#software_service

Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services.  The tax GST exists in multiple countries. And since 2018 the GST tax term associated with India also.  GST is levied at every step in the production process, and it is intended to refund to all parties in the various stages of production to avoid the cascading effects of tax.  The ultimate tax is to be to be borne by the final consumer.

While introducing GST in India, Goods and services were divided into five tax slabs for collection of tax.  The rates were fixed as 0%, 5%, 12%, 18% and 28%.

An invoice or a bill is a list of goods sent or services provided, along with the amount due for payment.  Tax invoice is generally issued to charge the tax and pass on the input tax credit to the beneficiaries.

GST invoice is a document which is supposed to contain all the relevant details of a business transaction and both the parties involved.  As per rules, only GST registered business needs to provide GST complaint invoices on account of sale of goods and services.  The mandatory fields of Tax Invoice Format are

·         Invoice number

·         Date

·         Customer name

·         Shipping and billing address

·         Taxpayer’s GSTIN

·         Place of supply

·         Taxable value and

·         Discounts Rate 

·         Amount of taxes – CGST/ SGST/ IGST

·         Signature of the supplier

There are multiple GST invoicing software available in the market.  In the new GST tax era, it would be difficult to manage transactions without valid and proven software.  At the same time many software available in the market turned out to be costly for small and medium businesses.  The software as released by SmartAdmin proved to meet all the requirements of GST and at the same time it is highly affordable with multiple features to scaling up for time sheet, payroll and more.  One can try the product for 30 days free and can subscribe it on annual or monthly basis.

SMART ADMIN is a cloud-based software for generating GST Compliant Invoice, Payroll management, Timesheet and Project Tracking – visit SMART ADMIN for FREE Trial and Registration.