Meaning of term Invoice under GST
This post explains about Invoice under GST.
Non Taxable Invoice:
Invoice under GST
In the GST regime, two types of invoices will be issued:
i. Tax invoice
ii. Bill of supply
Under the GST regime, an “invoice” or “tax invoice” means the tax invoice referred to in section 31 of the CGST Act, 2017. This section mandates the issuance of an invoice or a bill of supply for every supply of goods or services. It is not necessary that only a person supplying goods or services needs to issue an invoice. The GST law mandates that any registered person buying goods or services from an unregistered person needs to issue a payment voucher as well as a tax invoice. The type of invoice to be issued depends upon the category of registered person making the supply. For example, if a registered person is making or receiving supplies (from unregistered persons), then a tax invoice needs to be issued by such registered person. However, if a registered person is dealing only in exempted supplies or is availing the composition scheme (composition dealer), then such a registered person needs to issue a bill of supply in lieu of invoice. The invoice should contain description, quantity and value & such other prescribed particulars (in case of supply of goods), and the description and value & such other prescribed particulars (in case of supply of services).
Contents of Bill of Supply
A bill of supply shall be issued by the supplier containing the following details:
- Name, address and GSTIN of the supplier
- A consecutive serial number, in one or multiple series, containing alphabets or numerals or special characters like hyphen or dash and slash symbolised as “-” and “/”respectively, and any combination thereof, unique for a financial year
- Date of its issue
- Name, address and GSTIN or UIN, if registered, of the recipient
- HSN Code of goods or Accounting Code for Services
- Description of goods or services or both
- Value of supply of goods or services or both taking into account discount or abatement, if any
- Signature or digital signature of the supplier or his authorized representative
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