Oct 23, 2017
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GST invoice format in relation to Goods issued by registered person

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GST invoice format in relation to Goods

GST invoice format in relation to Goods is maintain as per the rules and regulation and format that Government of India decide and notify in the official gazette from time to time.

Generally speaking, an invoice is a commercial instrument issued by a seller to a buyer. GST India mandates the issuance of an invoice or a bill of supply for every supply of goods or services. Its not necessary that only a person supplying goods or services needs to issue an invoice.

The GST law mandates that any registered person buying goods or services from an unregistered person needs to issue a payment voucher as well as a tax invoice. The type of invoice to be issued depends upon the category registered person making the supply.

Importance of tax invoice under GST:

Under GST, a tax invoice is an important document. It not only evidences the supply of goods or services,  but is also an essential document for the recipient to avail Input Tax Credit (ITC). A registered person cannot avail Input Tax Credit unless he is in possession of a tax invoice or a debit note.

When should a tax invoice or a bill of supply issue by a registered person:

Goods:

The time for issuing an invoice would depend on the nature of supply viz. whether it is a supply of goods or services. A registered person supplying taxable goods shall, before or at the time of removal of goods (where supply involves
movement of goods) or delivery or making available there of to the recipient, issue a tax invoice showing the description, quantity and value of goods, the tax charged thereon and such other particulars as prescribed in the Invoice Rules.
The Government may, on the recommendations of the Council, by notification, specify the categories of goods or supplies in respect of which a tax invoice shall be issued, within such time and in such manner as may be prescribed.

Contents of invoice:

There is no format prescribed for an invoice, however, Invoice rules makes it mandatory for an invoice to have the following fields (only applicable field are to fill):

(a) Name, address and GSTIN of the supplier
(b) A consecutive serial number, in one or multiple series, containing alphabets or numerals or special characters like hyphen or dash and slash symbolised as “-” and “/” respectively, and any combination there of, unique
for a financial year
(c) Date of its issue
(d) Name, address and GSTIN or UIN, if registered, of the recipient
(e) Name and address of the recipient and the address of delivery, along with the name of State and its code, if such recipient is un-registered and where the value of taxable supply is fifty thousand rupees or more
(f) HSN code of goods 

(g) Description of goods 
(h) Quantity in case of goods and unit or Unique Quantity Code there of
(i) Total value of supply of goods or services or both
(j) Taxable value of supply of goods or services or both, taking into account the discount or abatement, if any
(k) Rate of tax (Central tax, State tax, Integrated tax, union territory tax or cess)
(l) Amount of tax charged in respect of taxable goods or services (Central tax, State tax, Integrated tax, union
territory tax or cess)
(m) Place of supply along with the name of State, in case of a supply in the course of inter-State trade or commerce
(n) Address of delivery where the same is different from the place of supply
(o) Whether the tax is payable on reverse charge basis

(p) Signature or digital signature of the supplier or his authorized representative

Contents of Bill of Supply:

⇒A bill of supply shall issue by the supplier containing the following details:
(a) Name, address and GSTIN of the supplier
(b) A consecutive serial number, in one or multiple series, containing alphabets or numerals or special characters
like hyphen or dash and slash symbolised as “-” and “/”respectively, and any combination there of, unique for a financial year
(c) Date of its issue

(d) Name, address and GSTIN or UIN, if registered, of the recipient
(e) HSN Code of goods 
(f) Description of goods or services or both
(g) Value of supply of goods or services or both taking into account discount or abatement, if any
(h) Signature or digital signature of the supplier or his authorized representative

Manner of issuing invoice:

  1. The invoice shall prepare in triplicate, in case of supply of goods, in the following manner:–
    (a) original copy being marked as ORIGINAL FOR RECIPIENT;
    (b) duplicate copy being marked as DUPLICATE FOR TRANSPORTER; and
    (c) triplicate copy being marked as TRIPLICATE FOR SUPPLIER
  2. The serial number of invoices issued during a tax period shall furnish electronically through the Common Portal in FORM GSTR-1.

 

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Renuka is a Final Year LL.B. student at Siddharth College of Law. She has done her Bachelors in Banking & Insurance and has also completed her Masters in Business Management . She likes to participate in legal workshops and Moot Courts. Besides her interest in law, she has a keen aptitude for legal research and is good at putting her analysis into words.

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