GST Consultancy

Features of GST

The GST Council promotes principled diplomacy, and the members' statesmanship is undoubtedly impressive. The new GST system is well-supported by technology, and we may expect additional GST services to be digitalized in the coming months.

Here are some key features of Goods and Service Tax (GST):

Invoicing as per GST Law

A GST invoice is a bill or receipt for items supplied or services provided to a customer by a merchant or service provider. It specifies the services/products, as well as the total price owed.

Although there is no set structure for an invoice, invoicing regulations require that it have the following fields (only pertinent fields must be filled):

• The supplier's name, address, and GSTIN;
• A single or multiple-series serial number containing alphabets, numerals, or special symbols such as the hyphen, dash, or slash symbolised as “-” and “/” respectively, and any combination thereof, each unique for a financial year;
• The date on which it was published;
• The recipient's name, address, and GSTIN or UIN, if applicable;
• If the recipient is unregistered and the amount of the taxable supply is fifty thousand rupees or more, the recipient's name and address, as well as the delivery address, as well as the name of the State and its code;
• The HSN code for commodities or the Accounting Code for services;
• A description of the product or service;
• In the case of commodities, the quantity as well as the unit or Unique Quantity Code;
• Total value of goods or services supplied, or both;
• The taxable value of the provision of goods or services, or both, after any discount or abatement;
• Tax rate (central, state, integrated, union territory, or cess);
• The tax levied on taxable products or services (central tax, state tax, integrated tax, Union territory tax, or cess);
• In the case of a supply made in the course of inter-State trade or commerce, the place of supply, as well as the name of the State;
• The delivery address, if it differs from the source of supply;
• Whether the tax is paid on a reverse charge basis;
• The supplier's or his authorised representative's signature or digital signature.