GST Invoice
A GST invoice refers to a document that contains all the relevant details of a business transaction and both the parties involved. It should include all details like product name, description, quantity, details of the supplier and the purchaser, terms of sale, the rate charged, discounts, etc.
Requirement Of GST Invoice
The government of India has also provided a sample GST invoice format. So it is good to issue GST invoice on the same guidelines.
The crucial information as explained must be stated in GST Invoice-
- Name, address and the GSTIN of the supplier
- Nature of Invoice
- Date of invoice
- Name, address and the GSTIN of the recipient
- Description of goods or services
- HSN code of the goods ( Not required upto turnover of Rs. 1.5cr, Turnover between 1.5 -5 crores can use 2-digit HSN code, Turnover above 5 crores must use 4-digit HSN code
- Rate of tax
- Place of delivery
- Total value of the goods or services
- Trade discounts
- Signature in physical form or digital signature of the supplier
- Bill of supply
When the supplier is registered under the composition scheme, then he has to issue a Bill of Supply instead of a tax invoice.
Supplementary Invoice/Debit Note
Whenever there is an upward revision in prices of a good or service supplied earlier and the same was chargeable to GST, then the supplier is liable to issue a supplementary invoice to the recipient. It should be issued within 30 days from the date of such price revision.
Credit note
Whenever there is downward revision in price, credit note is issued on or before 30th September of the next financial year or before filing the annual return of GST, whichever is earlier.
Cross –Referencing of Invoices
As invoice is one of the crucial part in claiming credit for the GST paid, so it is necessary to upload returns on time so that credit flows to the end customer.
Raising Copies of Invoice
The GST Law requires businesses to keep copies of all of their invoices. The details of this are furnished below.
Invoices for Supply of Goods
The invoice must be prepared in triplicate. They will be clearly marked as:- Original Copy for the use of the recipient
- Duplicate Copy for the use the transporter
- Triplicate Copy for the use of the supplier
Invoices for Supply of Services
The invoice must be prepared in duplicate and clearly marked as:- Original Copy for the use of the recipient
- Duplicate Copy for the use the supplier