What to Include in a Receipt?
1. Seller Information: Receipts should include the name, address, and contact details of the seller or business issuing the receipt. It helps in identifying the source of the receipt and provides contact information for any inquiries or after-sales services.
2. Transaction Details: Transaction details may include the details of the items purchased, including names or descriptions, total quantity, prices per unit, and applicable tax rates. It shall also include the amount of discount allowed, if any. This helps the buyer verify the accuracy of the transaction.
3. Total Amount Paid: It shall clearly state the total amount paid by the buyer, including taxes and any discounts. This is the final amount the buyer is expected to pay for the transaction.
4. Payment Method: It indicates the method used for payment. For example: in cash, by using a credit card or debit card, through a Unified Payment Interface (UPI), etc. It helps both parties to keep a record of transactions.
5. Transaction Date and Time: The receipt must include the date and time of the transaction. This information is useful for record-keeping purposes.
6. Transaction Number or ID: Seller must assign a unique transaction number or ID to each receipt. This helps with tracking and referencing specific transactions, especially in the case of returns or exchanges.
7. Additional Information: Depending on the nature of the transaction or business, additional information may be included. Sometimes, businesses are required to include a Harmonized System of Nomenclature Code (HSN) or Services Accounting Code(SAC), to comply with the various laws.