⛳ Supplier of taxable goods is required to issue a tax invoice?
🌴 Before or at the time of REMOVAL of the goods where the supply involves movement of goods.
🌴 Before or at the time of DELIVERY of the goods to the recipient where the supply does not involve movement of goods.
⛳ Supplier of services is required to issue a tax invoice
🌴 Before provision of the services.
🌴 After provision of the services but within a specified time (30/45 days).
⛳ Particulars in a ‘Tax Invoice’
According to Rule 1 of GST Invoice Rules, a tax invoice issued by the REGISTERED PERSON shall contain the following particulars:
a. name, address and GSTIN of the supplier,
b. a consecutive serial number, not exceeding 16 characters containing only alphabets and/or numerals, unique for a financial year,
c. DATE of its issue,
d. name, address and GSTIN/ 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 UR and where the value of taxable supply is Rs. 50,000/- or more,
f. hsn code of goods or Accounting Code for services,
g. DESCRIPTION of goods or services or both,
h. QUANTITY in case of goods and unit or Unique Quantity Code thereof,
i. TOTAL VALUE of supply of goods or services or both,
j. TAXABLE VALUE of supply of goods or services taking into account discount or abatement, if any,
k. RATE of tax (CGST, SGST, IGST, UTGST or cess),
l. AMOUNT OF TAX charged in respect of taxable goods or services (CGST, SGST, IGST, UTGST 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; and
p. SIGNATURE or digital signature of the supplier or his authorized representative.
⛳ In case of exports of goods or services, the invoice shall carry an endorsement?
“SUPPLY MEANT FOR EXPORT ON PAYMENT OF IGST” or “SUPPLY MEANT FOR EXPORT UNDER BOND OR LETTER OF UNDERTAKING WITHOUT PAYMENT OF IGST”. Contain the following details:
🌴 name and address of the recipient;
🌴 address of delivery;
🌴 name of the country of destination; and
🌴 number and date of application for removal of goods for export.
⛳ Supplies not exceeding Rs.200/-
A registered person is not required to issue a tax invoice in respect of supply of goods or services or both where the value therein does not exceed a sum of Rs.200/- subject to the following conditions: –
🌴 the recipient is not a registered person; and
🌴 the recipient does not require such invoice,
⛳ Consolidated Bill of Supply
Rule 1 of GST Invoice Rules, consolidated bill of supply shall be prepared by the registered taxable person-
🌴 at the end of each day,
🌴 in respect of all supplies for value of less than rupees two hundred (Rs. 200),
⛳ Insurer, Banking Company, Financial Institution, NBFC and Passenger transport agency
🌴 Optional: Serial No., Address of the recipient.
🌴 Mandatory: supra
Note: Time limit of Issue of Tax Invoice for services is 30 days.
⛳ Goods transport agency transporting goods by road
🌴 Mandatory: supra + Gross weight of consignment, Consignor and Consignee Name, Reg. No. of Vehicle, Details of goods transported, Origin and Destination, GSTIN of person liable to pay tax.
⛳ Revised Tax Invoice
🌴 The Taxable person may issue a revised tax invoice for supplies from the effective date of registration till the date of issuance of registration certificate.
🌴 Issue within one month from the date of registration.
🌴 Such person may also issue a consolidated revised tax invoice in respect of all taxable supplies made to a recipient who is not registered.
🌴 In a transaction of inter-state supply where the value of supply does not exceed Rs.2.50 lakhs a consolidated revised tax invoice is to be issued separately for each of the recipients in a particular State who are not registered.
CA. SHARMA Praveen
GST Trainer & Consultant
+91 9871530610, 8383073005