According to the Tax Laws Lexicon, an Invoice means a list of goods shipped or sent, or services rendered with prices and charges, a bill.
A Tax invoice can only be raised by a registered taxable person for every supply of goods or services. Raising tax invoice is compulsory under the CGST Act. Tax invoice under Section 31 of the CGST act includes: a. A document issued by an Input Service Distributor b. Any supplementary invoice c. A Revised invoice A tax invoice shall include any revised invoice issued by the supplier in respect of a supply made earlier.
• Name, address and the GSTIN of the Supplier has to mention;
• Serial Number (Not exceeding 16 characters);
• Date of issue of invoice;
• Name, address and the GSTIN or Unique Identification Number, if registered, of the recipient and the address of delivery;
• Name and address of the recipient and the address of delivery, along with the state name and the code of the state, if such recipient is un-registered;
• Tax invoice should mention description of the goods or services;
• Quantity of goods and unit or Unique Quantity Code should be properly mentioned;
• Value of the goods or services or both supplied should be stated in the invoice;
• Taxable value of goods or services;
• Rate of tax and nature of tax (CGST, SGST, IGST or UTGST);
• Amount of tax charged has to be mentioned;
• Place of supply along with the name & code of the state;
• Whether tax is payable on reverse charge basis, has to be mentioned;
• Signature of Digital Signature of the supplier or his representative.
Particulars
Turnover of up to Rupees One Crore Fifty Lakhs
Turnover of more than Rupees One Crore Fifty Lakhs and upto Rupees Five Crores
Turnover of more than Rupees Five Crores
In case of exports / imports
It is mandatory to indicate the tax charged under GST regime unlike the current system of taxation wherein invoices inclusive of tax could be raised.
In case of exports of goods and services, the invoice shall mandatorily carry an endorsement “SUPPLY MEANT FOR EXPORT OR SUPPLY TO SEZ UNIT OR SEZ DEVELOPER FOR AUTHORISED OPERATIONS ON PAYMENT OF INTEGRATED TAX” or “SUPPLY MEANT FOR EXPORT OR SUPPLY TO SEZ UNIT OR SEZ DEVELOPER FOR AUTHORISED OPERATIONS UNDER BOND OR LETTER OF UNDERTAKING WITHOUT PAYMENT OF INTEGRATED TAX.” It shall also contain the following details: a. Name and address of the recipient b. Address of delivery c. Name of the country of destination
For every registered person
Supply of Goods
Supply of Services
Closing of each day
30 days from the date of supply
For services by Insurer company, banking companies & financial institutions including NBFCs
45 days from the date of supply of services.
For services between distinct persons by Insurer company, banking companies & financial institutions including NBFCs, including Non-Banking Financial Companies, Telecom Operators or any other class that may be notified by the Govt.
a. Before or at the time such supplier records the same in his books of account
b. Before the expiry of the quarter during which the supply was made.
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Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
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Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
Author Taxmann Posted on September 26, 2017 December 24, 2020 Categories Blog, GST & Customs
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