GST Invoicing Software

4.4/5

4.4/5

4.7/5

Tally Solutions | Updated on: December 9, 2022

• What is a GST Invoice?
• What are the key fields a GST-compliant invoice should have?
• TallyPrime’s GST Invoicing Software features
• Who should issue a GST Invoice?
• Creating invoices in a GST Invoicing Software
• Printing invoices in a GST Invoicing Software
• Frequently asked questions

What is a GST Invoice?

Tax invoice or GST Invoice is required to be issued by a registered taxable business showing the description of goods and/or services, value and tax, at the time of supply. It acts as the evidence of the existence of a transaction of supply of goods and/or services. Such invoices issued by the registered taxable person is an essential document to establish a time of supply and for the recipient of goods and/or services to avail input tax credit.

TallyPrime’s GST Invoicing Software features

• Compliant tax invoice: Creating GST-compliant invoices is one of the critical components for any business. TallyPrime helps you create accurate and GST-compliant invoices in few seconds

What are the key fields a GST-compliant invoice should have?

• Invoice number and date
• Name of the customer
• Shipping and billing details
• Customer and taxpayer’s GSTIN (in case registered)
• Place of supply
• HSN code/SAC code
• Item details like description, quantity, unit, the cumulative value
• Taxable value and discounts
• Rate and amount of taxes i.e. CGST/ SGST/ IGST
• Whether GST is payable on reverse charge basis
• Supplier signature
• The word “Revised Invoice” or “Supplementary Invoice” indicated prominently, where applicable along with the date and invoice number of the original invoic

Who should issue a GST Invoice?

As per GST Act , a registered taxable person supplying taxable goods shall issue, at the time of supply, a tax invoice showing the description, quantity and value of goods, the tax charged thereon as prescribed.

Thus, the government has also provisioned free e-invoicing software for small businesses to help them be GST compliant.

Creating invoices in a GST Invoicing Software

Any invoice generator software should help businesses to create invoices as per the GST rules. Sales under GST can be of two types:

• Local Sales on which CGST and SGST are applicable.

• Interstate Sales on which IGST is applicable.

Before passing a sales entry in TallyPrime, we should first create ledgers relating to sales. Let’s first understand the creation of Ledgers.

One is required to first create the following types of sales ledger in their respective free invoice software and fill in the related information required to create these ledgers:

• Sales related ledgers

• Local sales

• Tax ledgers

• • CGST
  • SGST
  • IGST
  • Stock related ledgers
  • • Stock Item name and
    • Stock grouping
    • Party related ledger
    • Sundry debtor/ party Account

    Note: Under Party account, you must also mention whether the party is composite dealer, consumer, registered or unregistered dealer.

    Creation of GST Invoice in TallyPrime

    Gateway of Tally > Vouchers > F8 (Sales). Alternatively, press Alt + G (Go To) > Create Voucher > press F8 (Sales).

    In Party A/c name, select the customer ledger or the cash ledger

    Select common sales ledger wherein the GST rate is not defined

    Now, select the stock items defined with different GST rates, and specify the quantities and rates

    Select the central and state tax ledgers. The GST will be calculated basis the GST rates mentioned in the stock items

    Press Ctrl+O (Related Reports) > type or select GST – Tax Analysis to view the tax details. Press Alt+F5 (Detailed) to view the detailed break-up of tax

    Press Alt+P (Print) > press Enter on Current > and press P (Print) to print

    
    If you operating on TallyPrime 1.1.3 or earlier, follow the step:

    Press Ctrl+I (More Details) > type or select GST – Tax Analysis to view the tax details. Press Alt+F5 (Detailed) to view the detailed break-up of tax.

    To create multiple copies:

    • Press Alt+P (Print) > press Enter on Current > press C (Configure) > type or select Number of Copies > and press Enter
    • Provide the Number of Copies and select the Type of Copy
    • Press Esc to return to the Voucher Printing screen
    • Press P (Print) to print

    Printing invoices in a GST Invoicing Software

    Any invoice maker software will have the provision to print invoices as per the GST rules.

    In GST invoicing software, such as TallyPrime an invoice can be printed by just clicking Alt + P in the sales voucher screen. One can even customize the print configuration by pressing F 12.

    To configure the printing of your sales invoice:

    • Gateway of Tally >Accounting Vouchers > F8: Sales
    • In the sales voucher screen, press Alt + P to print the invoice
    • If required, press F12 to configure the printing of GST invoice

    Businesses will need to adopt invoicing software. Be it a free online invoice software or the best free invoice software, you need to ensure that the invoicing software you use is GST compliant and helps you to carry on your business seamlessly.

    Frequently asked questions

    What is mandatory in GST invoice?

    Following are the mandatory fields that need to form part of each GST invoice format:

    • Address, name, and GSTIN of the supplier
    • Name, address, and GSTIN of the recipient if it's registered
    • HSN or SAC for goods and services
    • Invoice type, whether it is tax invoice, supplementary invoice or revised invoice
    • The tax rate for each item
    • Description of goods or services provided
    • Units or quantity of goods and services
    • The tax rate for each item
    • Amount of CGST, SGST, IGST or UTGST in separate columns
    • Supply state and place of supply
    • The total amount of goods and services
    • Delivery address in case it is different from the place of supply
    • In case the reverse charge is applicable, then it should be duly mentioned
    • A digital signature, by the supplier or any authorized person

    Are there any restrictions on the GST invoice format?

    When a registered taxable person supplies taxable goods or services, a GST invoice is issued. To issue and receive a GST compliant invoice is a prerequisite to claim ITC. If a taxpayer does not issue such an invoice to his customer - who is a registered taxable person, his customer loses the ITC claim and the taxpayer loses its customers.

    What is the format of GST invoice?

    

    What are the must-have features of GST invoice software?

    • Inventory management
    • Generating GST compliant invoices
    • E-invoice and E-way bill generation
    • Anytime anywhere access to business data
    • Connected services with external portals
    • Easy management of TDS and TCS
    • What are the requirements of GST invoice?

    What is the rule of issuing an invoice in GST?

    • Minimum amount for which one can raise a GST Invoice
    • Handling purchases from URD - Reverse Charge Invoice
    • Handling advance payments – Receipt Voucher
    • Handling exports effectively - Export Invoice
    • Handling special deliveries - Delivery Challan
    • Handling revisions in the values of invoice already issued – Debit Note / Credit Note

    Watch Video on GST Compliant Invoices – TallyPrime GST Invoicing Software

    
    Read More on GST

    GST Rates & Charges

    Types of GST

    GST Returns