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Vineet Chopra, (FCS, ACMA, LLM)

Government is promptly moving ahead for timely roll out of Goods and Service Tax and below Draft GST Rules are recently released by Central Board of Excise & Customs (CBEC) alongwith the related forms and formats.

Rules Format
Draft GST Invoice Rules Draft Formats under GST Invoice Rules
Draft GST Payment Rules Draft GST Rules, Payment Formats
Draft GST Registration Rules Draft GST Rules, Registration Formats
Draft GST Refund Rules Draft Refund Formats
Draft Return Rules Draft GST Rules, Returns Formats

Besides, draft mismatch report and draft formats of audit report also released. An overview of the provisions of draft GST invoice rules are as under.

Draft GST Invoice Rules

1. Format: Tax invoice format is prescribed which contains routine details with signature or digital signatures of supplier.

  • supplier,
  • goods or services,
  • value,
  • taxes charged,
  • place of supply and
  • delivery HSN code of goods or accounting code of services, etc,

2. Time limit: Tax Invoice for taxable goods is to be issued at the time of supply and for taxable services within 30 days from the date of supply and in case of banking company or financial institution within 45 days.

3. Manner of Issue: In case of supply of goods, tax invoice to be issued in three copies,

original for recipient,

duplicate for transporter and

triplicate for supplier and

In case of services tax, invoice shall be issued in duplicate viz. original for recipient and duplicate for supplier.

Where a registered taxable person has obtained an ‘Invoice Reference Number’ by uploading tax invoice on common portal then duplicate copy of invoice need not to carry by transporter and he just need to produce Invoice Reference Number to proper officer.

4. Non-taxable supply: In case the goods or services are non taxable or supplier is under composition scheme, the registered taxable person shall issue a Bill of Supply if value is more than rupees one hundred.

5. Supplementary tax invoice, Debit / Credit Notes can also be issued

6. Input Service Distributor will issue tax invoice with details of distribution of credit, supplier, recipient of credit, GSTIN, etc.

(Author is  Practicing Cost Accountant from  Indore and can be reached at Mb: 08720-021-021, email: vineet.chopra01@gmail.com)


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July 2024