New Delhi, July 8 (KNN) In the second master class on the newly introduced Goods and Services tax (GST), the government clarified that it is not mandatory to issue and invoice in case the transaction value is less than Rs 200.

The Revenue Secretary Hasmukh Adhia led team that is conducting the GST ki master class informed about this provision.

However the trader needs to furnish the invoice in case the consumer demands for it. Also I the transaction is taking place between    business to business.

The team also spoke of the concern regarding the format for raising an invoice under the new One Nation One tax policy.

There is no prescribed Performa that is supposed to be followed, however the invoice must have certain details such as GSTIN (GST Identification Number) of the trader, amount of transaction and also the division between Central GST and State GST). This comes as a big relief to the fears of the businesses that are yet to have computers and invoicing software in place.

Also the class informed about the new feature introduced on the official GST website. The ‘Search’ on the website allows traders to look up for Harmonized System Nomenclature Code (HSN) and the applicable GST rate for a good or service.

GST master call was started by the government In an attempt to inform the various stakeholders of the different nuances under the newly implemented Goods and services Tax (GST). (KNN/ DA)