Fully Automated Bill of Supply Format Under GST in Excel, OpenOffice Calc, and Google Sheet for Composition Dealers to issue invoices to customers without collecting GST.
Moreover, the template consists of invoice autonumbering and you can also generate client-wise, date-wise, and location-wise billing statements.
Furthermore, this template auto-updates client information and product information from the datasheet so that you don’t need to type anything.
Table of Contents
What is Composition Scheme?
Composition Scheme is a GST tax levy technique designed for small businesses with a revenue of up to Rs. 1.5 Crore or Rs. 75 lakhs for the Northeastern States. The main purpose of this scheme is to simplify compliance and lower compliance costs.
Furthermore, it is voluntary, and qualifying individuals who want to pay tax under this plan can pay a set proportion of their quarterly turnover rather than paying tax at the regular rate.
The Composition Method is a basic and straightforward GST scheme for taxpayers. Small taxpayers can avoid time-consuming GST paperwork by paying GST at a predetermined rate of turnover.
In comparison to a regular taxpayer, a taxpayer under this arrangement just has to file one return every quarter. A person subject to the Composite Scheme must pay tax at lower rates. Because of the reduced tax rates, the business has more liquidity of capital.
On the contrary, the registrant can only conduct intra-state transactions if registered under the composition scheme. Export/import or interstate activities are strictly prohibited.
Furthermore, the registrant is not eligible for an Input Tax Credit under this plan. Not only that, but they are also not allowed to collect tax from their buyers. The supplier has to issue a Bill of Supply instead of a GST tax invoice.
Threshold Limit for Composition Dealers
With effect from April 2019, the yearly turnover criteria for the composition scheme has been raised to Rs.1.5 crore. The threshold limit for North Eastern states and Uttarakhand remains at Rs.75 lakh including the restaurant which does not serve alcoholic beverages.
Moreover, service providers are now eligible for the composition scheme. Both independent service providers, as well as, mixed suppliers (products and services) having Rs.50 lakh annual turnover in the previous financial year, can opt for this scheme.
GST Tax Rate for Composition Dealers
Following GST rates apply to Composition Dealers:
Manufacturers and Traders (Goods) – 1% (0.5% CGST and 0.5% SGST)
Restaurants not serving Alcohol – 5% (2.5% CGST and 2.5% SGST)
Service Providers and Mixed Suppliers – 6% (3% CGST and 3 % SGST)
Rules for Bill of Supply Under GST
A bill of supply shall be issued by the supplier containing the following details:-
- Name, address, and GSTIN of the supplier.
- A consecutive serial number, in one or multiple series, containing alphabets or numerals or special characters -hyphen or dash and slash symbolized as “-” and “/”respectively, and any combination thereof, unique for a financial year.
- Date of its issue.
- Name, address, and GSTIN or UIN, if registered, of the recipient.
- HSN Code of goods or Accounting Code for services.
- Description of goods or services or both.
- Value of supply of goods or services or both taking into account discount or abatement, if any.
- The signature or digital signature of the supplier or his authorized representative.
Source: www.cbic.gov.in
Download Bill of Supply Format Under GST (Excel, OpenOffice Calc, & Google Sheet)
Keeping in mind the rules mentioned above, we have created a Fully Automated Bill of Supply Format with predefined formulas and functions. This template helps you to issue a bill of supply without the hassle of typing all the details. All you have to do is to enter the quantity.
Download by clicking below on the desired format:
For regular GST businesses, you can download the Fully Automated GST Invoice Template from the link below:
Additionally, you can download Accounting templates like Inventory Template, Accounts Payable Template, Cash Book Template, Petty Cash Book Template, Marketing Budget, Expense Report Template, and Payroll Template With Attendance.
Feel free to contact us for the customization of this template as per your requirement. We also design new templates based on your needs. You can hire us for our services on Fiverr or directly contact us at info@msofficegeek.com.
How to Use Ready-To-Use Bill of Supply Format?
- Insert data in all the sections of the Setup File.
- Go to the next sheet which is the Bill of Supply Format. The date is auto-populated.
- Select the customer ID from the dropdown list. It will fetch all the customer details like name, address, GSTIN, POS, etc. Delete contents of the customer id cell if the customer is non-registered. You need to manually enter the details of the customer.
- Select type of invoice from the dropdown list: cash or Credit. If the invoice is cash the days and due date will disappear. But if the invoice is a credit invoice, then it automatically fetches days and due dates according to the credit period defined in the setup file.
- Select product id and it auto-populates product name, HSN code, rate, Amount, Discount, and Total Amount. You just need to enter the quantity.
- Insert remarks if applicable.
- Click on the print button to print the invoice.
That’s it. Your invoice is ready.
Components of Bill of Supply Template
This template consists of 4 Sheets: Setup File, Bill of Supply Template, Sales Register, and Printable Bill of Supply Format.
Let us understand each in detail.
Billing Setup File
The purpose of this file is to insert one-time data to save you time while issuing a Bill of Supply. It consists of the 3 sections: Supplier Information, Client Information, and Product Information.
Supplier information consists of the following:
Company Name
Supplier Address
GSTIN
Financial Year
Location
Credit Period
Customer Information consists of the following columns:
Customer ID
Client Name
Client Address
GSTIN/UID
POS
POS is the state in which the customer/buyer is located. According to the rules of the Composition scheme, as you can only make supplies within the state, POS has to be the same as your location.
The Product Information section includes the following:
Product ID
Product Name
HSN Code
Price/Rate per Unit
Discount Rate
You can leave the discount rate blank or insert zero if it does not apply to your business.
You can pre-define everything in this sheet and the Bill of Supply template automatically fetches the data from this sheet.
Bill of Supply Template
Bill of Supply template consists of 5 sections: Supplier Information, Customer Information, Product Information, Summary section, and Other Information.
Supplier Details
This section is auto-populated based on details entered in the setup file. Hence, you don’t need to manually enter anything in this section.
It consists of supplier information like company name, company address, GSTIN, and Location. As per the rules, it consists of the heading as “Bill of Supply”.
Customer Details
In the Customer Information Section, insert the bill number only for the first time. Later it will automatically display the next number in the sequence.
Moreover, select customer ID from the dropdown list and it auto-updates all of the following details:
Invoice Date
Customer Name
Customer Address
GSTIN
POS
Type of Invoice
Credit Days
Due Date
If the customer is non-registered, then delete the contents of the Customer ID cell. The template automatically displays other heads for manual entry. Insert following details of customer manually:
Name
Address
UID/PAN
POS
It should be kept in mind that POS should be the same as your location. If the customer belongs to another state, then it is mandatory to issue a tax invoice which is prohibited under Composition Scheme.
Product Details
Furthermore, the Product Information section consists of the following columns:
Sr.
Product ID
Product Description
HSN
Rate
Qty
Amount
Discount %
Total Amount
The serial number is auto-populated. Select product ID and it fetches all details except the quantity. Manually insert the quantity.
Bill Summary and Other Information
The summary section displays the summary of the bill. It displays the sales amount, discount amount, and the final bill amount after deduction of discount if applicable.
The other information section includes the “Remarks” section, signature section, and other miscellaneous details.
Click on the print button, “Save as PDF” dialog box will open as shown below:
Once you execute the command the invoice number will automatically jump to next in the sequence.
Sales Register For Composition Dealer
After you issue the bill of supply, it is necessary to maintain client-wise records of invoices. Hence, we have created a Sales Register for Composition Dealers to record your bills of supply.
This sheet consists of the following details:
Date
Invoice No.
Customer ID
Customer Name
GSTIN/UID
Location
Amount
Discount
Total Amount
Insert date and invoice number. Select the customer ID and it will fetch other customer-related details like GSTIN, and Location. Enter the Amount.
Moreover, insert the discount amount if applicable to your business/products. The Total amount column is auto-populated.
Additionally, you can generate client-wise, date-wise, and location-wise billing statements using the “Filter” option.
Printable Bill of Supply Format
Moreover, click on the image to enlarge and print the Printable Bill of Supply Format or Click on the button below to download as PDF:
Frequently Asked Questions
Can a person who has already obtained registration, opt for payment under composition levy? If so, how?
Yes. Such persons need to give intimation electronically in Form GST CMP-02 but from the beginning of the financial year only.
Are monthly returns required to be filed by the person opting to pay tax under the composition scheme?
No. Such persons need to electronically file quarterly returns in Form GSTR-4 on the GSTN common portal by the 18th of the month succeeding the quarter. For example, GSTR-4 in respect of supplies made during July to September 2017 is required to be filed by 18th October 2017.
How will the aggregate turnover be computed for the purpose of composition?
Aggregate turnover will be computed based on turnover on an all India basis and will include the value of all taxable supplies, exempt supplies, and exports made by all persons with the same PAN, but would exclude inward supplies under reverse charge as well as central, State/Union Territory and Integrated taxes and cess.
Source for FAQs: www.cbic-gst.gov.in
Click on the link above for more questions realted to Composition Scheme.
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