An Invoice Template is a document issued by a seller to a buyer that specifies the amount of products or services that have been provided by a seller.
Thus, an invoice provides a detailed account of the products or service. Invoices vary according to the product or services. They also vary from country to country.
Yesterday, our Union Budget 2017 was announced. In general, there are many things covered in this subject. The thing related to Accounting and Taxation is what was mainly awaited by the public are Income Tax and the GST.
Income Tax slabs limit increased from 2.5 lacs. This is a good news for us. Due to many reasons, the inflation has increased recently.
This has resulted in either loss of jobs or low purchase power by the end consumer. This was a good move by the Govt. to relieve the common man on Income Tax.
Against that the GST has been put forward. It is estimated around 14% to 28% depending on the criteria.
What is GST?
GST stands for “Goods and Services Tax”. It is proposed to be a comprehensive indirect tax levy on the manufacture, sales and consumption of goods as well as services at the national level.
It will replace all indirect taxes levied on goods and services by the Indian Central and State governments.
You can know more about GST on www.gst.gov.in
You can download the draft of GST Law and other related documents from here.
I have created an easy to use Invoice Template with proposed GST tax in Union Budget 2017. With this Invoice Template, you can efficiently and easily issue the invoices to your clients with GST Computations
The Invoice Template with GST is useful for Accounts Assistant, Accountants, Audit Assistants etc.
Click on the links below for new and updated GST Invoice and Voucher templates:
Content of Invoice Template With proposed GST
Invoice Template contains 2 worksheets. First one is the Invoice Template and the second one is the Database.
Database sheet contains the list of the names of our customers. These customers are those whom we issue the invoices for the goods supplied or services rendered.
The Invoice template contains the Performa of the Invoice.
Let’s discuss the template contents in detail.
This template consists of two sections:
- Header Section and
- Data Input Section
1. Header Section
Header part contains the following:
On the extreme left, you can insert your company logo. To insert the logo go to Insert tab and then select the Picture option. Navigate to the location and set the logo image.
On the right, enter your company name, address and heading of Invoice.
Then, there is the Customer details section. This section is connected with data validation to the database sheet.
Therefore, you need to update the customer details like customer name, Address, phone and email only at the first instance.
Once it is in updated in the database sheet you can just easily clock on the button and a drop-down list will appear. See image below:
Select the name, address, phone and email of the customer you want to issue the invoice.
On the right, you can enter other details pertaining to the customer. First one is invoice #, then date (here today’s date will reflect as per the formula).
Apart from that, there is Customer id and Due date (this is set for net 30 days from the date of issue). Lastly, the GST number provided by the govt. department.
2. Data Input Section
This section contains data input columns like Description, Quantity, Unit Price and Amount. Simple mathematical computations are applied. Quantity X Unit Price = Amount.
Quantity X Unit Price = Amount.
Just below the data input section, there is the greeting section and the subtotal of the goods or services.
After that, there is the Remark section and the Tax section. In the remarks section, you can out any message to be conveyed to the customer.
In the TAX section, GST computations are mentioned. You can select the percentage from the drop-down list created with data validation.
You can input the tax percentage in the database sheet in column E as and when the GST tax is finalized.
It will automatically compute the % with the Subtotal amount and sum up for the final total.
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