File your GST Annual Return by 31/12/2018

 

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Invoicing under GST

Invoicing under GST

Invoicing under GST
Since GST has been implemented w e f first of July 2017 so now the first thing is the invoicing under GST. The format of invoice has been given under Rules and a template invoice by the name GST INV-01 .
Basically two types of invoice can be issued under GST.
Tax Invoice
Bill of supply
Important points to be noted are as follows
Tax Invoice:
a) the Invoice must contain details given in clause (a) to (p) rules to sec 31 of CGST Act all in all 19 details .
b) the invoice must be digitally signed or manually signed
c ) the invoice must be issued within a period of 30 days of supply of service in case of service with exception that in case of banking company,Insurer and NBFC the time may be 45 days provided further that on being notified the banking services supplier or NBFC or Insurer or any other class of supplier may issue tax invoice before or at the time such supplier records the supply in his books or before the expiry of quarter in which the supply is made if the supply is made to distinct persons as given in sec 25
When a tax invoice is not required?
a)When the Supply is made to unregistered person and
b) the receiver do not require such invoice and the supplier issues a consolidate tax invoice at the end of the day of all such supplies made during the day
The Invoice must be issued in triplicate
the original being marked as “ORIGINAL FOR RECEPIENT”
the duplicate marked as ” DUPLICATE FOR TRANSPORTER”
the triplicate marked as “TRIPLICATE FOR SUPPLIER”
Bill of Supply:
Bill of supply is issued in case of supply of services .All details as in tax invoice are applicable here as well with difference that the bill of supply is to be issued in duplicate with marking for supplier and receiver as above.The details referred to above in a tax invoice or Bill of supply are as under

 

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