GST stands for Goods and Services Tax. It’s a single, indirect, destination based tax levied on Goods and Services sold in the country.
Goods and services are divided into five different tax slabs for collection of tax: 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system.
GST bill is a document containing the list of goods sent or services provided, along with the amount paid or due for payment.
A GST Bill can be easily created with Billing Software like KwikBiz. It is compulsory to provide GST bill in proper format to the party/customers if you are a GST registered business.
Features of GST Bill
A GST bill is mandated to have the following fields as directed by the Government.