Invoice Format and Rules

Invoice Format and Rules Under GST

some Invoice Format and Rules was defined by the GSTN Council.

What is GST Invoice?

Invoice or bills is a list of service provided and goods sent, along with amount due for payment.

Who should issue GST Invoice?

If you are a GST registered business, you need to provide GST-complaint invoices to your clients for sale of goods or services.

What are the mandatory fields a GST Invoice should have?

A tax invoice is generally issued to charge the tax and pass on the input tax credit. A GST Invoice must have the following mandatory fields:

    A.  Invoice number and date

    B.  Customer name

    C.  Shipping and billing address

    D.  Customer and taxpayer’s GSTIN

    E.  Place of supply

    F.  HSN code/ SAC code

    G.  Taxable value and discounts

    H. Item details i.e. description, quantity (number), unit (meter, kg etc.), total value

    I.   Rate and amount of taxes i.e. CGST/ SGST/ IGST

    J.  Signature of the supplier

 

If the recipient is not registered AND the value is more than Rs. 50,000 then the invoice should carry:

  1. name and address of the recipient,
  2. an address of delivery,

  iii. state name and state code

 

By when should you issue invoices?Invoice Format and Rules

Types of invoices?

1.  Bill of Supply

 

 A bill of supply is similar to a GST invoice except for that bill of supply does not contain any tax amount as the seller cannot charge  GST to the buyer.

A bill of supply is issued in cases where tax cannot be charged:

The registered person is selling exempted goods/services,

Registered person has opted for composition scheme

  2.  Aggregate Invoice

If the value of multiple invoices is less than Rs. 200 and the buyer are unregistered, the seller can issue an aggregate or bulk invoice for the multiple invoices on a daily basis.

For example, you may have issued 3 invoices in a day of Rs.90, Rs.80 and Rs. 120. In such a case, you can issue a single invoice, totaling to Rs290, to be called an aggregate invoice.

3.Debit and credit note

A debit note is issued by the seller when the amount payable by the buyer to seller increases:

Tax invoice has a lower taxable value than the amount that should have been charged

Tax invoice has a lower tax value than the amount that should have been charged

A credit note is issued by the seller when the value of invoice decreases:

Tax invoice has a higher taxable value than the amount that should have been charged

Tax invoice has a higher tax value than the amount that should have been charged

Buyer refunds the goods to the supplier

Services are found to be deficient

Invoice Format and Rules

 

How many copies of Invoices should be issued?

 

For goods– 3 copies

For services– 2 copies

 

Invoice Format and Rules

 

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