GST INVOICES

If you have taken registration in GST and are yet to think about how I will issue GST Invoices to my customers or whether the GST invoices which I am issuing to my customers are valid or not then this blog is for you.

We receive so many queries and doubts on GST invoicing on a regular basis once any of our clients takes GST registration the next thing he has to do is to issue GST invoices to his customers. Now he must either take up any format from Google or simply create any invoice with the help of Excel or any business app like Vyaapaar or Billbook etc. Right. Possibly various of you are also doing the same kind of thing with your business as well.

Let me tell you there are provisions and certain rules in GST law which state what all your GST Tax Invoice should contain and when it is to be issued by the supplier. So let’s discuss all the related doubts in some Q&A  form as below:-

Que.1.What is the GST invoice and who should issue this to whom?

Ans.1. A GST Invoice is basically a GST bill that a supplier of goods or services is required to issue to customers or clients against the goods or services to the recipient.

Make sure, that if you are a GST GST-registered person then you are mandatorily required to issue tax invoices for every single supply made by you.

Que.2. What does a GST Invoice contain particularly? Can I design it according to my needs ??

Ans.2. In GST law it defined that GST Invoice should compulsorily consist of the following –

1. Invoice number and date
2. Customer Name
3. Shipping & Billing Address
4. Customer’s and taxpayer’s GSTIN (Goods and Service identification number)
5. HSN/SAC Code(HSN for goods and SAC for services)
6. Item Details (Qty, Unit, Value)
7. Taxable Value & Total Invoice Value
8. Discounts
9. GST Rate (CGST, SGST & IGST)
10. Place of Supply
11. Whether GST is payable on reverse charge
12. Signature of the authorized person
13. Freight, Packing exp, or any additional charges if any

Que.3. Whether I need to issue a GST invoice on every single supply even at Rs 100 and multiple supplies during the day to various customers????

Ans.3. In case of multiple supplies of Rs 200 or less to unregistered customers in a day, then you can issue an Aggregate Invoice or Bulk Invoice for such bulk supplies for every day at the end of the day.

Que.4. I supply only exempted goods how will I mention GST on such exempted supply since I am not collecting any tax from my customers?

Ans.4. Since in two cases where a registered person doesn’t collect any tax from their customers and then he needs to issue only a Bill of supply to his customers.

1. In case of Exempted Supply
2. In the case of the Composition Dealer

Que.5. What is the Bill of Supply and how it is prepared?

Ans5. Bill of supply is more or less similar to the GST Invoice except it does not contains any tax portion like tax invoices . It is prepared normally like a tax invoice but excludes the Tax Portion and mentions Bill of Supply at the top of the bill .

Que.6. When I am supposed to issue a GST Invoice to my Customers ???

Ans.6. In case of Goods- On or before removal of delivery of goods

In case of Services- Within 3 days of supply of services.

In the case of Services by Banks and NBFCs-  Within 45 days of Services

In case of Continuous supply of goods- On or before the date of issue of account statement/payment.

Que.7. How many copies of Invoices should be issued?

Ans.7. For Goods- 3 Copies

For Services- 2 Copies

For any other related queries write us at info@mycaindia.com. Thank You