GST Invoice Guide, Invoicing under Goods and Service Tax with Formats. Invoice is a document which records the terms of an underlying arrangement between parties. An invoice does not bring into existence an agreement but merely records the terms of a preexisting agreement. GST requires that an invoice – tax invoice or bill of supply – to be issued on the occurrence of certain event or within a prescribed time. Therefore, an invoice, among others is required to be issued for every other form of supply such as sale, transfer, barter, exchange, license, rental, lease or disposal.
Invoicing under Goods and Service Tax
Issue of tax invoice in case of supply of taxable goods by a registered person(a) Where supply involves movement of goods
Issue of tax invoice in case of supply of taxable service by a registered personTax invoice shall be issued within a period of thirty days from the date of supply of service.
Issue of bill of supply instead of tax invoiceFollowing persons shall issue Bill of supply instead of tax invoice.
- (a) A registered person under composition levy.
- (b) A registered person supplying exempted goods or service or both.
- (a) Value of goods or service or both is less than two hundred rupees against a single transaction,
- (b) Recipient is an unregistered person.
Issue of receipt voucher and refund voucher against advance payment received.A registered person shall, on receipt of advance payment with respect to any supply of goods or services or both, issue a receipt voucher or any other document, containing such particulars as may be prescribed, evidencing receipt of such payment.
Issue of an invoice and payment voucher by recipient of goods or service or both.A registered person who is liable to pay tax under reverse charge on account of received of goods or service or both from unregistered person or such categories of goods or service, as may be notified by the Government, from a registered person, shall issue an invoice on the date of received of such goods or service or both. Such registered person shall issue a payment voucher at the time of making payment to such supplier.
Invoicing in case of continuous supply of goods or service
- (i) Where the due date of payment is ascertainable from the contract, the invoice shall be issued on or before the due date of payment
- (ii) Where the due date of payment is not ascertainable from the contract, the invoice shall be issued before or at the time when the supplier of service receives the payment.
- (iii) Where the payment is linked to the completion of an event, the invoice shall be issued on or before the date of completion of that event.
Goods are sent on approval or return basisWhere goods are sent or taken on approval for sale or return, the invoice shall be issued on acceptance of goods by the recipient or six months from the date on which such goods were sent, whichever is earlier.
GST Invoice Formats 2017
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