• Invoice number and date

• Customer name

• Shipping and billing address

• Customer and taxpayer’s GSTIN

• Place of supply

• HSN code (Harmonized System of Nomenclature/ SAC Code (Services Accounting Code)

• Item details i.e. description, quantity, unit, the total value

• Taxable value and discounts

• Rate and amount of taxes

• Whether GST is payable on a reverse charge basis

• Signature of the supplier

For a business to meet invoicing compliance rules, all the items need to be mandatorily mentioned on the GST invoice. Non-adherence of GST invoicing would incur a penalty as high as Rs. 10,000 or 100% tax due (whichever is higher) for not issuing invoice and Rs. 25,000 for incorrect invoicing.

• GSTR-1 is a return where details of sales are filed with the government. No tax has to be paid after filing this return.

• GSTR-3B is a simplified return to declare summary GST liabilities for a tax period. It needs to be self-declared monthly for furnishing summarized details of all outward supplies made, input tax credit claimed, tax liability ascertained, and taxes paid. It is filed by all taxpayers registered under GST.

• GSTR-9 return is filed annually by taxpayers under GST, having turnover of over Rs. 2 Crores in the financial year, containing details of outward sales supplies made, inward purchase supplies received during the previous year under various tax heads, and details of taxes payable and paid. It is a consolidation of all the monthly or quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed during that year.

Now that you know how to become GST compliant, it’s important to keep your business up-to-date with the latest GST compliance requirements and avoid penalties. If you need more information about GST in general, make sure to visit the Bajaj Markets. The website offers a plethora of information about GST and other finance and taxation-related subjects. You can also get a lot of helpful information about business loans, the latest government schemes, eligibility requirements, and so much more.