Passed by the Indian Parliament on March 29, 2017, the Goods and Service Tax known as GST which is an indirect tax for an entire nation which makes India a common united market by ensuring indirect taxes are replaced in the country.
GST is of great importance for both the Central and State governments as they rely on the GST for their indirect tax revenue. GST is a transparent tax system imposed on the supply of goods and services. When an item is bought, a common individual sees only the state taxes applicable to the product label and not the various tax components embedded in the product.
These tax are categorized into different GST slabs which are
1) Household items include 5% GST
2) Computers and Processed foods include a 12% GST
3) 28% includes in luxurious items
But the word GST Invoice is a bit different. GST invoice can be said as a business instrument which is issued by a supplier to the recipient buyer of goods and service. These documents provide information on the name of the parties involved as well as the details of the goods and the service supplied under a given transaction. The details included are
- Product Name
- Description
- Quantity of Goods
- Services Sold
- Details of the Supplier
- Terms of Supply
- Price of each good sold
- Date of Supply
- Discount
- Service Rendered
So, here you can say the invoice is a document where the supplier asks for the payment.
As you may know there are various and different transactions included in accounting and bookkeeping for which you may require GST Accounting Software. So Gross Account is the word it’s the Software which just not only manages your accounting details but handles your entire bookkeeping accounts of every Small Medium Enterprise
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