GST Invoice
1. What is a GST Invoice?
An invoice or a GST bill is a list of goods sent or services provided, along with the amount due for payment
2. Who should issue GST Invoice?
If you are a GST registered business, you need to provide GST-complaint invoices to your clients for sale of good and/or services.
Your GST registered vendors will provide GST-compliant purchase invoices to you
3. What are the mandatory fields a GST Invoice should have?
A tax invoice is generally issued to charge the tax and pass on the input tax credit. A GST Invoice must have the following mandatory fields-
- Invoice number and date
- Customer name
- Shipping and billing address
- Customer and taxpayer’s GSTIN (if registered)**
- Place of supply
- HSN code/ SAC code
- Item details i.e. description, quantity (number), unit (meter, kg etc.), total value
- Taxable value and discounts
- Rate and amount of taxes i.e. CGST/ SGST/ IGST
- Whether GST is payable on reverse charge basis
- 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
4. By when should you issue invoices?
The GST Act has defined time limit to issue GST tax invoice, revised GST bill, debit note, and credit note
5. How to personalize GST Invoices?
You can personalize your invoice with your company’s logo. The ClearTax BillBook allows you to create and personalize GST Invoice free of cost.
6. What are other types of invoices?
6.A. Bill of Supply
A bill of supply is similar to a GST invoice except for that bill of supply does not contain any tax amount as the seller cannot charge GST to the buyer.
A bill of supply is issued in cases where tax cannot be charged:
- Registered person is selling exempted goods/services,
- Registered person has opted for composition scheme
Invoice-cum-bill of supply
As per Notification No. 45/2017 – Central Tax dated 13th October 2017
If a registered person is supplying taxable as well as exempted goods/ services to an unregistered person, then he can issue a single “invoice-cum-bill of supply” for all such supplies.
6.B. Aggregate Invoice
If the value of multiple invoices is less than Rs. 200 and the buyer are unregistered, the seller can issue an aggregate or bulk invoice for the multiple invoices on a daily basis.
For example, you may have issued 3 invoices in a day of Rs.80, Rs.90 and Rs. 120. In such a case, you can issue a single invoice, totaling to Rs290, to be called an aggregate invoice.