Every dealer who is registered under GST is required to provide a GST invoice to their clients which is also known as bill.
Here, we will be covering the following aspects of GST Invoices:
1. What is GST invoice?
2. Who should issue GST invoice?
3. Which are the mandatory fields in a GST invoice?
4. When should a dealer issue GST invoice?
5. How to personalise a GST invoice?
6. What are other types of invoice?
7. How many copies of Invoices should be issued?
What is GST invoice?
A GST invoice is a document that consists of a list of goods supplied or services provided. A dealer can also show the total amount on invoice along with the previous due amount.
Generate your GST compliance invoice with Giddh online accounting software.
Who should issue GST invoice?
Every dealer who registers under GST needs to issue GST invoices to their clients for sale of goods and services.
Similarly, you will receive a GST compliant purchase invoice from the vendor.
Which are the mandatory fields in a GST invoice?
These are the following mandatory fields in a GST invoce:
- Invoice number and date
- Customer name
- Shipping and billing address
- Customer and taxpayer’s GSTIN (if registered)**
- Place of supply
- HSN / SAC code
- Item details
- Taxable value
- Rate and amount of taxes i.e. CGST/ SGST/ IGST
- Signature of the supplier
**If the recipient is not registered AND the value is more than Rs. 50,000 then the invoice should carry:
i. name and address of the recipient,
ii. address of delivery,
iii. state name and state code
When should a dealer issue a GST invoice?
Under the GST act, there is a definite timeline to issue a GST tax invoices. Here are the following due date for issuing a GST invoice to clients:
- Goods (normal case) - On or before date of removal/delivery.
- Goods (continuous supply) - On or before date of issue of account statement/payment.
- Services (general case) - Within 30 days of supply of services.
- Services (banks & NBFCs) - Within 45 days of supply of services.
How to personalise GST invoice?
Giddh accounting software helps you to create professional looking invoice. You can upload your company logo, add custom field and edit font size.
To create and generate personalised GST invoice use Giddh accounting & invoicing software.
What are other types of invoice?
A. Bill of supply: This is similar as a GST invoice and this is applicable when supply does not have any tax amount. This means seller does not charge GST to the buyer.
When tax can not be changed seller need to generate a Bill of Supply. Here are the case when tax can not be charged:
- Selling an exempted goods/services.
- Dealer has opted for composition scheme.
B. Aggregate Invoice: Seller can issue single invoice or an aggregate invoice instead of multiple invoices on daily basis. If the buyer is unregistered and the value of multiple invoice is less than Rs. 200.
How many copies of Invoices should be issued?
Number of invoice copies depend on the nature of business supply.
For goods– 3 copies need to be issued for goods supply:
- Original for recipient.
- Duplicate for transporter.
- Triplicate for supplier.
For services– 2 copies need to be issued for services provided:
- Original for recipient
- Duplicate for supplier
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