The invoice is a central element in the distribution process. It is a prime document that serves as a bill for the service(s) or product(s) sold by your company. As per the GST Regulations, any supplier who has obtained a GST registration in India shall issue an invoice in a pre-notified format for the supply of goods or services. This assumes that any business arrangement involving the withdrawal of products for distribution by the provider of commodities to the recipient is influenced only by the payment of invoices to the recipient, irrespective of whether the retailer operates such a company online or offline.
The invoice is a critical asset for every organization. At Tally, we understand very well why you need to delete various forms of GST bill/invoice, and this can sound a little daunting in the GST scheme when you’re getting used to the new framework. Not to think about it. In this blog post, you will be learning Generate Sales Invoice In Tally ERP 9 Release 6 – All You Should Know.
If you’re looking for an intuitive computer software program that helps you to quickly build sales invoices for your company, you’re lucky! With the aid of Tally’s Enterprise Resource Planning (ERP) program, it is simple to build a sales invoice for small to medium-sized enterprises/businesses. In addition to generating invoices, company owners can now build and handle inventory, billing, filing, labor costs, payroll, banking, regulatory compliance, taxes, and a variety of other transactions using this multi-functional and user-friendly ERP software solution.
Managing revenue in the GST
Under the Goods and Services Tax (GST) scheme, transactions are divided into two groups. There are the following:
- Sales at the local level (where CGST and SGST are applicable)
- Sales of the Interstate (where IGST is applicable)
- It is also necessary for the owner of the company to bear in mind that when making the sales entries using the Tally ERP 9 program, you must build ledgers that are relevant to the sales being created.
What is the GST Invoice supposed to contain?
The invoice for the GST shall include the following
- Title, address and goods and services tax Identification of supplier number.
- A sequential serial number not exceeding 16 characters, in one or more series, containing alphabets or numerals or special characters-hyphen or dash and slash symbolized as ‘_’ and ‘/’ respectively, and any combination thereof, exclusive for the financial year;
- Date of the problem
- Name, address, and goods and services Tax Identification Number or Special Receiver Identity Number, if registered
- The name and address of the recipient and the address of the delivery, along with the name of the State and its code, if the recipient is unregistered and the sum of the taxable supply is fifty thousand ropes or more.
- The name and address of the distributor and the address of the distribution, along with the name of the State and its code, where the receiver is unregistered and the sum of the taxable supply is less than fifty thousand ropes, and the recipient demands that such details be included in the tax invoice.
- Harmonized scheme of nomenclature code for utilities goods and utility accounting codes
- Definition of products or services;
- Quantity in the case of products and units or the Special Quantity Code thereof
- The full worth of products or services, or both
- The taxable value of the supply of goods or services, or both, taking into account coupons or discounts if any
- Level of tax (central tax, State tax, integrated tax, Union territory tax or cess)
- Amount of tax levied on taxable goods or services (central tax, State tax, integrated tax, Union territory tax or cess)
- Place of supply, along with the name of the territory, in the case of a supply in the process of commerce or exchange between States
- Delivery address where the same address is different from the location of delivery
- if the tax is payable on the grounds of the reverse charge;
- The signature or digital signature of the supplier or his designated agent
Creating Sales Ledgers
You need to create sales ledgers based on your type of business operation and also fill in the related information required to create those ledgers. There are different types of sales ledgers listed as follows:
- Local sales
- Inter-state sales
- Item name
- Party Account
Under Party Account, you need to also mention whether the party is a composite dealer (businesses registered under the GST Composition Scheme with an annual turnover of up to INR 1 crore), consumer, registered, or unregistered dealer.
Quick Step-by-Step Guide to Build GST Sales Invoice Using Tally ERP 9 Release 6
Below are the steps you should take to build a sales invoice for GST using the Tally ERP 9 Release 6 app.
- Open Tally ERP 9 Release 6 program on your device, then go to Tally Gateway from the menu, pick Accounting Vouchers, and click Sales F8.
- Note: The invoice number to be entered is the serial number on the invoice/billet.
- In the Party A/c Name column, you must pick the Party Ledger or Cash Ledger, as applicable.
- Choose the related sales directory. If it is a local transaction, take the method for the selling of local taxable transactions. In the same way, if it is an inter-state transaction, select an inter-state sales ledger alternative.
- Now, pick the items you want and also make sure you decide the quantity and the cost for each item.
- In the case of local purchases, you must pick a central and regional tax bracket, otherwise select an integrated tax bracket if it is an inter-state sales bracket. You have successfully developed your sales invoice using the Tally ERP 9 app.
- On the basis of your specifications, you can even provide additional material, such as the purchaser’s order and the delivery notice details on your sales invoice that you have just developed. This can be achieved by simply pressing the F12 key and choosing the Configure option from the program menu and following the directions on your screen.
How to view the GST details in the Tally ERP 9 App
You will be able to navigate the tax details by quickly pressing the A key for the tax summary and pressing the F1 key to see the full tax break. To print the invoice/billet in the appropriate format, press the Alt + P keys on the sales invoice/billet. If you need more than one copy, simply press the Alt + P keys, then press Alt + C to pick the number of copies you want to print on your sales invoice.