India's New GST Invoice Format

[ShubSingh39]

Is there any update on above issue @lubos .
As there is only 21 days left on implementation of gst in india !!

1. Please design at least one template which looks like this

With all feature which is needed
As it will be very helpful for all indian users.

2.Can you provide all variable names so that we can customize the invoice according to our need.

Thanks in advance .

[AaiRIz]

Here i attached one image, For Detailing and understanding about probable Invoice Format of NEW Indian GST

[sharpdrivetek]

@lubos

Any updates? This is mandatory for all Indian business from 1st July.

[lubos]

Both examples which I’m shown have 15 columns. They can barely fit “description” on line item. Is this for real?

[sharpdrivetek]

@lubos

I still haven’t seen reference where it states that GST amount must be shown on each line item.

The draft copy provided by the govt shows what all are required on the invoice which includes the amount in words.

@sharpdrivetek

Please check the below.
http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-formats-under-invoice-rules.pdf;jsessionid=98D31C5AB7F13582EA237998A6A3776F

@lubos

I mean look at these invoice examples. They are ridiculous. 15 columns? How do you fit that on the paper? Look how little space there is for Description which is the main part of the invoice. It barely fits the word Description.

We feel the same but we have got no choice. The HSN code will describe the product and we will have to just insert the name of product rather than description i guess.

[lubos]

OK, could you explain these tax columns? What’s CGST, SGST and IGST? Why not just GST?

[sharpdrivetek]

@lubos

OK, could you explain these tax columns? What’s CGST, SGST and IGST? Why not just GST?

The central government and state government divide the tax between them.
IGST is integrated GST.
CGST is Central GST.
SGST is State GST.

For an intra-state sale CGST and SGST needs to be mentioned separately. Together they make IGST.
For an inter-state sale IGST is charged.

A bit more clear explanation you may find on the below link if you have the time.

What is SGST, CGST, IGST and UTGST?

[AaiRIz]

You can also Make a Invoice Formate Like this photo, For Columns Reduction.

[AaiRIz]

There is certain crucial information that needs to be mentioned mandatorily in the GST invoice.
These are:

1. Name, address and the GSTIN of the supplier
2. The nature of invoice (tax invoice, supplementary invoice or revised invoice)
3. Invoice number (this shall be a consecutive alpha-numeric or numeric series, specific for a financial year)
4. Date of Invoice
5. Name, address and the GSTIN of the recipient
6. Where the value of the goods exceeds Rupees Fifty Thousand and the recipient is an unregistered person, then name and address of such recipient and the delivery address of the consignment.
7. Description of the goods or services
8. HSN code of the goods or the Accounting Code of the Services
9. Quantity of the goods or services
10. Total value of the goods or services
11. Rate of Tax on each item
12. Tax amount charged, on account of CGST, IGST, and SGST to be shown separately under different columns
13. Name of the supplying State and the place of supply
14. Place of delivery
15. A statement mentioning whether reverse charge is applicable or not
16. Trade Discounts not forming part of value of the goods, if any
17. Signature in physical form or Digital Signature of the supplier or an authorized person, duly certifying the invoice

[Abeiku]

Lol

[acecombat2]

I agree.

India's New GST Invoice Format

Holy Macroni, gst on top of gst’ed item.

The tax format could have made simpler with computerized method like drop down menu either by state or by federal level. Then the intergrate calculation or ‘gst total summary’ could have made another separate table after line items

Unless you’re telling me your nation’s tax structure able and will multi-tax of the same tax classification for both state and federal level per item.

[AaiRIz]

@acecombat2

The tax format could have made simpler with computerized method like drop down menu either by state or by federal level.

Yes, that’s Possible… But its good and easy or not that’s decides by @lubos

And for GST Tax Slabs Info… I attached Photo for understand.

[sharpdrivetek]

I appreciate your contribution but lets try to give only the information necessary for the developer. Too much unnecessary information will only create confusion. The developer already has all the details required.

[AaiRIz]

Thanks to pointout.
But as per me i will send only required information for the developer.
And i will more conectarte for this New GST.
Thanks.

[himayun19]

hahahaha good one

[anoopchintu]

Dear all,
Let me provide the outcome of my meeting with our Chartered Accountant yesterday on this new format released in India. Our CA, mentioned that the format is a guideline and we can have our own formats, but with all the details mentioned (as per requirement). However, we need to track all the applicable GSTs, like IGST, CGST & SGST as these are eligible for input tax credits.
I have tried this with an example in MANAGER, and it has come out well. Let me explain…
We created new tax codes like… IGST, CGST & SGST with 2 rates each (14% & 28%). While creating the CGST & SGST, we used a general term called GST and created multiple rates, CGST & SGST under this. A test purchase invoice was then created with IGST called, and then an invoice with GST (CGST+SGST) called.

Purchase Bill Image:

Invoice Image

Now to keep track of the tax details, Tax Transaction report was taken and the image is given below:

Here, it would be better if the general tax code of GST 28%, which has multiple codes like CGST 14% & SGST 14% can be shown clearly on this report.

From the above report, if manual calculation is made, we will know our tax liability. PLEASE NOTE THAT THE REQUIRED FILING HAS TO BE DONE IN PRESCRIBED FORMAT AND IT CAN BE DONE BY A TAX PRACTITIONER or YOU CAN USE FILING SOFTWARES AVAILABLE ONLINE.

This formats were shown to the CA and he mentioned this should be fine, with all other details, like GSTIN, Place of delivery etc., clearly mentioned.

With this, my view is that MANAGER is currently capable of handling GST invoicing and tax tracking in India. However, would request some modification on the Tax Transaction Report to show the final liability clearly (ie. Tax collected - Tax Paid) somewhere at the end of this report.
Also, what we need to worry here is the running balance on each tax code after availing the input credit.
On the above Purchase Invoice, we can avail an input credit of 280 (IGST 28%) against the Sales Invoice, which means we need to pay only 140 (420-280).
As per rules, we can avail input credit as per priority (for IGST - credit would be for IGST first, then CGST and then SGST). From the above purchase bill and invoice, the input credit of 280 (IGST) has to be applied to CGST first and the remain to be applied on SGST.
I feel, this is something we need to work upon…

[Abeiku]

@anoopchintu

With this, my view is that MANAGER is currently capable of handling GST invoicing and tax tracking in India. However, would request some modification on the Tax Transaction Report to show the final liability clearly (ie. Tax collected - Tax Paid) somewhere at the end of this report

Great idea, displaying tax by their component (Multi Rate Tax codes) in the tax reports would be a plus. I totally support.

[anoopchintu]

This is how the tax reconciliation works… (excuse me if something is wrong, I am not a CA)
I have tried this as an example for Indian GST monthly filing, though the filing for Purchase and Sales are separate.

Here the tax liability is ascertained only at the end of the period and we can see, the liability of 390 is payable against SGST. This is because, at the end of the period, we have credit in IGST, which gets reduced with the liability of CGST first.
Availing input credit
To pay IGST - Take input credit from IGST, CGST & SGST (in this order) paid on purchases
To pay CGST - Take input credit from CGST & IGST (in this order) paid on purchases
To pay SGST - Take input credit from SGST & IGST (in this order) paid on purchases

Complicated?? I guess… A business boom for Tax Professionals and CAs!!

[sharpdrivetek]

@anoopchintu

Our CA, mentioned that the format is a guideline and we can have our own formats, but with all the details mentioned (as per requirement).

This can only be accepted when a sales invoice contains items that all fall under the same tax slab. That is the reason the govt issued a template rather than just guidelines. When there are multiple items with different HSN codes and different tax rates, the template prescribed by the government is the best option. It will reduce errors when filing for tax returns which has to be entered in the default template that should be uploaded to the GST website.

Also, as per guidelines, when goods are supplied, the supplier is required to issue three copies of the invoice– Original, Duplicate, and Triplicate.
Original invoice: When a buyer makes the purchase he gets the first copy of invoice, marked as ‘Original for recipient’.
Duplicate copy: The duplicate copy is issued to the transporter( carrier of goods) to present as evidence as and when required, and is marked as ‘Duplicate for transporter’. The transporter doesn’t need to carry the invoice if the supplier has obtained an invoice reference number.
Triplicate copy: This copy is retained by the supplier for his own record.

The supplier can obtain an Invoice reference number from the GST website by uploading a tax invoice issued by him. The invoice reference number will be valid for 30 days from the date of uploading. The website accepts tax invoice as per the prescribed template. Also getting an invoice reference number will help eliminate the need to issue three copies of invoice with various markings.

[anoopchintu]

@sharpdrivetek

This can only be accepted when a sales invoice contains items that all fall under the same tax slab. That is the reason the govt issued a template rather than just guidelines. When there are multiple items with different HSN codes and different tax rates, the template prescribed by the government is the best option. It will reduce errors when filing for tax returns which has to be entered in the default template that should be uploaded to the GST website.

This is possible in Manager and I have been doing it under the current Tax rules. Multiple product with different tax rates. You can try…