Under GST invoicing rules and formats have been notified covering details such as supplier’s name, shipping and billing address, HSN Code, place of supply, rate. In this article we will be covering all aspects of invoicing under GST.
Under GST all indirect taxes (excise, VAT, service tax) will get subsumed into one GST, thus reducing the number of accounts required to be maintained. For example, under GST, a trader has to maintain the a/cs (apart from accounts like purchase, sales and stock).
GST or Goods and Service Tax is set to change the way of business is conducted in India by ushering in an indirect tax system that is completely technology based. Under the new GST regime, businesses are required to maintain various accounts and records for ready verification by an authorized GST Authority.