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Generally speaking, an invoice is a commercial instrument issued by a seller to a buyer. A goods and service tax invoice prepared, identifies both the trading parties, and lists, describes, and quantifies the items sold, shows the date of shipment and mode of transport, prices and discounts, if any, and the delivery and payment terms.
In exceptional cases, (especially when it is signed by the seller or seller’s agent), an invoice serves as a demand for payment and becomes a document of title when paid in full.
Under the GST regime, an “invoice” or “tax invoice” means the tax invoice referred to in CGST Act, 2017. Invoicing rules under the GST act mandates the issuance of an invoice or a bill of supply for every supply of goods or services.
It is not true that only a person supplying goods or services needs to issue an invoice. The law on invoicing in GST 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 invoice type to be issued depends upon the category of registered person making the supply.
Let’s take an example where a registered person is making or receiving supplies (from unregistered persons), then a tax invoice needs to be issued by such registered person. But in a scenario where a registered person is dealing only in exempted supplies or is availing the composition scheme (composition dealer), then such a registered person needs to prepare a bill of supply replacing normal invoice.
Such invoice should contain description, quantity and value & such other prescribed particulars (in case of supply of goods), and the description and value & such other prescribed particulars (in case of supply of services). An invoice or a bill of supply of value less than 200/- is exempted from provisions of invoicing rules under CGST Act 2017.
We can divide bill of supply into 4 sections.
|Header||It includes all information about Supplier i.e., Name, Address, GSTIN, contact number, Bill of supply invoice number and invoice date.|
|Details of customer||It includes all information about Customer i.e. Name, Address (Billing as well as Shipping, and contact number.|
|Details about goods||It includes all the information about goods i.e. Name, HSN Code, Rate, Units, Discount etc.,|
|Footer||It includes all Terms and conditions, a signature of authorized Signatory etc.,|
Any bill of supply shall be issued by the supplier must contain the following details:
A bill of supply for exports should also include a declaration regarding payment of GST and depending on the payment of IGST the following texts should appear on it.
|If IGST has been paid for the exports||Then such bill of supply should include the words “Supply Meant For Export On Payment Of IGST”|
|If IGST has not been paid yet for the exports||Then such bill of supply for exporter should include the words "Supply Meant For Export Under Bond Or Letter Of Undertaking Without Payment Of IGST"|
And should follow up with details such as
What is Invoice Reference Number (IRN) in GST? Format and How to Generate IRN?