Understanding GST Invoice

What is a GST invoice?

A GST invoice could be a receipt issued on the acquisition of nonexempt product and services, by a marketer registered underneath GST law to a client. The GST invoice is issued supported the GST rate, by a marketer with a legitimate GSTIN (GST identification number).

GST Invoice

Also, a GST invoice is issued supported the sort of registered one that is supply product and services. For this reason, there area unit numerous styles of GST invoice:

1. A tax invoice :

This GST invoice could be a regular invoice issued by the vendor to the client on the acquisition of nonexempt product or services. This invoice includes the subsequent details:

Information concerning the provider and also the purchaser
Price of every sensible oversubscribed or service rendered
Product name
Unit of products & services oversubscribed
Terms of offer
Date of offer

2. Bill of offer :

Bill of offer could be a sort of GST invoice issued by a GST registered marketer supply exempted product or because the composition theme in GST, as per the CGST Act, 2017

3. Receipt voucher :

Receipt voucher is issued by a provider on receipt of advance payment on the acquisition of products and services

4. Refund voucher :

As mentioned earlier a receipt voucher is issued by a provider on advance payment. However, if the provider cannot offer the products or services to the client, a refund voucher is additionally issued.

5. Invoice issued for continuous offer :

This type of GST invoice is issued together with account statements or at the time of receiving payments, for endless or regular offer of products or services by suppliers to customers.

6. Invoice issued on termination of offer services :

This is a special sort of GST invoice issued once a contract for the availability of services between a provider and a purchaser is terminated. to boot, associate degree invoice is issued for a amount the contract was active still.

7. Consolidated Tax invoice (CTI) :

A CTI is issued to unregistered recipients underneath GST, associate degreed doesn’t need an invoice. during this case, the worth of products or services equipped is a smaller amount than Rs two hundred.

Also Read: 5 Skills Necessary to Develop Successfully in the Accounting Career

What is the GST invoice format?

With relevancy the format, the India GST Act follows the foundations below the act specify the necessary demand of the subsequent fields:

Invoice date.
Invoice range.
Name of the client.
Billing/Shipping Address of the client.
Description of goods/services sold .
Quantity of goods/services sold .
Unit price.
GSTIN of taxpayer/customer.
Location of offer.
Harmonised System of word (HSN) Code.
Taxable value/applicable discount.
GST rates and total GST charged together with details of applicable CGST/SGST/IGST for the item.
Signature of the provider.
What is the GST tax invoice format for non-registered users?
The GST tax invoice format is totally different for non-registered users. 1st and foremost, a GST invoice isn’t issued for merchandise and services value but Rs. 50,000.

Also Read: How Offline Marketing Can Actually Improve Your Online Business

The invoice is issued for merchandise and services value quite Rs. 50,000 within which case, then the GST tax invoice format ought to include –
Name of the client
Address of the recipient
Address of delivery
Name of State
State Code

Reach out Vakilsearch to GST Invoice