This article describes the process of making GST invoices to be sent to AMC for Commissions Received by an ARN Holder.
Note - In case you are not covered under GST, you may ignore this article.
Firstly, you have update the GSTIN number for each ARN that you have in the system.
To do this go to the ARN No. option inside the Setup Menu
Here, Select your ARN and input the GST No here and Click on Save.
Leave the Service Tax No field as it is for the moment. In any case, for Bills date July 1, 2017 and later, the GST will be applied.
2. In Billing Menu, Select option COMPANY MASTER & BILL.
- Click on ADD NEW to create a new bill.
- Select ARN No.
- Input the Invoice No if you wish, or leave it blank to let the system generate the next serial no for you.
- Input Invoice Date.
- Select the AMC
- Enter the Bill Description.
- Enter the billing period : From Date & To Date.
- Enter Gross Comm Received in the Bank
- Enter the Signatory Name
- Click on SAVE
Here, you can use Party Add/Modify option to modify party(the company/main broker that you are billing to). Here you can add Company and AMCs that you want to Bill to. Under My Parties you can see the AMCs that you have investments under.
The Bill will be saved in the database. It will be displayed in the list below when searched with the relevant billing period.
Click on the row, and Click on PRINT to Print the bill. A sample Bill is attached for reference.
Please do check for all details and then submit the bill to the respective AMC.
Select the AMC from the Left Panel and ensure the GST No is mentioned here.
If not, Press EDIT button at the bottom and input GSTIN and Press SAVE
ALL AMC and INSURANCE Companies are already listed in this screen. The Main Broker option in Setup Menu has been deprecated. That same will be shown in this screen when you open it the next time and you may add their address and GST No etc.
Please note :
In case your GST No and the AMC GST No belong to the same STATE, then the system will provide for SGST and CGST automatically.
In case of Different state GST Nos, IGST will be shown as required.
The Invoice Number series is constructed as follows -
1) The First 2 digits represent the current Year
2) The Next segment indicates the ARN number (Like ARN-10367, here 10367 is part of this segment of invoice no.)
3) The Next segment is InvestWell number series. (AMC bill and Investor bill have same series)
In case of any suggestion, please do email us at email@example.com