You must be wondering that you have heard about GST and invoices separately but what is this GST compliant invoice? Need not rush through various thoughts as your all queries regarding the GST compliant invoices will just shoo away after reading this article. This will cover all the details that you ever wanted to know about the GST compliant invoices.
What is a GST compliant invoice?
Firstly, you should be very clear that the invoice is different from the GST compliant invoice. GST compliant invoice is generated by every business that is registered under the GST law. In this type of invoice, you need to add some more details in addition to the normally generated invoices like the GSTIN, Registration Number, Destination State Name, and Tax Amount Charged.
Why you should generate GST compliant invoice?
If you want to claim your Input Tax Credit, then you must generate GST compliant invoices. Once you get registered under the GST laws, then instead of generating traditional invoices you are obliged to generate GST compliant invoices. The true essence of these invoices comes into the picture when you want to claim your ITC.
You can avail of the benefits of it if your buyer is also registered under the GST law. There is no more need to rely on the manual system as the whole scenario has revolutionized with the digitalization in the field of technology. Your buyer can claim ITC only when your business has generated GST compliant invoice.
Is it mandatory to generate GST compliant invoices?
If you are registered under the GST norms, then it becomes mandatory for you to issue GST compliant invoices to your customers. The seller must issue and send a GST invoice to the customer under the rules stated in GST law.
How to generate GST compliant invoices?
By now, you must have got a clear vision regarding the GST compliant invoices and their importance for your business. But the big question lies in the fact the how can you achieve the purpose? Need not worry, Yourbooks is your friend in disguise to help you solve the purpose and achieve milestones.
Yourbooks provide you with the feature of GST compliant invoices. It not only helps you to achieve the goal but also saves your precious time. The interface has been created in such an efficient way that you need to fill in the minimal possible details and channelize your time.
You can see a glimpse of Yourbooks “Create Invoice” section in which you can easily generate the invoices. You can select the company from the already added list or you can add a new company for which you want to generate the invoice.
You need to fill all the mandatory files marked with (*) such as Currency, Serial No, Description, Quantity, Unit Cost, and the GST incurred. Moreover, you get an opportunity to change the already populated fields as per your convenience.
Yourbooks allow you to Preview, Save and Download, Save and send, and Cancel your invoice at a single place. Yourbooks is a complete package to assist you through the various channels and give you a smooth path to generate your GST compliant invoices.