A GST invoice evidences the supply/sale of goods and services and is a requisite to avail the eligible Input Tax Credit (ITC), transport goods and generate IRN. However, in different scenarios, different format of invoices under GST have to be issued/generated. In this article, we will talk about:
The most commonly issued invoice is the GST - Tax Invoice as there are various types of invoices under GST. This invoice has to be mandatorily issued by every GST registered person supplying taxable goods and services (B2B or B2C). A GST invoice is also issued while making inter-state stock transfers. As per the invoice rules, an ideal GST or export invoices under GST
should contain the following details:
A Bill of Supply is similar to the GST- Tax Invoice. However, this is to be issued when GST does not apply to the transaction. In other words, a Bill of Supply is issued when types of GST in India can not be recovered from the customers. For example, if a GST-registered person is dealing only in exempted supplies or is availing of the benefits of the composition scheme (composition dealer), then such a person should issue a bill of supply and not a tax invoice.
A single Invoice-cum-bill of supply can be issued when both taxable and not-taxable/exempted goods/services or both are supplied to an unregistered person.
Revised Invoice/Supplementary Tax Invoice can be issued by a taxable person when there is any deficiency noticed in the original tax invoice already issued. It can be in the form of a debit note or a credit note.
If a tax invoice has already been issued for a supply and then subsequently it is found that the value or tax charged in that invoice is more than what it is supposed to be or when the purchaser has returned the goods, the supplier can issue a Credit Note to the purchaser.
If a tax invoice has already been issued for a supply and then subsequently found that the value or tax charged in that invoice is less than what it is supposed to be, the supplier can issue a Debit Note to the purchaser.
You can now generate personalised GST-compliant invoices using Masters India’s Free GST Invoice Generator. For this, all you have to do is:
This Invoice Generator is developed to help users:
Furthermore, users have an option to upload their signature. Because of this, the printing of invoices, just to sign them, can be avoided.