GST Invoice

GST Invoice

What is GST invoice??

GST invoice must follow GST rules and pattern, GST invoice should contain all details like supplier’s name, shipping and billing address, HSN Code, place of supply. In the below article, you will get the clear picture about the GST Invoicing

GST Invoice time limit

GST tax invoice, revised bills, debit notes and credit notes all of those have time limit issue as per GST Model Law Following time limit is for the respective invoice. Following time limit is for the respective invoice.

1. Goods supply in normal case : On or before the date of delivery.Goods supply in Continuous supply: On or before date of issue of account statement/ payment.
2. Goods supply in Continuous supply : On or before date of issue of account statement/ payment.
3. Services in general case : Within the 1 month of services.
4. Services (Banks & NBFC’s) : Within the 45 days of services.

The pre-gst rule for the revision of pre-issued invoice. A Registered taxable person can issue revised tax invoice within the 30 days from the GST registration certificate issuance date.

What is Bill of Supply?

In general, the tax will charge by the supplier from a buyer on the bill. In GST, there are few conditions, where tax is not applicable (Composition Scheme) so, under GST rule those suppliers can’t issue tax invoice instead of tax invoice, another document Bill of Supply will be issued.

What is aggregate invoice & how to get it?

Aggregate invoice is such invoice which registered tax payer can use in a case when our invoice less than Rs. 200 and recipient are unregistered. A Registered taxpayer can issue an aggregate invoice for despite giving multiple invoices on the daily basis.For example, you may have issued 4 invoices in a day of Rs.100, Rs.30, Rs. 93 and Rs. 52. In such a case, you can produce a single invoice, of Rs. 275, to be called an aggregate invoice.

The condition for debit note issuance?

The supplier will be issue debit note:

1. Taxable value in the invoice exceeds from actual taxable value and an original tax invoice is already issued.
2. Taxable value in the invoice is lesser from actual tax to be paid and the original tax invoice is already issued.

The condition for credit note issuance?

Supplier will be issue credit note:

1. Taxable value in the invoice exceeds from actual taxable value and the original tax invoice is already issued.
2. Taxable value in the invoice is lesser from actual tax to be paid and the original tax invoice is already issued.
3. Recipient refuse the product and send back supplier.
4. Services aren’t efficient enough

Mandatory documents required for GST compliant invoice?

Claiming ITC (Input Tax Credit) is the pre-requisite for issuance and receiving GST complain.To issue and receive a GST compliant invoice is a prerequisite to claiming ITC. If a taxpayer does not issue such invoice his customer loses ITC claim and the taxpayer loses its customers. Here we mention the mandatory fields in an invoice:

1. Invoice number and date
2. Customer name
3. Shipping and billing address
4. Customer and taxpayer’s GSTIN
5. Place of supply
6. HSN code
7. Taxable value and discounts
8. Rate and amount of taxes i.e. CGST/ SGST/ IGST
9. Item details i.e. description, unit price, quantity.

How many types of invoices or supporting documents?

1. sales invoices
2. purchase invoices
3. bill of supply
4. credit notes
5. debit notes
6. advance receipts
7. refund vouchers
8. delivery challans

The process of invoice issuance The difference between invoice date and due date?

Invoice date refers to issuance of the date of invoice from bill book, one the other hand due date says that when the payment is due against the invoice.

The condition of issuance of an invoice under reverse charge?

You can’t issue an invoice different from usual sales or purchase invoice. Just you have mentioned it on the invoice that tax is paid on reverse charge.

Is it mandatory to maintain invoice serial number?

Yes, invoice serial number must be maintained strictly.For example, If once issued a particular invoice format so you have to follow until unless, you won’t get a written intimation from the GST department.