INVOICE BILL

Mandatory requirement in an Invoice

• Name , Address and GSTIN of the Seller
• Name , Address and GSTIN of the Buyer
• HSN code or SAC code
• Invoice number (should be serially numbered)
• Date of invoice
• Description of the goods/service
• Quantity of goods
• Taxable value of supply
• GST Rate (CGST,SGST,IGST,UTGST)
• Total value of supply of Goods/Services
• Place of supply/delivery address and name of the destination
• Whether GST is payable on a reverse charge basis
• Signature of the supplier or his authorized representative
Service Tax Billing
• Sec 31(2)-Service tax assessee issue • G.A.R-7:- Challan which is used for
a bill or invoice within 14 days from the payment of service tax
the date on which taxable service manually. The challan is available in
was completed. specific authorized banks.
Penalties- (Sec: 76,77,78) Agreement:-
• Fail to furnish the ST-3 Return • Bank Guarantee
within the due dates 25Oct & • Liquidated damages and so on.
25April of every year.
• Penalty for non-payment or delayed
Exempted:-
• Turnover is less than 10lakh in the
previous fiscal.
• Commercia training & Coaching
services.
Goods Tax Billing
• Sec 31(1)
• 4Q:- Company, Firm
• A registered person supplying
• 8Q:- Non-company, Individual
taxable goods shall issue a tax
invoice.
• The invoice shall be issued before
or at the time of removal of goods
for supply to the recipient.
• Where the supply does not involve
the movement of goods, the
invoice shall be issued when goods
made available to the recipient.
 Process for selecting of vendor
• Search for a vendor.
• Write a request for proposal and request for quotation.
• Select a vendor who is best and giving good quality of goods in
reasonable price.
• Mail the legal terms and condition which fulfills the company clause.
• Then creating a contract negotiation strategy.
• Then mail for the purchase order(PO).
• When goods coming in the company first there will be a inspection of
goods. When everything is ok then it will go for further process.
• The company issues an invoice to the supplier. After that, the company
pays for the goods.
 Taxation
Indirect tax
• TDS/TCS
• GST , Service tax
TDS
Tax deducted at source is income tax reduced from the money paid at
the time of making specified payments such as rent, commission,
professional fees, salary interest etc.
TCS
Tax collected at source is the tax collected by the seller from the buyer
on sale so that it can be deposited with the tax authorities. Section 206C
of the Income-tax act governs the goods on which the seller has to
collect tax from the buyers.
TDS Rates
GST
• GST is known as the Goods and Services Tax. It is an indirect tax which has
replaced many indirect taxes in India such as the excise duty, VAT, services tax,
etc. The Goods and Service Tax Act was passed in the Parliament on 29th March
2017 and came into effect on 1st July 2017.
Reverse charge mechanism Process
GST Rates
 GSTR-1
• Form GSTR-1 is a return statement in GSTR-1 Due Date
which a regular dealer needs to • Monthly GSTR-1 :- 11th of Subsequent
capture all the outward supplies made
during the month or a quarter. GSTR- month.
1 is a return in which details of sales • Quarterly GSTR-1:- Last of the date of
and other outward supplies needs to be
captured.
the month following
the end of the
quarter.
GSTR-3B
• GSTR-3B is a self-declared summary Due date:-
GST return filed every month This GSTR form is a monthly return form.
(quarterly ). Taxpayers need to report The due date for submission every month
the summary figures of sales, ITC is the 20th of the succeeding month.
claimed, and net tax payable in GSTR-
3B. For example, the due date to file GSTR-3B
for September, 2019 is 20th October, 2019
• A separate GSTR-3B must be filed for
every GSTIN
• The GST liability must be paid on or
before the date of filing GSTR-3B,
earlier of its due date
• The GSTR-3B once filed cannot be
revised
• Even in case of a zero liability, GSTR-
3B must be compulsory filed.
P2P:-Procure-to-pay
• It covers the entire process of acquiring goods and services from
suppliers and paying for them.

Steps in P2P Process

1.Create Approval Note
2.Requirement identification and
3.Authorizing the purchase requisition.
4.Shorting the vendors
5.Taking quotation from vendors.
6.Vendor selection
Technical negotiation
Financial negotiation:-LD clause
Payment term (60 days credit)
purchase requisition.
7.Purchase order.
8.Purchase order approval.
9.Shipment notice.
10.Receiving the goods/goods
receipt.
11.Recording invoice.
12.Verifying the price, quantity,
payment terms.
13.Making payment to the
supplier.
Sales and Distribution Module
• Sales and Distribution (SD) is an important module of which consisting of business
processes required in selling, shipping, billing of a product , etc.
• 1)Price and Taxation, 2) Availability Check, 3) Billing & Invoice, 4) Material
Determination, 5) Credit Management are some important features of SD.
• Data, Sales, Shipping of Material, Billing-Related, Sales support, Transportation of
products, are some important components of SD.
• Master data, helps you to track each and every transaction within the data.
• SD sales help you to handle the minute details of every sale that is taking place.
• Billing module keeps the track of all the billing data in a proper way.
• SD shipping module helps you record entire process from being shipped to delivered or
return back.
• SD transportation module helps you to track all the transportation-related data.
• SD sales support module record and report data between the sales team and
customers.
• SD foreign trade helps you to manage data, which is related to foreign trade.
SD Codes
• Create customer:-XD01
• Create sales order:-VA01
• Change sales order:-VA02
• Create billing document:-VF01
• Change billing document:-VF02
• Display billing document:-VF03
• Cancel billing document:-VF11
E-invoice bill (within 7 days)
More than 5 crore
Code:-ZFIASP015
• Agreement (all the process will be
done in advance except service)
Fly ash
• RFID:- Radio frequency identification
• More than 100 ton
• Price of 1 ton=225+GST
• Customer code:-FBL51
• Clear customer transaction:-F-32
• Debit(invoice) & Credit:-FV-70
Cygnet GSP
• Govt. portal
• Simplifies GST compliances:- GST Return
Filing, E-way bill & E-invoice generation.
Fly Ash Report-SD sales report
 Treasury
Payment process
• Vendor invoice Entry
• Invoice verification
• Invoice Approval
• Payment Run
• Bank Communication
• Payment Execution
• Bank Reconciliation
• Accounting Entries
• Reporting and Analytics
• Archiving