What is Invoice under GST

Meaning of term Invoice under GST

 

This post explains about Invoice under GST. 

Non Taxable Invoice:

Invoice under GST

In the GST regime, two types of invoices will be issued:

         i.            Tax invoice

       ii.            Bill of supply

Under the GST regime, an “invoice” or “tax invoice” means the tax invoice referred to in section 31 of the CGST Act, 2017. This section mandates the issuance of an invoice or a bill of supply for every supply of goods or services. It is not necessary that only a person supplying goods or services needs to issue an invoice. The GST law mandates that any registered person buying goods or services from an unregistered person needs to issue a payment voucher as well as a tax invoice. The type of invoice to be issued depends upon the category of registered person making the supply. For example, if a registered person is making or receiving supplies (from unregistered persons), then a tax invoice needs to be issued by such registered person. However, if a registered person is dealing only in exempted supplies or is availing the composition scheme (composition dealer), then such a registered person needs to issue a bill of supply in lieu of invoice. The invoice should contain description, quantity and value & such other prescribed particulars (in case of supply of goods), and the description and value & such other prescribed particulars (in case of supply of services).

Contents of Bill of Supply

A bill of supply shall be issued by the supplier containing the following details:

  1. Name, address and GSTIN of the supplier
  2. A consecutive serial number, in one or multiple series, containing alphabets or numerals or special characters like hyphen or dash and slash symbolised as “-” and “/”respectively, and any combination thereof, unique for a financial year
  3. Date of its issue
  4. Name, address and GSTIN or UIN, if registered, of the recipient
  5. HSN Code of goods or Accounting Code for Services
  6. Description of goods or services or both
  7. Value of supply of goods or services or both taking into account discount or abatement, if any
  8. Signature or digital signature of the supplier or his authorized representative

This post describes about Invoice under GST.   Comment below your thoughts about this post Invoice under GST.

 

 

 

Learn Exports Imports Free, Click here

Click here to know GST rate of your goods or service

Who has to obtain GST registration in India?

Does GST registration number of my firm change time to time in India?

 Is GST registration required for a public sector undertaking?

 Is amendment of GST registration allowed in India?

 Cancellation of GST registration in India

Centralized GST registration of services permitted in India?

 Retired from business ownership. Fresh GST registration in India?

 GST Registration for Job workers in India

GST registration mechanism in India

Pre-registration of credit card necessary for GST payment in India

Is GST Registration required for a Job worker in India?

Meaning of term bond under GST

What is Registered Person under GST

Term Refunds Mechanism under GST

What is Refund to International Tourist under GST

Term Refund processing backend system under GST

What is Recovery by sale of movable or immovable property under GST

What is entry tax in lieu of octroi (ETILOO) under GST

Term RBI on T+1 basis under GST

Term Provisional Identification Number(PID)under GST

What is LET EXPORT order in export trade?

 How to book empty container for factory/CFS/ICD/port stuffing

 How to calculate CBM in LCL export shipments:

 How to calculate chargeable weight under airfreight in exports?

How to check the time of contract on high sea sale transaction?

How to Choose a product for export business

How to cover the risk of Cargo loss or damage

 How to customs clear Cargo arrived in a port where in import license obtained for another port

 How to differentiate BL and HBL?

 How to differentiate CPT and DAP in shipping terms

 How to divert cargo from one port to another?

 How to file bill of entry Manually. What is manual filing of Import Documents?

How to file Bill of Entry on line? What is called Noting in bill of entry

How to Import to Democratic Republic of the Congo?

How to import to India from Democratic Republic of the Congo?

How to export from India to Democratic Republic of the Congo?

Documents required for Export from Democratic Republic of the Congo

Customs procedures for Democratic Republic of the Congo Export

Registration required to export from Democratic Republic of the Congo

Documents needed for Democratic Republic of the Congo import

 


Comments


pravin jadhav: does it necessary to use a word " Tax Invoice " or can i raise cash/credit memo instead of Tax Invoice ? pls confirm

Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers