Invoicing Under GST
June 16thUnder Goods and Service Tax Act, each tax payer will be allotted a state wise PAN based 15 digit GSTIN Number. GSTIN is described as Goods and Services Taxpayer Identification Number.
Under GST invoicing rules and formats have been notified covering details such as supplier’s name, shipping and billing address, HSN Code, place of supply, rate. In this article we will be covering all aspects of invoicing under GST.
Time limit to for invoicing under GST :
The GST Model law has defined the time limit for issue of GST tax invoices, revised bills, debit notes and credit note.
Following are the due dates for issuing an invoice to customers:
Revise Already Issued Invoices under pre-GST regime
Revised tax invoices can be issued by a registered taxable person within one month from issuance of certificate of registration i.e. GST Registration. It will be issued against the invoice already issued during the period starting from the effective date of registration till the date of issuance of certificate of registration to him.
What is Bill of Supply?
Tax invoice is generally issued to charge the tax and pass on the credit. In GST there are some instances where the supplier is not allowed to charge any tax and hence a Tax invoice can’t be issued instead another document called Bill of Supply is issued.
How to raise aggregate invoices?
Where the value of invoice is less than Rs 200 and the recipient is an unregistered, registered taxpayer, he or she can issue an aggregate invoice for such multiple invoices on a daily basis. For example, you may have issued 3 invoices in a day of Rs.80, Rs90 and Rs120. In such a case you can issue a single invoice, totaling to Rs290, to be called an aggregate invoice.
When is debit note issued?
Debit note is to be issued by supplier:
When is credit note issued?
Credit note is to be issued by supplier:
What are the specific mandatory fields in an GST compliant invoice?
To issue and receive a GST compliant invoice is a prerequisite to claim ITC. If a taxpayer does not issue such invoice his customer loses ITC claim and the taxpayer loses its customers. Here we mention the mandatory fields in an invoice:
What are the various types of invoices or supporting documents?
All different types of GST compliant invoices such as:
What’s the diff between invoice date and due date?
Invoice date refers to the date when the invoice is created on the billbook, while the due date is when the payment is due against the invoice.
How to issue an invoice under reverse charge?
Here, you not issue an invoice different from usual sales or purchase invoices. The only additional requirement is that you need to mention on the invoice that tax is paid on reverse charge.
Is it mandatory to maintain invoice serial number?
Yes, invoice serial number must be maintained strictly. For example, if invoice is being issued with serial number as INV001, the same format must be maintained. You may change the format by providing a written intimating the GST department officer along with reasons for the same.
What all details are required to be mentioned in GSTR-1 for documents issued?
For the following nature of documents issued number of documents prepared, cancelled and net issued along with serial number of each must be mentioned:
Can I sign my invoice through DSC?
Yes, you may digitally sign and authentic your invoice through DSC.
Article source :https://cleartax.in/s/gst-invoice/