Everything about Tax Invoice under New GST Invoicing Rules – With Latest Format
by Paras Mehra 12.2K
(DOWNLOAD THE LATEST COPY OF TAX INVOICE UNDER GST)
INTRODUCTION
Goods and Service Tax (GST) is getting unboxed by every passing day. From constitution of GST council to finalizing the exemption limit (Rs.20 Lakhs), GST is on full speed to be implemented from April 1, 2017.
As said, government has issued the new draft rules on registration, payment and invoicing under GST regime. In this we will discuss about the invoicing rules and format released.
TAX INVOICE – WHAT ALL DETAILS SHOULD TAX INVOICE HAVE?
Every person registered under GST shall issue the tax invoice at the time of supplying goods or services to the recipient.
As per the new rules, the tax invoice shall contain the following details:
#1. Name, address and registration number (GSTIN) of the supplier.
#2. A consecutive serial number containing only alphabets and/or numerals, unique for every financial year.
E.g. you may use the following number for invoicing for FY 2017-18;
2017/001 or 2017/AA/001 or any serial number you may decide.
#3. Date of its issue
#4. Name, address and registration number (GSTIN) of the recipient. In case the recipient is not a registered person, then name and address shall be sufficient.
#5. If any recipient is unregistered and the taxable value of supply is fifty thousand rupees (Rs.50,000) or more, then the name and address of the recipient and the address of delivery, along with the name of State and its code should be mentioned on the invoice.
#6. HSN code of goods or Accounting Code of services;
#7. Description of goods or services;
#8. Quantity in case of goods and unit or Unique Quantity Code thereof;
#9. Total value of goods or services;
#10. Taxable value of goods or services taking into account discount or abatement, if any;
#11. Rate of tax (CGST, SGST or IGST);
#12. Amount of tax charged in respect of taxable goods or services (CGST, SGST or IGST);
#13. Place of supply along with the name of State, in case of a supply in the course of inter-State trade or commerce;
#14. Place of delivery where the same is different from the place of supply;
#15. Whether the tax is payable on reverse charge;
#16. Further, if it is a revised invoice or a supplement invoice, the date and invoice number of the original invoice should be mentioned on the revised invoice itself.
TAX INVOICE DETAILS IN CASE OF EXPORTS
Apart from the details mentioned above, the invoice should also contain the following details:
#1. Invoice shall carry “SUPPLY MEANT FOR EXPORT ON PAYMENT OF IGST” or “SUPPLY MEANT FOR EXPORT UNDER BOND WITHOUT PAYMENT OF IGST”
#2. Name and address of the recipient;
#3. Address of the delivery along with name of the country of destination; and
#4. Number and date of application for removal of goods for export
TIME LIMIT FOR ISSUING TAX INVOICE UNDER NEW GST REGIME
The following time limits have been proposed under GST regime for issuing invoice under GST:
- In normal case, the tax invoice (for services) shall be issued within 30 days from the date of supply of service.
- In case of continuous supply of services, invoice shall be issued within 30 days from the date when each event specified in the contract, which requires the recipient to make any payment to the supplier of services, is completed.
- In case of NBFC, bank or financial institution, invoice can be issued within 45 days from the date of supply of services.
HOW MANY COPIES OF TAX INVOICE IS TO BE ISSUED
This topic is off prime importance, since it includes the whole logistics chain. Hence, we have written a separate article on it. Read from the below link:
Manner of issuing the Tax Invoice under GST regime
DOWNLOAD THE FORMAT OF TAX INVOICE AS PER NEW GST RULES
CONCLUSION
The above article has been written on the bases of draft rules. Hence, it is advised to consult our team before relying on any provision. Post your doubts in our CONTACT FORM.