A GST invoice is something you're probably already familiar with if your company is GST-registered. Here is a brief overview for all of the clients, nevertheless. A purchase invoice that complies with GST includes a list of all the sold products and services together with their prices, as well as information about the parties engaged in the transaction. Along with other information, this bill also shows the percentage of discounts and taxes applied to each item.
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Generally, the registered taxable person under GST is required to prepare tax invoices, however, other forms of invoices relevant under GST are mentioned hereunder –
Bill of Supply to be issued by a registered person or composition scheme registered dealer in case of a supply of exempted goods or services.
invoice-cum-supply bill: According to Central Tax Notification No. 45/2017, dated October 13, 2017. A single "invoice-cum-bill of supply" can be issued by a registered person who is providing both taxable and exempt goods/services to an unregistered person.
It can be issued in B2C transactions in case the value of goods/services supplied is less than INR 200.
In case of advance receipt of payment from the customer, the receipt voucher needs to be issued by the GST-registered taxpayer.
The seller may send an aggregate or bulk invoice for the several invoices each day if the total amount of the invoices is less than Rs. 200 and the buyer is not registered.
For instance, you might have sent out 3 invoices that totaled Rs. 80, Rs. 90, and Rs. 120 in one day. In this situation, you can send out a single invoice for Rs 290, known as an aggregate invoice.
When the amount due from the buyer to the seller increases, the seller issues a debit note:
a. The taxable value of the tax invoice is less than the amount that should have been charged.
b. The tax value on the tax invoice is less than the amount that should have been charged.
When the invoice value decreases, the seller issues a credit note:
a. The taxable value of the tax invoice is higher than the amount that should have been charged.
b. The tax value on the tax invoice is higher than the amount that should have been charged.
c. The buyer refunds the goods to the supplier.
d. Services are found to be deficient.
A GST tax Invoice must have the following mandatory fields-
1. Invoice number and date
2. Customer name
3. Shipping and billing address
4. Customer and taxpayer’s GSTIN (if registered)
5. Place of supply
6. HSN code/ SAC code
7. Item details i.e. description, quantity, unit, total value
8. Taxable value and discounts
9. Rate and amount of taxes i.e. CGST/ SGST/ IGST
10. Whether GST is payable on a reverse charge basis
11. Signature of the supplier
For unregistered recipients AND the amount of more than Rs. 50,000 then the invoice should also carry:
a. name and address of the recipient,
b. address of delivery,
c. state name and state code
Every registered taxable person under GST law must issue an invoice, and according to GST invoice requirements, the invoice must be issued with a sequential serial number. A GST invoice number is believed to be the serial number that is mentioned on the GST invoice.
The length of the GST invoice number should not exceed 16 characters, according to rule 46 of the Central Goods and Service Tax Rules, 2017, which means that the GST invoice number can only be up to 16 digits long.
Yes, according to the GST invoice requirements, it is required to save the invoice serial number throughout the fiscal year.
Yes, You can modify invoices issued prior to the implementation of GST. Before receiving the permanent registration certificate under the GST regime, all dealers must apply for temporary registration.
Yes, the mandatory inclusion of the HSN code in the GST invoice is determined by the preceding fiscal year's yearly turnover. The HSN code necessary when sending a tax invoice, based on the previous fiscal year's yearly turnover.
The inclusion of the PAN on the GST invoice is optional. Because the GSTIN, or Goods and Services Tax Identification Number, is a PAN-based number, stating the PAN separately on the GST invoice is not required.
In Case Of Supply Of Goods: On or before the date of removal / delivery.
In Case Of Supply Of Services:
1. Within 30 days of the date of the service's supply.
2. In the case of continuous supply, 30 days from the due date if the due date can be ascertained.
3. In the case of continuous supply, 30 days from the date of actual payment if the due date cannot be identified.
4. When there is a cessation of supply prior to the contract's expiration, at the time of such cessation.
5. The due deadline for banking and other financial organisations will be 45 days.
In the case of a service supply, the invoice should be created in duplicate (i.e. two copies), with the original copy labelled 'ORIGINAL FOR RECIPIENT' and the duplicate copy labelled 'DUPLICATE FOR SUPPLIER'.
In the case of a supply of goods, the invoice should be created in triplicate (i.e. three copies), with the original copy labelled 'ORIGINAL FOR RECIPIENT', the duplicate copy labelled 'DUPLICATE FOR TRANSPORTER', and the third copy labelled 'TRIPLICATE FOR SUPPLIER'.
Yes, We can digitally sign invoice through DSC.
In the case of GST payable by reverse charge, you must also indicate on the GST invoice that the tax is paid via reverse charge.
GST Registration – An Analysis
Advance Ruling under CGST/IGST Act, 2017
Higher sales in GSTR-1 and lower tax liability in GSTR-3B
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