Invoicing is familiar to anyone who sells goods or services in India and all around the globe. While so far there has been a clear format for each type of invoice created - retail, tax, excise, the new goods and services tax bill will see a handful of changes in the regular invoices.
The government of India has released the rules of invoicing under GST together with an invoice template that highlights the data needed on these documents.
Based on the GST Invoice Rules issued by the Central Government, there are two types of invoices that can be issued under GST, tax invoice (GST invoice) and bill of supply
When a registered supplier sells goods or services that are taxable, a tax invoice has to be issued.We've created a GST invoice template to help you make complying invoices, based on the rules issued by the government.
From July 1st, a tax invoice that a registered supplier needs to issue must containing the following
Supply of goods:
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
Supply of services:
Within 30 days from the date of supply;
*If suppliers is a bank or financial institution, within 45 days of the supply of service
Note: In case a person paying tax on reverse charge receives goods or services from an unregistered supplier, the receiver must issue an invoice on the date of receipt of goods or services.
In case of supply of goods, triplicate copies named:
In the case of supply of services, duplicate copies named:
In the case of exports of goods or services, the invoice must specify if GST has been paid on the exports. For clarity the following text should be used:
If IGST has been paid for the exports: "Supply Meant For Export On Payment Of IGST"
If IGST has not been paid: "Supply Meant For Export Under Bond Or Letter Of Undertaking Without Payment Of IGST"
Additional, in export invoices, the following information regarding the recipient should be stated:
A registered person is not obligated to issue a tax invoice in two cases:
At the end of each day, a registered supplier has to issue a consolidated tax invoice for such supplies.
NOTE: In any other case, the registered supplier is obligated to issue a tax invoice. Not issuing a tax invoice when mandatory is an offence under the GST Act and will attract penalty.
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