A GST Invoice is one of the most important documents in any transactions as it evidences the supply of goods and services and also mentions all the relevant details regarding such supplies.

 

1. Who should issue invoice?

 

If you are a GST registered business, you need to provide GST-compliance invoices to your clients for sale of good and/or services.

 

2. Manner of issuing invoice

 

In case of supply of GOODS, the GST Invoice should be issued in TRIPLICATE.

 

1. The original copy being marked as Original for Recipient
2. The duplicate copy being marked as Duplicate for Transporter.
3. The triplicate copy being marked as Triplicate for Supplier.

 

3. Mandatory fields in GST invoice

 

A tax invoice is generally issued to charge the tax and pass on the input tax credit. A GST invoice must have the following mandatory fields:

 

1. Invoice number and date
2. Customer name
3. Shipping and billing address
4. Place of supply
5. HSN code/ SAC code
6. Taxable value and discounts
7. Rate and amount of taxes i.e. CGST/ SGST/ IGST
8. Whether GST is payable on reverse charge basis
9. Signature of the supplier

 

 

4. Invoice under special circumstances

 

1.  Invoice under Reverse Charge: In case of reverse charge, the recipient shall raise invoice on self. Also, invoice shall be raised on consolidated basis for all the payments made during the day on reverse charge. The registered person shall also issue payment voucher in respect of such supplies at the time of making payment to the supplier.

 

2.  Invoice in case of Export of Goods: In case of export of goods or supplies, the invoice shall carry one of the following endorsements as –

 

1. Supply meant for export on payment of Integrated GST
2. Supply meant for export under bond or letter of undertaking without payment of Integrated GST.

 

5. Types of invoices

 

1. Bill of supply

 

A bill of supply is similar to a GST invoice except for that bill of supply does not contain any tax amount as the seller cannot charge GST to the buyer.

 

1. A bill of supply is issued in cases where tax cannot be charged
2. Registered person is selling exempted goods/services,
3. Registered person has opted for composition scheme

 

2.  Invoice-cum-bill of supply

 

If a registered person is supplying taxable as well as exempted goods/ services to an unregistered person, then he can issue a single “invoice-cum-bill of supply” for all such supplies.

 

3. GST credit note

 

A credit note in GST, is a document issued by the supplier in the following cases:

 

1. Supplies are returned or found to be deficient by the recipient
2. When goods supplied are returned by the recipient or goods/services supplied are found to be deficient by the recipient

The credit note serves the purpose of reducing the value of the original supply.

 

4. GST debit note

 

A debit note in GST is a document issued by the supplier in the following cases:

 

1. Increase in taxable value
2. When a supplier requires to increase the taxable value of a supply
3. Increase in GST charged in invoice
4. When a supplier requires to increase the rate or value of GST charged in an invoice

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