INVOICING UNDER GST

Types of Invoices In GST regime, there are two types of invoices will be issued, Tax Invoice When a Registered taxable person supplies taxable good and services. Tax invoice must contain Seller and Buyer details like (Name, GSTIN, Address), date and Serial number of invoice, HSN and SAC, Taxable Amount, IGST, CGST, SGST and Discount if any.

Types of Invoices Bill of Supply When a registered taxable person supplies exempted goods and services and/or paying tax under composition scheme. Bill of supply must contain Seller details and Buyer details (Only if receiver is registered) like (Name, GSTIN, Address), date and Serial number of invoice, HSN and SAC and Discount if any. The bill of supply need not to be issued when the value of goods or services supplied is less than 100 unless the receiver insists for the Bill. However, a consolidated bill of supply needs to be prepared for such supplies at the end of the business day.

Debit Note, Supplementary Invoice and Credit Notes Credit Note can be issued, Where the tax invoice has been issued for supply is found to exceed the taxable value and/or tax payable in respect of such supplies. Where goods supplied are returned by the recipient, or service supplied is found to be deficient. Debit Note can be issued, Where the tax invoice has been issued for supply is found to be less than the taxable value and/or tax payable in respect of such supplies. It shall include a “Supplementary Invoice”.

Debit Note, Supplementary Invoice and Credit Notes Credit and Debit Note must include Nature of the document Name, GSTIN, Address of Supplier Date of issue of the document Serial no and date of original invoice Taxable value, rate of tax and amount of tax credited or debited Serial Number of the document Name, GSTIN and Address for Registered recipient Name, Address, State and Code for Unregistered recipient Signature or Digital signature

Time limit for issue of Tax Invoice In case of Supply of Goods, Where supply required movement of Goods – The tax invoice must be issued before or at the time of “Removal of goods”. Where supply does not require movement of Goods – The tax invoice must be issued before or at the time of “Delivery of Goods to the Recipient”. It shall be prepared in Triplicate Original for recipient, Duplicate for Transporter and Triplicate for Supplier. The Duplicate copy is not required if the supplier has obtained on Invoice Reference Number. Invoice reference number gets generated online while uploading the invoice and valid for 30 days.

Time limit for issue of Tax Invoice In case of Supply of Services, Tax invoice must be issued within 30 days from the date of such supply of services. Where the supplier of service is a Banking company or financial institution will issue invoice within the 45 days from the date of such supply. For supply of Service only 2 copies of Invoice are required Original for Recipient and Duplicate for Supplier.

Tax invoice in special cases Where the supplier of Taxable service is, Banking/ Financial Institution/ NBFC – Shall issue a tax invoice or any other document, whether or not serially numbered, and whether or not containing the address of recipient of taxable services. Goods transport agency – Shall issue a tax invoice or any other document, containing the gross weight of consignment | details of consignor and consignee | details of goods carriage | details of goods transported | details of place of origin and destination | GSTIN of the person liable for paying tax. Passenger transportation provider – Shall issue a tax invoice which include “Ticket” in any form and whether or not containing the address of recipient of service.

Revised Invoice A registered taxable person may issue, Revised Tax invoice in respect of supplies effected during the period starting from the effective date of registration till the date of issuance of certificate of registration. Consolidate revised tax invoice in respect of all taxable supplies made to a recipient who is not registered under the GST during such period. In case of inter-state supplies, where the value does not exceed 2,50,000, a consolidated revised tax invoice may be issued separately in respect of all recipient located in a state, who are not registered under the act.

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