Sage-Tips

Can we use multiple invoice series in GST?

Rule 46 of the CGST Act does not bind any taxpayer to start a new invoice series for the new financial year, and they can continue from where they left by the end of the last financial year.

How do you number invoices for different clients?

The simple solution to this is to just label all invoices sequentially, at least for the same tax year.

1. So the first invoice you send out to whatever client, is invoice ‘1’.
2. Then, the second invoice you send out, no matter if that is the same client or a different one, gets an invoice numbered ‘2’.

What invoice number should I use?

Invoice numbers are a mandatory invoice field. They should be assigned sequentially, meaning that the number of each new invoice increases. Legally, an invoice number sequence should never contain repeats or gaps. It’s not recommended to simply number invoices ‘1’, ‘2’, ‘3’, etc.

Is Einvoice required for B2C?

E-invoicing and B2C transactions As of now, B2C invoices are exempt from e-invoicing. However, a taxpayer is required to generate a dynamic QR code for enabling digital payments on all B2C invoices as per Notification No. 14/2020-Central Tax, as amended by Notification No. 71/2020-Central Tax.

Can we raise invoice without GST number?

Only the registered companies must file goods and service tax e-invoice on purchases and sales. Otherwise, individuals can send formal invoices to a registered person or business without registering under GST.

Do invoices need to be numbered?

Invoice numbers are unique identification numbers assigned to invoices. In the UK, there is no legal requirement for how you should format your invoice numbers. However, it is required that your invoice numbers follow a sequence and do not include any repeats or gaps.

Is invoice number and reference number the same?

Invoice Reference Number (shortly and more popularly known as IRN) is a unique number generated for each invoice uploaded on an e-invoice system. The number is also known as ‘hash’.

How many numbers does an invoice number have?

It’s best practice to use three to four digits (like 1001 instead of 1) to avoid confusion as your business grows and you bring on more clients and jobs. Chronological invoice numbers typically include the date as well as a unique invoice number so that not all invoices from the same day end up with the same number.

What is the difference between B2B and B2C in GST?

Place of taxation is generally the place of destination of supply, in B2C the place of destination are generally the place of delivery, but in B2B, the place of taxation may be different or may be more than one, it may be registered office of the company or may be the place where actually goods delivered or the …

What is B2B and B2C in GST?

The terms B2C and B2B are used very frequently these days, these are stand for ‘Business to Consumers’ and ‘Business to Business’, these two are totally different kind of transactions because the intention of transaction are altogether different.

Can I raise an invoice as an individual?

If you are doing work as a private individual, you can issue a private invoice for it. The value of the goods or services being provided is not important. The invoice can also be addressed to another individual, as well as to a company.

Under B2B those sales transactions or invoices are classified which are made to registered persons i.e., person having GSTIN No. In B2B both sales made to parties within the state as well as interstate are classified here. B2C – stands for Business to Consumer which is further categorised in two heads:

What is gstr 1 – amended B2B invoice?

Thereafter, You will be taken to the GSTR-1 main page and the 9A – Amended B2B Invoice tile. GSTR 1 will reflect the number of such invoices amended along with Total Tax Liability. kindly note that you have to pay the tax in this tax period only on the differential tax liability.

How to amend B2C (others) in gstr 1 for September?

Enter the GST portal and select GSTR-1 for September month. Click on Table-10 i.e., Amendment of B2C (others). After that, a window will display in which you need to enter a month which needs to be amended. Then click on “Amend Details”.

What are B2C large invoices?

Sales more than 2.5 Lakh to an interstate unregistered person will come under B2C large invoices. This categorisation in B2B and B2C emerges problem for the purchaser in availing input tax credit.