GST Billing Software - Purchase Invoice - Imprezz

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GST Billing Software Purchase Invoice

• https//www.imprezz.in/ Imprezz

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Modern SMEs rely on automation to stay on top of
todays cut-throat competition. Imprezz is
Indias leading GST billing software that offers
all-in-one small business accounting solutions
for small and medium-sized enterprises. There are
various official documents that business issues
daily, one of which includes the invoices.
Invoicing online is one of the easiest ways to
track sales. Invoices are mainly categorized into
two, purchase invoice and sales invoice. A sales
invoice is a document issued to the customer as
proof of purchase. A purchase invoice in GST is a
document issued to a buyer by its seller as a
confirmation indicating the goods or services
purchased. The usage of the purchase invoices is
also slightly different from that of a sales
invoices. There are various things a buyer must
know about a purchase invoice to pay it. This
article is a comprehensive GST invoice guide 
Heres everything you need to know about purchase
invoices.
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What is an Invoice? An invoice is either issued
on paper as a hard copy or online as a soft copy.
It is formulated with various data that includes
the suppliers and buyers information, name,
registration number (Value Added Tax, Unique
Identification Number, Service Tax, etc.). An
invoice also contains the details of items
purchased, their quantity, tax rates, and taxable
amount. It is mandatory to issue invoices as per
the standardized invoice format.
What are GST Invoices? GST invoice is a document
issued as per the standardized GST invoice
format. It is issued and obtained by taxpayers
that acquire the GSTIN. GST invoice contains the
tax rates and taxable amount applicable to the
intrastate and interstate sales or purchases.
There are various tax rates applicable to each
type of transaction. CGST and SGST are applicable
on the intrastate supplies, and for interstate
supply, IGST will apply.
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GST Purchase Invoice A purchase bill with GST or
invoice is issued to evaluate the purchase. It is
mandatory to mention the GSTIN of both buyer and
supplier to obtain the Input Tax Credit. The GST
system automatically records the buyers account
balance once the supplier successfully uploads
and files the GST form. It is essential to
understand the difference between the invoice
date and invoice due date while formulating a
purchase invoice. The invoice date indicates the
date on which a purchase invoice was issued. The
due date means the scheduled date after which the
payment is considered due against the issued
invoice. While generating a purchase invoice, it
is also crucial to understand the importance of a
serial number. The serial number helps maintain
and restrict invoice manipulation. For instance,
if an invoice is issued with the serial number
INV020, the invoices formatting is preserved and
limited to that number alone.
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• What are the Types of Purchase Invoice Issued
  through GST Billing Software?
• Businesses in India and across the world rely on
  issuing purchase invoices. It helps business
  operations run smoothly and keeps track of each
  payment. Purchase invoice templates on Imprezz
  can be used to issue various types of purchase
  invoices, namely
• Proforma Invoice
• Interim Invoice
• Final Invoice
• Past Date Invoice
• Recurring Invoice
• Credit Memo
• Regardless of the types of invoice businesses
  need to issue, the customizable invoice templates
  on Imprezz GST invoicing software are
  specifically designed to create invoices and
  issue them. Business owners can edit the template
  as per their needs and save it to issue
  professional invoices.

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How is Purchase Invoice Different from Purchase
Order? The critical difference between
the purchase order and invoice is that a purchase
order is a business document containing details
of the transaction yet to be completed. A
purchase invoice is a document containing the
details of the transaction that is already
fulfilled. Moreover, a purchase invoice includes
the total cost of the goods or services
purchased, wherein a purchase order does
not. Contents of a Purchase Invoice GST
Billing Software There are various fields that a
supplier must include in a purchase invoice.
Imprezz offers customizable templates that
include all the necessary fields of the purchase
invoice. Once the data is manually entered, the
invoice is ready to be issued in just a few
clicks. Some of these elements are mentioned
below.
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• Title  Suppliers must officially label the
  invoice as Purchase Invoice.
• Invoice Number  The invoice number is the unique
  identifier of an invoice purely formulated with
  digits.
• Invoice Date  It is the date on which the
  purchase invoice is officially issued to the
  buyer.
• Suppliers Details  It is crucial to mention the
  person who provides the goods and services. Their
  name, address, GSTIN, and other important
  information must be included in the document.
• Customer Details  It is the person who purchased
  the goods or services from the supplier. It is
  crucial to mention their name, address, GSTIN,
  and other important information in the document.

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• Description of the Goods  It is an in-depth
  description of each item contained in the
  business transaction.
• Quantity and Value  The quantity and amount of
  each product must be indicated in the purchase
  invoice.
• Currency  Supplier must mention the specific
  denomination (legal medium of exchange) used in
  the transaction.
• GST Charges  If the supplier has a business
  registered under the GST, the particular amount
  must be indicated in the purchase invoice. This
  way, the purchase invoice becomes valid under
  GST. Alongside mentioning the GST charges, the
  supplier must also mention the GST registration
  number.
• The Total Amount Net of GST  The total amount of
  goods or services rendered is exclusive of the
  GST.
• The Grand Total  It is the value of the
  transaction as per the applied GST rates.

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Creating Purchase Invoices with Imprezz GST
Billing Software Imprezz is the pioneer of
accounting software that streamlines the business
workflow by simplifying accounting operations.
The software primarily assists in the automation
of accounting systems that enable business owners
to focus on other business operations. The
software offers a user-friendly interface that
can be easily operated by accounting
toddlers. Imprezz is a collection of various
features that come in handy. The integration
enables small businesses in India to automate and
achieve higher organizational goals.
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Conclusion A purchase invoice is a business
document that shows the contents concerning the
specific transaction. It is vital to ensure that
all the necessary fields, invoice date, due date,
and serial numbers are accurately laid out in a
purchase invoice. Purchase invoice has to be
created as per the guidelines suggested by the
Indian government. The time has come for small
businesses to update their invoicing procedures.
Your invoices need not look basic. With Imprezz
GST invoice billing software, you can easily
create high-quality, custom invoices in just a
few clicks. We offer 14 days of free GST billing
software trail for small businesses in
India. Login to get started!
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Contact US
Email - info_at_imprezz.in

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