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Igst invoice format for Legal

[Music] hello and welcome in this video I will talk about a scenario called self invoice under GST rules so self invoice let me explain in what is the background of it as you can see in your screen it is described that sales invoicing is to be done when you have purchased on unregistered supplier and such purchase of goods or services falls under reverse charge this is due to the fact that your supplier cannot issue a GST compliant invoice and thus for documenting the tax liability as you become liable to pay taxes on their behalf availing the ITC on the same the concept of self invoicing was introduced so this self invoice basically as mentioned is basically a invoice which you buy something from your supplier but since they are the unregistered are falling under reverse charge it's your responsibility you generate the invoice on behalf of them so this is the legal requirement in India localization so this is very common and this is very mandatory requirement for all the implementations let's see what is possible in Dynamics is to have Financial operations so for self invoice under reverse charge for the vendor invoices nothing as such is required for the configuration it's already available in the system so what I have done I have created one invoice journal and purchase order invoice with the RCM accounting and our cmgst rules okay so I will go to the inquiries and reports okay let me go to equation reports invoice and invoice Journal I will show you one Counting which you have done with the supplier invoices which is RCM applicable if I change it to today's date okay so this one four three four three is a sale is in RCM invoice RCM transaction is why you click on the voucher the counting is not that those 213 let's see okay this one so the vendor balance 6677 and the ijst payable is 33.85 and ijst interim recovery will also 33.85 so it is the RCM transaction where payable and receivable both are coming into this so the requirement the legal requirement is that the organization's responsibility to print that self invoice on behalf of the vendor okay so for that it is ready-made readily available in the India localization the the main part is that it has to be Intel India legal entity and GST must be enabled before that it's what that what I will do I posted and I will just print it I have nothing to do with this so system already have this format readily available let's wait and the report is printed and if you see the report is reverse charge tax invoice here GST number all the things will be printed in the report including the tax component which is the it is a igst invoice that is the reason is igst tax rate tax amount invoice value and amount of subjected reverse charge everything which was required is including the HSN and ACC value will be printed in the report as per the requirement okay however there is also a requirement that invoice number it should not be a vendor number it has to be generated from the organization so for that one setup is required which is under tax setup which is GST number sequence group and under the GST number sequence group so here in the jst number sequence group in the under tax module here under accounts payable part which is GST invoice here we need to set up a number sequence whatever is required and what is what the client or organization is saying what will be their number sequence as per the GST compliant compliance so that number sequence we will generate here and the same number sequence it will be generated in this GST reverse charge sale with self invoice okay so this is all about the RCM cell invoice which is a legal requirement mandatory requirement for RCM wherever it is required so that's it for this video I hope you have learned something new today thanks for watching stay tuned for another video like this bye foreign