Introduction:

The provision relating to tax invoice under GST are provided under section 31 of the CGST Act. As per the provision there is no format prescribed for the Tax Invoice under gst. Only certain fields have been prescribed as mandatory fields. Every registered person should know, what are the details to be shown in the tax invoice in order to avoid any default while issuing the tax invoice under GST. In  this article we should look into provision which are mandatory to be followed while issuing tax invoice under GST.

Tax Invoice under GST, issued by a supplier of taxable goods or taxable service

A tax invoice shall be issued by a registered person supplying taxable goods or taxable service or both. Such tax invoice shall show the prescribed particulars which are explained below.

Time limit for issuance of tax invoice under GST ( Section – 31 )

The time for issuing an invoice would depend on the nature of supply, whether it is a supply of goods or supply of services.

A registered person supplying taxable goods shall issue a tax invoice, before or at the time of removal of goods ( where supply involves movement of goods ) or in any other case, before or at the time of delivery of making available thereof to the recipient.

In case of supply of taxable service tax invoice may be issued before or after the provision of services, but within the specified period.

 Let us understand with the following table about time limit for issuance of tax invoice under gst

In case of taxable supply of Goods	In case of taxable supply of service
Invoice shall be issued before or at the time of	Invoice shall be issued before or after the provision of service, but within a period of 30 days from the date of supply of service.   45 days in case of an insurer or banking company or financial institution, including a non-banking financial company ( NBFC )
Removal of goods for supply to the recipient, where the supply involves movement of goods: or Deliver of goods or making available thereof to the recipient, in any other case.	An insurer or a banking company or a financial institution, including NBFC, or a telecom operator, or any other class of supplier of services as may be notified by the Government, making taxable supplies of service between distinct person as specified in section 25 may issue the invoice Before or at the time such supplier records the same in his books of account or before the expiry of the quarter during which the supply was made

In case of continuous supply of goods	In case of continuous supply of services
Where successive statements of accounts/ successive payments are involved, the invoice shall be issued before/at the time each such statement is issued or each such payment is received.	Where The invoice shall be Issued  Due date of payment is ascertainable from the contract On or before the due date of payment  Due date of payment is not ascertainable from the contract Before or at the time when the supplier of services receives the payment Payment is linked to the completion of an event On or before the date of completion of that event

Where supply of services ceases before its completion

In a case where the supply of services ceases under a contract before the completion of the supply, the invoice shall be issued at the time when the supply ceases and such invoice shall be issued to the extent of the supply made before such cessation.

When Goods sent on sale or return basis

Where the goods being sent or taken on approval for sale or return are removed before the supply  takes place, the invoice shall be issue:

1. Before / at the time of supply
2. 6 months from the date of removal

Whichever is earlier

Particulars of tax invoice under GST

As we mentioned in the beginning, there is no format prescribed for an invoice, but rules make it mandatory for an invoice to have the following fields ( only applicable fields are to be filled )

1. Name , address and GSTIN of the supplier
2. A consecutive serial number not exceeding 16 characters, in one or multiple series, containing splhabets/ numerals/special characters hyphen or dash and slash, and any combination thereof, unique for a Financial year.
3. Date of its issue
4. If recipient is registered – Name, address and GSTIN or UIN of recipient
5. HSN code for goods or services
6. Description of goods or services
7. Quantity in case of goods and unit or unique quantity code thereof
8. Total value of supply of goods or services or both
9. Taxable value of supply of goods or services or both taking into account discount or abatement, if any
10.  Rate of tax (central tax, state tax, integrated tax, union territory tax or cess)
11.  Amount of tax charged in respect of taxable goods or services
12.  Place of supply along with the name of state, in case of a supply in the course of inter-state trade or commerce
13.  Address  of delivery where the same is different from the place of supply
14.  QR code, having embedded invoice reference number ( IRN ) in it, incase e-invoice has been issued
15. Signature of the supplier

Number of HSN digits required on tax invoice under GST

1. Annual turnover in the preceding financial year is less than 5 crores,  in such a case for B2B supply 4 digits and B2C  supply – 4 ( optional )
2. Where annual turnover is greater than 5 crores – For B2B supply and B2C supply  its 6 digts

Manner of issuing the tax invoice under GST

1. In case of taxable supply of goods, invoice shall be prepared in Triplicate,  where Original copy for recipient, Duplicate copy for Transporter, and Triplicate is for Supplier
2. In case of taxable supply of services, invoice shall be prepared in Duplicate, where original copy for recipient and Duplicate copy for Supplier

Conclusion:

While issuing the tax invoice under GST, Every registered person should be aware about the details to be furnished in the invoice which has been explained in this article. One should remember that the serial number of invoices issued during a tax period shall be furnished electronically in from GSTR -1. Hope this article may be useful for understanding the provision related to tax invoice under GST.

Disclaimer: The content and views stated in this article is solely for informational purpose only.

To open a Demat and Trading Account click on the below link

https://wealthy.in/broking?rCode=antho20557

https://alicebluepartner.com/open-myaccount/?B=SBLR1143

To Start investing in Mutual Fund use the below link

https://www.wealthy.in/p/antho20557

To shop Pure Leather Shoes and Belts use the below link

https://seeandwear.com/?ref=ffjbduxp

User the below coupon code to get Discount

1. Apply Code PREPAID5 and get extra 5% off on prepaid orders
2. Apply Code PREPAID10 and get extra 10% off on prepaid orders. Minimum purchase Rs 1800.
3. Get Extra 20% Off on selected casual shoes. Use Code – CASUAL20
4. Use Coupon Code CHELSEA12 and get extra 12% off on Chelsea Boots.
5. Use coupon code TSHIRT30 and get extra 30% off on Tshirts