Why do I need a software for GST-compliant billing?
Invoices or bills are the most important documents for recording business transactions, be it sales or purchase. Under GST, these bills have been divided into several categories, such as - GST invoices, refund vouchers, debit notes, credit notes, bill of supply etc.
Post the GST rollout, you will have to create invoices with more than 20 fields such as HSN code, GSTIN of supplier etc., and these invoices need to be uploaded on the GSTN portal on a monthly basis. When the volume of transactions is high, the manual billing system may not suffice, and this is where the need for a invoicing solution or software arises.
Also, your customer will be able to claim input tax credit on their purchases, only if the bills issued by you are GST compliant.
The ClearTax GST Bill Book is completely free and helps you:
- Generate 100% accurate GST-compliant bills
- Automate your billing process
- Handle all your complicated billing requirements
What is place of supply? Can the ClearTax software determine it correctly?
The place of supply is generally the place where the goods/services are consumed. However, there are various rules under the GST law to determine the place of supply depending on different scenarios.
When you create an invoice, our software will auto-populate the ‘place of supply’ field. For this, you need to simply add the details of the buyer in the contact master including the billing and shipping addresses, and our software will automatically pick the billing address as the default place of supply. However, you can change the place of supply, if needed, while creating an invoice.
In addition to this, you can also use our rule engines to set either the billing or the shipping address as the default place of supply for a vendor.
What are the various types of invoices supported by the Cleartax Bill book?
On using the Cleartax Bill Book you can create all types of GST-compliant invoices such as:
- Sales invoices
- Purchase invoices
- Credit notes
- Debit notes
- Advance receipts
- Refund vouchers
- Delivery challans (for supply on approval, supply of liquid gas, job work and others)
Will the ClearTax software provide validation of invoices?
Post GST rollout, a user will have to create invoices with more than 20 fields such as the HSN code, GSTIN of supplier etc., and these invoices need to be uploaded directly on the GSTN portal on a monthly basis.
While creating an invoice our software makes sure that all mandatory fields are accurately filled. In case of any mistake, an alert or notification will be given for any error made in the invoice, along with report of all such invoices.
Can the ClearTax GST Bill Book software handle transactions that attract reverse charges?
While issuing a reverse charge invoice, it is mandatory to specify that it is an invoice under reverse charge.
Our software provides the feature of marking an invoice for the purpose of reverse charge, e-commerce, TDS or TCS, and it automatically presents and populates these fields in the invoice based on the information provided.
When you create an invoice and click on advance settings, it will show you a drop-down menu with the following options:
- Reverse charge
- Provisional assessment
Can I create a Contact master and Item master?
You may create a master data of all your customers with the following details:
- Customer name
- Customer GSTIN
- Billing and shipping addressPlace of Supply
You may create a master data of all item of goods/services in which you deal with the following details:
- Type of Item i.e. goods or services
- HSN number
- Unit Price
All of these details can be uploaded via an excel. Each time you create an invoice for a contact added to the master, the above details will be auto-populated; thus decreasing the chances for error and saving time.
Can I share the invoices with my buyers online?
You can share your invoice with your customers with just a click - the invoice will be sent via email according to the contact details of your customers, shared by you. You do not download the invoice, take a print out and share the invoice. With the help of our cloud-based software, you do not maintain a file of all the invoices manually; hence, you can save time and paper. Go green!
Can an invoice be amended later on?
We understand that in certain situations you may need to rectify your invoice, and create a revised invoice. Our software lets you do the necessary edits and also maintains an audit trail to track the changes made, from the time the invoice was first generated. Please note that the invoices cannot be edited once they have been uploaded on the government portal.
Can I print an invoice?
Yes, you can download and print the invoice generated by our software. This way, you have the option to share a copy of the invoice in digital form, or physically with the customer.
Is the invoice number auto-generated?
When you create invoices using the ClearTax Bill Book solution, all invoices will be given an auto-generated invoice number as per the GST invoicing rules. This will follow the syntax INV000, and will support a maximum of 16 characters. However, if required you can also change the syntax of the serial number.
What if my customer/vendor is not registered under GST? Can your invoicing software handle this?
In case the customer is an unregistered person under GST, the transaction will be categorized as a B2C or Business to Customer transaction. If the value of the particular invoice is up to INR 2.5lac it will be marked as B2C small, and if it is above INR 2.5 lakhs then it will be marked as B2C large.
Do I need to keep adding all the details of my suppliers and buyers each time I create an invoice?
Our software will enable you to create a contact master with details of all your customers or suppliers. Once the Contact master is created, you can add new contacts and edit existing ones as well. You can easily select the name of the contact for which you need to create an invoice and all the details of that particular business or entity will be auto-filled.