Invoicing Under GST

First and foremost, Invoicing forms a crucial function when it comes to the execution of a transaction.In the final analysis,the invoice becomes a basic document for recording the sale/purchase in books of accounts.

Equally important ,the government has notified rules of invoicing under GST along with a template of invoice(GST INV-01) covering the elements such as supplier’s details, GST tax rates etc that need to be presented.

Details to be captured in the GST Invoice Format

  • Invoice number and date
  • Customer name
  • Shipping and billing address
  • Customer and taxpayer's GSTIN
  • Place of supply
  • HSN code
  • Taxable value and discounts
  • Rate and amount of taxes i.e. CGST + SGST/UTGST (intra-state) OR IGST (inter-state)
  • Item details i.e. description, unit price, quantity

Time Limit of issuing the GST Invoice

Supply of Goods

Supply of Services

The tax invoice must be issued before or at the time of -

·       Removal of goods, where supply involves movement of goods

·       Delivery of goods to the recipient, where supply does not require movement of goods

·       Issue of account statement/ payment, where there is continuous supply

The tax invoice must be issued within -

·       30 days from the date of supply of the service

·       45 days from the date of supply of the service, where the supplier is an insurer or banking company or a financial institution

WHAT TYPE OF INVOICE / DOCUMENT YOU SHOULD ISSUE?

Supplier of Goods / Services  Tax Invoice
Transportation of Goods without issue of Invoice Delivery Challan
Supplier of Exempted Goods / Services  or
Supplier Registered under Composition
Scheme
Bill of Supply
On Receipt of Advance Payment for any
supply of Goods/ Services
Receipt Voucher
Refund to be made where no supply has
been made on Receiving Advance under
Receipt Voucher
Refund Voucher
Registered Person liable to pay tax for
Goods/ Services Received by Unregistered
Person
Self-Invoice
Registered Person liable to pay tax under
RCM [9(3) or 9(4)] at the time of Making
Payment to the Supplier
Payment Voucher
Goods Transport Agency Tax Invoice/ Any
other Document
Input Service Distributor
ISD
ISD Tax Invoice/ ISD
Credit Note
Insurer/ Banker/ FI/ NBFC Tax Invoice/ Any
other Document

CONTENTS OF A TAX INVOICE

The contents of tax invoice are:
(a) Name, Address and GSTIN of the supplier.
(b) A consecutive serial number, in one or multiple series, containing alphabets or numerals or special characters hyphen or dash and slash symbolised as "-" and "/" respectively, and any combination thereof, unique for a financial year.
(c) Date of its issue
(d) Name, Address of the recipient and the address of delivery, along with the name of State and its code, if such recipient is unregistered and where the value of taxable supply is fifty thousand rupees or more
(e) Name, Address and GSTIN or UIN, if registered of the recipient
(f) HSN code of goods or Accounting Code of services
(g) Description of goods or services
(h) Quantity in case of goods and unit or Unique Quantity Code thereof
(i) Total value of supply of goods or services or both
(j) Taxable value of supply of goods or services or both taking into account discount or abatement, if any
(k) Rate of tax (Central tax, State tax, Integrated tax, Union territory tax or cess)
(l) Amount of tax charged in respect of taxable goods or services (Central tax, State tax, Integrated tax, Union territory tax or cess)
(m) Place of supply along with the name of State, in case of a supply in the course of inter-State trade or commerce
(n) Address of delivery where the sane us different from the place of supply
(o) Whether the tax is payable on reverse charge basis
(p) Signature or digital signature of the supplier or his authorized representative
(q) HSN Code (for the class of persons as may be required)
(r) In case of export of goods or services, invoice shall carry a endorsement "SUPPLY MEANT FOR EXPORT ON PAYMENT OF IGST" or "SUPPLY MEANT FOR EXPORT UNDER BOND OR LETTER OF UNDERTAKING WITHOUT PAYMENT OF IGST" and in place of details specified in clause (e), shall contain the following details:
 
  • name and address of the recipient
  • address of delivery
  • name of the country of destination
  • number and date of application for removal of goods for export

TRANSPORTATION OF GOODS WITHOUT ISSUE OF INVOICE

ISSUE OF DELIVERY CHALLAN

  • Supply of liquid gas where the quantity at the time of removal from the place of business of the supplier is not known.
  • Goods transported for job work.
  • Transportation of goods for reasonsother than by way of supply.(E.g. Branch transferwithin same Stateb/w units havingsame GSTIN)  and
    such other supplies as may be notified by the Board.

CONTENTS OF DELIVERY CHALLAN

  •  Date and number of the delivery challan;
  • Name, address and GSTIN number of the consigner if registered.
  •  Name, address and GSTIN or UIN of the consignee, if registered;
  • HSN code and description of the goods.
  • Quantity (provisional, where the exact quantity is not known)
  • Taxable value;
  • Tax rate and tax amount, where the transportation is for supply to the consignee;
  • Place of supply, in case of inter-State movement; and
  • Signature.

You can find more information at Zeroinfy.in 

Hope you can find this article helpful. If you did like this Blog then Share it with your friends who are doing CA Final studies or who will be giving their CA Final exams in the near future. 

All The Best!

Zeroinfy

Zeroinfy is the Largest Online Platform for Exam Preparation in India, with over 2000+ HD quality video courses, 95+ best Professors. We provide access to the best, most reputed Professors, from across India, by streaming their classes online/ delivering it in pen drives

For further inquiries Call 8100 800 600 / 601.

For other queries, check Zeroinfy.in

Thank you!!


Leave a comment

Request For Callback

Thank you ! We will get to you soon.

Couldn't submit your request.