Highlights of the Second GST Masterclass

Highlights of the Second GST Masterclass

To clarify and correct misconceptions about the GST concept, the Government has proposed a series of hour long “Masterclasses” for six days.

Following are the important points from Friday’s second GST masterclass:

There is no prescribed proforma that businessmen need to follow while raising an invoice in the GST regime .

The following details must be included in the invoice:-

  • The GSTIN of the trader
  • The bill amount with the CGST (Central GST) and SGST (State GST) mentioned clearly.

A manual invoice may be generated instead of a digitised bill, provided it contains the necessary details.

Issuing an invoice is not necessary if the transaction is of below Rs 200.

The trader however is compelled to furnish an invoice in case

  • The consumer insists on it or
  • The transaction is B2B (Business to Business).

Stickers for modified MRP under the GST regime.

The revenue secretary said that in case of large number of such goods, the traders should at least notify the modified price in newspaper advertisements. A fine of up to Rs 1 lakh, including a jail term can be posed, if new, post-GST rates are not printed on the inventory in the interest of consumers.

Miscellaneous

  • If GSTIN is not yet available, then a businessman can use her/his Provisional ID to generate invoices.
  • A ‘Search’ box has been added in the official GST website where traders can look up for the HSN (Harmonised System Nomenclature) code and the applicable GST rate for a good or service.

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