Formating the complete GST Invoice to you…!!!
GST Invoice contains many short accounting techniques. Generally, we don’t know about all the GST invoice rules and their importance or so-called regulations.
Truly speaking, an invoice is a commercial instrument provided by a seller to a buyer. It describes both the trading parties and items sold by the seller, also describes the product and services.
Not only this much, the tax invoice too is an important document.
Well, to know all about the GST Invoice along with the GST registration filing, visit India’s largest business services platform provider i.e, LeadingFile.
Subsequently, to deal with the registration format directly, visit the link as: GST Registration.
Coming back to the topic; it is not only proof of supply of goods or service. But also an important document for the receipt to avail Input Tax Credit (ITC).
In saying – a person who does not register, he can’t avail input tax credit unless he is the owner of the tax invoice or a debit note.
Thus the importance of invoice under GST cannot be considered appropriate. At the time of issue of the GST invoice irrespective of when they receive payment.
Now, let’s conclude some of the most important terms about GST Invoice…
What Is GST Invoice And Who Should Issue It?
According to the tax law of India, we sell our products and service as a registered businessman we must provide invoices such as tax invoice and retail invoice with one general GST tax invoice to our customer.
The GST invoice plays a crucial role in the transaction of any purchase and sale of goods.
Mandatory Fields In A GST Invoice
The tax invoice is generally issued for the charge in the tex and passes on the input tax credits which is amendment from July 1st, 2017. In GST invoice must have the following information:
- Date of invoice.
- Name and address of the customer.
- Invoice number (it shall be a consecutive alpha-numeric or numeric series, specific for the financial year).
- The nature of the invoice is like a tax invoice or supplementary invoice or revised Invoice.
- Name and address of the supplier.
- Details of the goods and services.
- HSN(Harmonized System of Nomenclature) or the ACS (Account Code of the Service).
- The gross value of goods and services.
- Rate of Tax on each and every item.
- Taxable value and discount on every item.
- Item details such as description, quantity (number), unit (kg, meter, etc.).
- The rate and amount charged as taxes i.e.CGST/SGST/IGST.
- Duly certified Signature of the supplier in physical or digital.
Issuing Of An Invoice
In India, the GST Act has defined a time limit to issue GST tax invoices, revised bills, etc…
There are the following due dates of the issuing an invoice to a customer:
- Normal case-On or before the date of delivery/removal.
- Continuous supply-on or before the date of the issue of account statement/payment.
- For goods, three copies of Invoice can be an issue.
- General case-In general cases the service supply within the 30 days.
- Bank & NBFCs-Within 45 days of supply of the service.
- For services, two copies of Invoice can be issued.
Note: If a person paying tax on reverse charge received goods/services from the Unregistered GSTN supplier, the receiver needs to provide an invoice on the date of receipt of the provided goods/service.
Personalization Of GST Invoices
We can personalize our GST invoice with the following ways:
- Adding the logo of the company.
- Including the specifically authorized signatory field.
- Adding issuing company name and address in the letterhead.
Types Of GST Invoices
A. Bill Of Supply
- A bill of supply is alike to a GST invoice not including for that bill.
- It doesn’t contain any tax amount as the seller cannot charge GST to the buyer.
- A bill of supply is issued in the following cases where tex cannot be charged:
- If the registered person is selling exempted goods or services.
- Also, the supplier has opted for a composition tax rule.
B. Consolidated TAX Invoice
- In that type of invoice, the alternative bill of sale may be issued in B2C.
- Transection if the value of goods or services provided is less then Rs.200.
C. Debit Note
- A debit note is issued by the seller when the value of the invoice increases.
- If the tax invoice has lower the value then the amount should have been charged.
D. Credit Note
- The taxable value present in the invoice is more than the original taxable amount.
- The tax charged in the invoice is more than the actual tax paid by the payee.
Revision of invoice issued before GST
We can revise the invoices issued before GST. Under the GST authority, all the dealer must apply for provisional registration before getting the permanent registration certificate.
As a dealer, we must issue a revised invoice against the issued invoice. The issuing time period for the revised invoice is one month.
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Here comes the end of the article…!!!
So, in this article, we’ve mentioned the GST Invoice and many more details related to the GST.
Needless to say, we even mentioned the GST consultant or you may name it GST registrar.
Not solely this abundant, we have a tendency to conjointly reached the best supply on and attended the top details of GST Registration. Really, LeadingFile is doing its best at describing information.
Finally, we are going to be closing this section.
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