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 kinds of GST invoices have to be issued/generated.
In this article, we will talk about:
The most commonly issued invoice is the GST – Tax Invoice. 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 invoice should contain the following details:
- Name, address and GSTIN of the supplier;
- A consecutive serial number, in one or multiple series. This serial number can contain alphabets, numbers, special characters like a hyphen, dash and slash or a combination of all. Most importantly, the serial number should be unique for every financial year;
- Date on which the invoice is issued;
- Name, address and GSTIN or UIN of the recipient/purchaser;
- If the purchaser/recipient is an unregistered person and the value of supply is more than INR 50,000, the name and delivery address of the recipient and the state name and its code should also be mentioned.
- HSN code for goods or Accounting Code for services;
- Description of goods or services being sold;
- The unit of measurement or Unique Quantity Code along with the quantity of the goods sold;
- Total value of supply of the goods or services;
- Taxable value of supply of goods or services or both after discount or abatement,
- Rate of tax bifurcated as Central tax, State tax, integrated tax, Union territory tax or cess;
- Amount of tax charged;
- Place of supply along with the State name if the transaction is inter-State in nature;
- Address of delivery if it is different from the place of supply;
- Details if tax is payable on a reverse charge basis; and
- The signature or digital signature of the supplier or the authorised representative of the supplier.
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 GST can not be recovered from the customers. For example, if a GST registered person is dealing only in exempted supplies or is availing 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:
Step 1: Visit https://www.mastersindia.co/gst-invoice-generator/.
Step 2: Add your company logo.
Step 3: Fill in all the relevant fields.
Step 4: ‘Save’ the invoice as a PDF file or directly print the same.
This Invoice Generator is developed to help users:
- Raise GST compliant invoices for free.
- Save time and efforts.
- Generate personalised invoices with zero investment.
Furthermore, users have an option to upload their signature. Because of this, the printing of invoices, just to sign them, can be avoided.