GST Billing System

What is GST Billing System ?
An Invoice is a commercial document issued by a seller to a buyer indicating the products ,quantities and monetary termsFees Management is the most important module that will help an institution to maintain a financial record of an institution. It will take care of the amount of fees paid by students for the respective course opted by them. Fees Management is a kind of module specially designed to give a precise idea to parents regarding the fee structure of the institution. To generate bills for customer. Maintain customer profile. To maintain the inventory for the products available and the products being sold.
In our system the billing is according to the new GST bill of india.I this bill their are certain HSN codes for particular items and the calcula tions are also carried by the rates for those items

GST Billing System Challenges

1. Customer management
2. Flexible Billing Frequency
3. Automatic invoicing
4. Pricing plans management
4. Calculations according to HSN code and and GST

GST Billing System Attempts
This invoice is issued to registered dealers. It includes particulars of the product, details about the supplier (TIN) & the recipient along with tax charged. A registered purchaser can use this to claim tax credit called as input tax credit. a. Excise Invoice(as per Rule 11 of Central Exercise) The excise invoice is signed by the owner of the factory (where it is manufactured) or his authorized agent. This invoice is issued to highlight all the particulars of goods along with details of duty paid to let the recipient know how much tax has been charged and how much CENVAT input he can claim on the purchase of the goods. b. Vat Invoice The VAT invoice is issued by registered VAT dealers in the manner as prescribed by the State Vat laws of the respective state of the supplier. Eg. for a dealer doing business in Maharashtra, he will be required to quote his VAT TIN no.(Tax Identification Number under MVAT)/ CST no. This is issued to an unregistered dealer or retail customer. The VAT charged in the bill is shown separately but as it is issued to the ultimate consumer who has the final liability to pay the tax, tax credit is not to be passed on and hence tax credit can’t be claimed on this invoice.

GST Billing System Usefulness GST is a transparent tax and also reduce number of indirect taxes. GST will not be a cost to registered retailers therefore there will be no hidden taxes and and the cost of doing business will be lower. Benefit people as prices will come down which in turn will help companies as consumption will increase. There is no doubt that in production and distribution of goods, services are increasingly used or consumed and vice versa. Separate taxes for goods and services, which is the present taxation system, requires division of transaction values into value of goods and services for taxation, leading to greater complications, administration, including compliances costs. In the GST system, when all the taxes are integrated, it would make possible the taxation burden to be split equitably between manufacturing and services. GST will be levied only at the final destination of consumption based on VAT principle and not at various points (from manufacturing to retail outlets). This will help in removing economic distortions and bring about development of a common national market. GST will also help to build a transparent and corruption free tax administration. Presently, a tax is levied on when a finished product moves out from a factory, which is paid by the manufacturer, and it is again levied at the retail outlet when sold. GST is backed by the GSTN, which is a fully integrated tax platform to deal with all aspects of GST.