GST Updates

Updated Invoicing Norms for the Retailers in the GST Era

Description

The invoicing norms set by the GST council is a sigh of relief for the Retailers in India. It helps abolish the issue of long invoices detailing prices and taxes for each item under the GST regime. It also allows retailers to avoid the issuing of separate invoices for exempted items taxed at the 0% rate. These changes made by the GST council were based on the recommendations of the law committee that was set up to review the demands by the stakeholders.

The main important changes that can be highlighted is the fact that both invoicing and filing is now made easier for the retailers. It has enabled the retailers to club all the taxed goods at one rate, mentioning just one total tax. This is a huge step up from earlier on, where the retailers had to mention all items separately along with their prices and taxes.

A similar solution has been crafted for 0% items as well. Before the change, retailers selling both regular and exempt items had to provide two separate receipts. But with the changes, the retailers can issue a single invoice for all goods sold, which has been hailed as a sigh of relief for businesses by tax experts.

Sidharth | November 2nd, 2017
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