GST Invoicing

In this article, you will understand what is a GST invoice? And why should we generate this? and many more.

What is GST Invoice?

An invoice or GST bill is a document of goods sent or services rendered along with the amount due for payment to the payer. This will include product name, description, quantity, supplier details, purchaser, the rate charged, discount, terms of sale, etc.

Who should issue GST Invoice?

If you have a GST registration business, then you need to provide a GST invoice for the sale of goods or services to your customers.

You can provide invoices to your customers through OneGST Software.

When Should one Issue Invoices?

Invoice for	Type	Period
Goods	Normal	On/before the date of removal or delivery
Goods	Continuous Supply (eg contract base supply)	On/before the date of issue of account statement/payment
Services	General Case	Within 30 days of Supply of services
Services	Banks and NBFS	Within 45 days of Supply of services

Why generate an Invoice?

1. Claiming input tax credit: If your business is not eligible for the GST composition scheme, generating an invoice will act as proof of GST paid, which may then be presented to claim the input tax credit.

2. Proof of supply: When an invoice is generated, it will act like proof that the supplier has supplied the goods to the buyer, and can demand payment against it.

3. Time and date of supply: The Invoice represents the date and time of supply, which may act as a supporting document in case there is a misunderstanding in the future between the two parties

Contents of GST invoice -

GST invoice is generally issued for charging tax and passing on the input tax credit.

The following must be are the mandatory fields-

1. Invoice number and date

2. Customer name

3. Shipping and billing address

4. Customer and taxpayer’s GSTIN (if registered)**

5. Place of supply

6. HSN code/ SAC code
7. Item details i.e. description, quantity (number), unit (meter, kg, etc.), total value

8. Taxable value and discounts

9. Rate and amount of taxes i.e. CGST/ SGST/ IGST
10. Whether GST is payable on a reverse charge basis

11. Signature of the supplier

Mentioned below is a sample of an invoice -

Note - If the payee is not registered under GST registered and the value exceeds Rs.50,000. The invoice should contain:

• name and address of the recipient,

• address of delivery,

• state name and state code

How to Personalize GST Invoice?

You can personalize your invoice with your company logo. OneGST Software allows you to personalize your GST invoices. Try it now.

Revised Invoices

1. You can revise the invoices issued before GST filing. Under the GST regime, all dealers have to apply for provisional registration before obtaining a permanent registration certificate.

2. A registered taxable person can issue a revised invoice against the invoice already issued by him during the period from the effective date of registration to the date of issue of the certificate of registration to him.

How many copies of the invoice should be issued?

• For goods– 3 copies

• For services– 2 copies

You can generate a GST invoice using OneGST software.

Disclaimer: This article is intended for general consumption only. The information in the article was accurate at the time of publication, but it is subject to change due to changes in government rules and regulations. The contents of the blog may not be copied unless prior permission is obtained.

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