GST Invoice
GST Invoice
Introduction
to GST Invoice
With GST around the corner, it is extremely critical for
businesses to start invoicing under GST mode,
and not face any roadblocks, as they usher in the new age. Businesses will need
to ensure that the GST transaction invoices are passed with the requisite
details, which will later enable them to claim the right ITC, and remain GST
compliant while growing continuously.
Introduction to GST Invoice
Invoice format Under GST Regime
GST Invoice
When a
registered taxable person supplies taxable goods or services, a tax invoice is
issued. To issue and receive a GST compliant invoice is a prerequisite to claim
ITC. If a taxpayer does not issue such an invoice to his customer - who is a
registered taxable person, his customer loses the ITC claim and the taxpayer
loses its customers.
Details to be captured in the GST Invoice Format
·
Invoice number and date
·
Customer name
·
Shipping and billing address
·
Customer and taxpayer's GSTIN
·
Place of supply
·
HSN code
·
Taxable value and discounts
·
Rate and amount of taxes i.e. CGST + SGST/UTGST (intra-state) OR
IGST (inter-state)
·
Item details i.e. description, unit price, quantity
Time Limit of issuing the GST Invoice
Supply of Goods
|
Supply of Services
|
The tax invoice must be issued 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
·
Issue of account statement/ payment, where there is
continuous supply
|
The tax invoice must be issued within -
·
30 days from the date of supply of the service
·
45 days from the date of supply of the service, where
the supplier is an insurer or banking company or a financial institution
|
Copies of the GST Invoice required
Supply of Goods
|
Supply of Services
|
Original
invoice: The original invoice is issued to the receiver,
and is marked as 'Original for recipient'.
|
Original
Invoice: The original copy of the invoice is to be
given to receiver, and is marked as 'Original for recipient'.
|
Duplicate
copy: The duplicate copy is issued to the transporter,
and is marked as 'Duplicate for transporter'. This is not required if the
supplier has obtained an invoice reference number. The Invoice reference number is
given to a supplier when he uploads a tax invoice issued by him in the GST
portal. It is valid for 30 days from the date of upload of invoice.
Triplicate copy: This copy is retained
by the supplier, and is marked as 'Triplicate for supplier'.
|
Duplicate
Copy: The duplicate copy is for the supplier, and is
marked as 'Duplicate for supplier'.
|
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