Invoicing under GST

An invoice is a basic document issued as an acknowledgement of an executed transaction and contains details regarding details as instructed by the Government and details which the issuer may feel is necessary. Following are the details that the Government has specifically listed that needs to be mentioned on the Invoice issued under GST:


a) Name, address and GSTIN of the supplier;
b) A consecutive serial number not exceeding 16 characters and unique to the Financial year;
c) Date of issuance of invoice;
d) Following details of the recipient needs to be given of the recipient of goods or services:

Condition Details of recipient to be given
If recipient is registered –          Name of recipient;

–          Address of recipient;

–          GSTIN/ UIN of recipient

If recipient is unregistered and taxable supply is less than Rs. 50,000 –          Name of recipient;

–          Address of recipient;

 

If recipient is unregistered and taxable supply is Rs. 50,000 or more –          Name of recipient;

–          Address of recipient along with name of the state and its code;

–          Address of Delivery along with name of the state and its code

e) HSN code of goods or Accounting Code of services;
f) Description of goods or services;
g) Quantity in case of goods and unit or Unique Quantity Code;
h) Total value and Taxable value of supply of goods or services or both, taking into account discount or abatement;
i) Rate and Amount of tax (central tax, State tax, integrated tax, Union territory tax or cess);
j) Place of supply along with the name of State, in case of a inter-state supply;
k) Address of delivery where the same is different from the place of supply;
l) Whether the tax is payable on reverse charge basis; and
m) Signature or digital signature of the supplier or his authorized representative.

IN CASE OF EXPORTS, following shall additionally need to be mentioned on invoice:
1) “SUPPLY MEANT FOR EXPORT ON PAYMENT OF INTEGRATED TAX” or
2) “SUPPLY MEANT FOR EXPORT ON PAYMENT OF INTEGRATED TAX”
along with the following details:
a) name and address of the recipient;
b) address of delivery; and
c) name of the country of destination

Other point with regard to tax invoice
a) In case of taxable supply of services, invoice shall be issued within a period of 30 days from the date of supply. However, for banking companies and financial institutions, the said limit is 45 days instead of 30 days.

b) In case of SUPPLIER OF GOODS, the invoice shall be prepared in TRIPLICATE:

• the original copy being marked as ORIGINAL FOR RECIPIENT;
• the duplicate copy being marked as DUPLICATE FOR TRANSPORTER; and
• the triplicate copy being marked as TRIPLICATE FOR SUPPLIER.

c) In case of SUPPLIER OF SERVICES, the invoice shall be issued in DUPLICATE:

• the original copy being marked as ORIGINAL FOR RECIPIENT; and
• the duplicate copy being marked as DUPLICATE FOR SUPPLIER.

d) A tax invoice can be revised and shall contain all necessary details as specified in the rule made in this regard.

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