERS accounting software subscription for a single business. Basic package with basic accounting functionalities.
Advantages of using LEDGERS for GST invoicing
- Seamless Estimate to Invoice Conversion
- Track Payments and Receivables
- Payment Gateway Integration
GST Invoice Solution – LEDGERS
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.
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.
Pay As You Widen Pricing
(ALL INCLUSIVE PRICING)