1. Who is liable to issue a ‘tax invoice’?
Ans: Eve y taxable person supplying goods or services or both is required to issue ‘tax invoice’.
2. What details are to be contained in a ‘tax invoice’?
Ans: The tax invoice shall contain details as specified in Rule 1 of Tax Invoice,Credit and Debit Notes Rules. It must contain details such as:
(i) Name, address and GSTIN of the supplier
(ii) A consecutive serial number not exceeding sixteen characters, in one or more multiple series, containing alphabets or numerals or special characters-hyphen or dash and slash symbolized as “ ” and “/” respective y, and any combination thereof, unique for a financial year
(iii) Date of its issue
(iv) Name, address and GSTIN or UIN, if registered, of the recipient
(v) Description of goods or services or both
(vi) Taxable value of supply of goods or services or both taking into account discount or abatement, if any
(vii) Rate of tax (Central tax, State tax, Integrated tax,Union Territory tax or cess)
(viii) Amount of tax charged in respect of taxable goods or services ( Central tax, State tax, Integrated tax, Union Territory tax or cess).
(ix) Signature or digital signature of the supplier or his authorized representative.
3. What must be done with a tax invoice whose value is less than Rs 200?
Ans: If value of each tax invoice is less than Rs 200, consolidated invoice may be issued at the end of the day.
4. How many copies of tax invoice must be issued for goods?
Ans: Tax invoice for goods must be in triplicate with specified marking.
5. What is the time period within which tax invoice for supply of services must be issued?
Ans: Tax invoice for services shall be issued within 30 days of supply of service. In case of banking company, NBFC or F1 invoice can be issued within 45 days.
6. How many copies of tax invoice must be issued for services?
Ans: Tax invoice for services shall be in duplicate with specified marking.
7. For supplier of services such as banking companies, F1, NBFC or Telecom operators providing service to their own branch in another State, when shall they issue tax invoice?
Ans: They may issue tax invoice on quarterly basis.
8. In case of exempt goods or services or when tax is paid under Composition Scheme, is the supplier required to issue tax invoice?
Ans: No. In such cases, the supplier of exempt goods or services or when tax is paid under Composition Scheme, the supplier should issue Bill of Supply and NOT tax invoice, with details specified in Rule 4, namely:
(i) Name, address and GSTIN of the supplier
(ii) A consecutive serial number not exceeding sixteen characters, in one or more multiple series, containing alphabets or numerals or special characters-hyphen or dash and slash symbolized as “_” and “/” respectively, and any combination thereof, unique for a financial year
(iii) Date of its issue
(iv) Name, address and GSTIN or UIN, if registered, of the recipient
(v) Description of goods or services or both
(vi) Taxable value of supply of goods or services or both taking into account discount or abatement, if any
(vii) Rate of tax (Central tax, State tax, Integrated tax, Union Territory tax or cess)
(viii) Amount of tax charged in respect of taxable goods or services ( Central tax, State tax, Integrated tax, Union Territory tax or cess).
(ix) Signature or digital signature of the supplier or his authorized representative.
9. If goods are transported in semi-knocked down condition, when shall complete invoice be issued?
Ans: When goods are transported in semi-knocked down condition, complete invoice shall be issued before dispatch of first consignment and then delivery challan should be issued for subsequent consignments. Original copy of invoice shall be sent with last consignment.
10. What details must the tax invoice of an Input Service Distributor contain?
Ans: An Input Service Distributor’s (ISD) invoice must contain details such as;
(i) Name, address and GSTIN of the supplier
(ii) A consecutive serial number not exceeding sixteen characters, in one or more multiple series, containing alphabets or numerals or special characters-hyphen or dash and slash symbolized as “_” and “/” respectively, and any combination thereof, unique for a financial year
(iii) Date of its issue
(iv) Name, address and GSTIN of the recipient to whom the credit is distributed;
(v) Amount of the credit distributed, and
(vi) Signature or digital signature of the Input service Distributor or his authorized representative.
Query No.1:
Cardamom and Pepper are spices taxable @ 5%. If a farmer sells his Cardamom/Pepper to a registered dealer, whether the dealer has to pay Reverse Tax? The sale by the farmer- Is it a Supply? It is not in the course or Furtherance of business?