What is invoicing in GST goods and service Tax

Invoicing is very important concept under GST .It is very vital features of tax compliance for every IT is important to be aware of the rules of invoicing under GST tax structure.

In the present tax structure two type of invoicing are issued

• Tax invoice.
• Retail invoice.

Tax Invoice is issued to registered dealer and he can claim Input tax credit on invoice.

Retail invoice is issued to unregistered dealers and input tax credit cannot be claimed on retail invoice.

Invoicing in GST rules:

• Tax invoice
• Bill of supply

Tax invoice under GST

When a registered dealer supplies taxable goods or services a Tax Invoice issued.Every person registered under should issue tax invoice

What does invoice contain :

1. Name, address and registration number (GSTIN) of the supplier.
2. A successive serial number containing only alphabets and/or numerals, unique for every financial year.E.g. you may use the following number for invoicing for FY 2017-18; 2017/001 or 2017/AA/001 or any serial number you may decide Date of its issue
3. Name, address and registration number (GSTIN) of the recipient of invoice. In case the recipient is not a registered person, then name and address shall be sufficient.
4. If any recipient is unregistered and the taxable value of supply is fifty thousand rupees (Rs.50,000) or more, then the name and address of the recipient and the address of delivery, along with the name of State and its code should be mentioned on the invoice.
5. HSN code of goods or Accounting Code of services;
6. Description of goods or services;
7. Quantity in case of goods and unit or Unique Quantity Code thereof;
8. Total value of goods or services;

Taxable value of goods or services taking into account discount or abatement, if any;
Rate of tax (CGST, SGST or IGST);

Amount of tax charged in respect of taxable goods or services (CGST, SGST or IGST);

Place of Supply along with the name of State, in case of a supply in the course of inter-State trade or commerce;

Place of delivery where the same is different from the place of supply;

Whether the tax is payable on reverse charge;
Further, if it is a revised invoice or a supplement invoice, the date and invoice number of the original invoice should be mentioned on the revised invoice itself.

TAX INVOICE DETAILS IN CASE OF EXPORTS

The invoice should also contain the following details:

Invoice shall carry “

Supply meant for export on payment of IGST” or “supply meant for export under bond without payment of IGST”

2.Name and address of the recipient;

3. Address of the delivery along with name of the country of destination; and

4. Number and date of application for removal of goods for export

How many copy of tax invoice should be issued 

1. The original copy being marked as original for receipt-ant.
2. The duplicate copy being marked as duplicator for transporter
3. The triplicate copy being marked as triplicate for supplier.

Bill of supply under GST

Bill of supply is to issue by a registered supplier in the following case

• Supply of exempted goods and services.
• Supplier is paying tax under composition scheme

Bill of supply need not to be issued when the value of goods or service supplied is less than Rs 100. Unless the receiver insisted for bill.

What is the time limit for issue of tax invoice?

1. The tax invoice must be issued before or at the time of
   Removal of goods, where supply involves movement of goods
2. Delivery of goods to the recipient, where supply does not require movement of goods
3. The tax invoice must be issued within 30 days from the date of supply of the service.Where the supplier is a bank or any financial institution, the invoice must be issued within 45 days of the supply of service.

see also :

what is impact of GST on business

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