Tax Invoice

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Tax Invoice under GST

What is a Bill:

A bill may be a commercial document issued by a vendor to a purchaser. It identifies the parties involved within the transaction, lists, describes, and quantifies the things sold indicates the date of shipment and mode of transport, discounts, and prices, if applicable and delivery and payment terms. In certain instances (especially when signed by the vendor or seller’s agent), an invoice is a demand for payment and, once paid fully, a document of title. Commercial invoice, customs invoice, consular invoice, and proforma invoice are all samples of invoices. It’s also known as a bill of sale or a sales contract.

Tax Invoice under GST:

An “invoice” or “tax invoice” under the GST regime is that tax invoice referred to in section 31 of the CGST Act 2017. This section requires the issuance of a bill or invoice for every and every supply of goods or services. it’s not required that only the supplier of goods or services issue invoices. Any registered one that purchases goods or services from an unregistered person is required by GST law to issue both a payment voucher and a tax invoice. the sort of invoice that must be issued is determined by the type of registered person making the supply.

For instance, if a registered person makes or receives supplies (from unregistered persons), that registered person must issue a tax invoice. If a registered person deals exclusively in exempted supplies or utilizes the composition scheme (composition dealer), he or she must issue a bill of supply in lieu of an invoice.

The invoice must include the outline, quantity, value, and other prescribed particulars (in case of a supply of goods) and therefore the description, value, and other prescribed particulars (in case of a supply of services) (in case of a supply of services). Under specified conditions, an invoice or bill of supply isn’t required if the value of the supply is less than Rs. 200.

A tax invoice is an important document under the GST. Not only does it prove the delivery of products or services, but it’s also required for the recipient to claim Input Tax Credit (ITC). A registered person cannot claim an input decrease without a tax invoice or debit note.

The GST is due at the time of supply. The invoice may be a significant indicator of the delivery time. generally, the time of supply of products or services is the date of invoice issuance or the payment receipt, whichever is earlier.

Issue of Tax Invoice just in case of Supply of Goods: A registered person supplying taxable goods shall, before or at the time of removal of products (where the supply involves movement of goods) or delivery or making thereof available to the recipient, issue a tax invoice indicating the outline, quantity, and value of products, the tax charged thereon, and such other particulars as are prescribed in the Invoice Rules.

Issue of Tax Invoice just in case of Supply of Goods:

A registered person supplying taxable goods shall, before or at the time of removal of products (where supply involves movement of goods) or delivery or making thereof available to the recipient, issue a tax invoice indicating the outline, quantity and value of products, the tax charged thereon, and such other particulars as are prescribed in the Invoice Rules.

Issue of Tax Invoice just in case of Supply of Services:

A registered person supplying taxable services shall, before or after the supply of service but within 30 days from the date of supply of service, issue a tax invoice showing the outline , value, tax charged thereon, and such other information as has been prescribed within the Invoice Rules.

Contents of Tax Invoice:

There’s no prescribed format for an invoice; however, invoice rules require the subsequent fields (only applicable fields are to be filled):

Name, address, and GSTIN number of the vendor;
A sequential serial number, in one or multiple series, containing alphabets or numerals or special characters hyphen or dash and slash symbolized "-" and "/" respectively, and any combination, unique for a fiscal year;
Date of publication;
The recipient's name, address, and GSTIN or UIN, if registered;
Name and address of the recipient and therefore the delivery address, also as the name of the State and its code, if the recipient isn't registered and the value of the taxable supply is at least fifty thousand rupees;
HSN product code or Accounting Code service code;
Description of merchandise or services
In the case of goods, quantity and unit or Unique Quantity Code;
Total value of products, services, or both supplied;
Taxable value of the availability of goods, services, or both, net of any discount or abatement;
Tax rate (central, State, integrated, Union territory, or cess);
Tax imposed on taxable goods and services (central tax, State tax, integrated tax, Union territory tax, or cess);
Place of supply also as the name of the State, if the availability is made in the course of interstate commerce or trade;
Address of delivery when it differs from the situation of supply;
Whether the tax is subject to reverse charge;
Signature or electronic signature of the supplier or his authorized agent.

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