There are some apprehensions in the trade circles that GST invoices have to be Issued as per prescribed format and that issuing invoice is going to be burdensome process. This is not correct. Some important facts about GST provisions relating to Invoice are highlighted for information of ell stakeholders.

1. All GST taxpayers are free to design their own invoice format.

2. GST Law only requires that certain fields must mandatorily be in the invoice.

3. The time period prescribed for issuing invoice is different for goods & services – for goods, it is any time before its delivery and for services, it is within 30 days from the date of supply of service.

4.   Small taxpayers, like small retailers, doing a large number of small transactions for upto a value of Rs. 200 per transaction to unregistered customers need not issue invoice for every such transaction. They can issue one consolidated invoice at the end of each day for all transactions done during the day. However, they should issue the invoice where the customer so demands.

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5.   In normal circumstances, one copy of Invoice is required to be carried by the transporter. However, GSTN provides a facility to obtain an invoice reference number and if a taxpayer has generated his number, his goods need not be accompanied by paper invoice during transportation. This mechanism helps to address frequently reported problems like paper invoices getting misplaced, mutilated, torn or lost in course of transportation of goods.

6. In order to keep compliance burden low for small taxpayers. GST law provides that taxpayers with annual turnover of upto Rs. 1.5 crore need not mention the HSN Code of the goods in the invoices.

7, Keeping in view the large number of transactions in the banking. insurance and passenger transport sector, taxpayers need not mention the address of the customer and the serial number in their invoices.

8. Where the goods are transported for delivery but quantity to be supplied is not known at the time of removal, the good may be removed on delivery challan and invoice may be issued after delivery.

9. No need to issue separate Bill of supply if VAT invoice is issued for non taxable supplies.

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Category : Goods and Services Tax (3411)
Type : Articles (13273)
Tags : goods and services tax (1968) GST (1552)

5 responses to “9 Important Facts to know about Tax Invoice under GST”

  1. KS says:

    Dear Sir,
    We are trader, and there are multiple dispatches a day from various location .Before GST we were dispatching on Delivery challan and LR and then we prepared bill. Can we do the same in GST??

  2. Hitesh Khanna says:

    Sir,

    Please give some details for travel agents also,

  3. B L Jain says:

    Under GST by 1.7.2017
    when a non composite Dealer purchased goods from composite dealers of his state – have to pay tax on such purchases ? how much ? rate ?
    then why he will purchased goods from composite dealers and why not purchased from non composite dealers under GST ? Please reply

  4. B L Jain says:

    A dealer having retail outlet of BPCL how he will issue invoices after impli of GST 1.7.2017
    for M S Petrol and Deseil-not covered under GST
    for Lubricant -covered under GST

  5. PRIYESH says:

    Sir,
    As per which provision we are not require to mention HSN if turnover is below 1.5 cr. Because in rules they just mentioned commissioner may on recommendation of the council by notification will specify.

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