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.
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