GST INVOICE

GST Invoice or the bill is issued by a registered supplier to the recipient of the goods or services. 

 Under the GST regime, a "tax invoice" means the tax invoice referred to in Section 31 of the CGST Act, 2017. 

In the case, where the registered supplier only deals with exempted supplies or availing the benefit under the composition scheme, then he needs to issue a bill of supply in lieu of a tax invoice. 

Under the GST regime, a GST invoice is a mandatory document for the recipient to enjoy the benefits of Input Tax Credit [ITC].

Who should mandatorily issue GST invoices? 

 Every registered business must provide GST-compliant invoices to its clients for the sale of goods and services. 

The invoice contains all the details of the parties involved and the details of the goods and services and taxes levied on them.

How many copies of GST invoices should be issued? 

Triplicate - For goods

[3 copies]

> Original copy to the recipient of the goods. 

> Duplicate copy to the transporter of the goods. 

> Triplicate copy to the supplier of the goods. 

Duplicate - For Services

[ 2 copies]

> Original copy for the recipient of the services. 

> Duplicate copy for the supplier of the services.

When should we issue GST?

In the GST regime, there are due dates for issuing invoices, bills of supply, and debit, or credit notes. They are as follows:-

1. Goods (Normal case) - on or before the date of removal/delivery.

2. Goods (continuous supply) - on or before the date of issue of account statement/payment.

3. Services (general case) - within 30 days of supply of services. 

4. Services (Banks & NBFCs)-  within 45 days of supply of services. 

What are the contents of a GST invoice? 

There is no specific prescribed format for an invoice in the GST regime. However, a few fields should be filled and included in the invoice.  They are as follows:- 

1. Name of the parties involved in the supply. 

2. Address of the parties.

3. Place of supply. 

[Shipping and billing address]

4. GSTIN of the supplier. 

5. GSTIN/ UIN of the recipient. 

6. Date of issue of the invoice. 

7. Invoice number. 

8. HSN code/SAC code. 

9. Taxable value. 

10. Applicable discounts. 

11. Description of product[quantity, weight, etc]

12. GST rates i.e. CGST, SGST, IGST. 

13. Reverse charge/ Forward Charge. 

14. Signature of the supplier or his authorized respective. 

Name of state and code is mandatory along with the name and address of the recipient if he is u registered and receiving goods more than ₹50, 000.

In the GST regime, a bill of supply need not be issued if the value of exempted supply is less than₹200/- subject to specified conditions provisos to subsection (3) of Sec 31 of the CGST Act, 2017.

Bill of Supply  

A bill of supply is similar to the GST invoice but does not include tax amount as the supplier cannot charge GST. 

• They are registered suppliers supplying Exempted goods or services. 
• Registered person opted for composition scheme.

What are the contents of a bill of supply? 

1. Name of the supplier and recipient. 

2. Address of the supplier and recipient. 

3. Value of supply

4. GSTIN of the supplier. 

5. GSTIN/ UIN of the recipient. 

6. Date of issue of the invoice. 

7. Invoice number. 

8. HSN code/SAC code. 

9. Description of product[quantity, weight]. 

10. Reverse charge/ Forward Charge. 

11. Signature of the supplier or his authorized respective. 

Debit Note 

      A debit note is issued by the supplier to the recipient when it is found that the tax invoice issued for the supply is found that the value or the tax charged in that invoice is less than what is actually payable/chargeable.

Credit Note 

      A credit note is issued by the supplier to the recipient when it is found that the tax invoice issued for the supply is found that the value or the tax charged in that invoice is more than what is actually payable/chargeable.

 

What are the contents of a revised tax invoice and a credit or debit note? 

1.  The word "Revised Invoice", wherever applicable, is indicated prominently. 

2. Name, address, and GSTIN of the supplier. 

3. Name, address, and GSTIN / UIN if registered of the recipient. 

4. Date of issue of the document. 

5. Value of taxable supply goods or services. 

6. Amount of tax debited/ credited and rate of tax. 

7. Serial number. 

8. Date of corresponding tax invoice or the bill of supply. 

9. Nature of the document. 

10. Signature of the supplier or his authorized respective