CA Ramandeep Singh Bhatia

CA RAMANDEEP SINGH BHATIAFinance Ministry has issued Draft GOODS AND SERVICES TAX -INVOICE RULES, which set rules for invoice which will be issued after the implementation of GST. This rules is very important as this will tell us the minimum/compulsory content of the GST Invoice, time (when will the invoice be issued), manner if issue of invoice (no of copies) etc.

This is one of the important preparatory steps as business houses, irrespective of the sizes , nature , goods/ service has to mandatory comply with the requirement from the day1 itself. This article contains the analysis and summary of the rule along with the format of Invoice.

A. Requirement of Tax Invoice V/s Bill of Supply

Tax Invoice Bill of Supply
– Registered Supplier engaged in other than composition scheme and dealing in Taxable goods / Services. – Registered Supplier engaged in non-taxable goods and/or services or  paying tax under the composition scheme.

B. Content of the Tax Invoice & Bill of Supply  (What) 

1. Name, address and GSTIN of the supplier BOS
2. date of its issue* (not preparation) BOS
3. consecutive serial number containing only alphabets and/or numerals, uniquefor a financial year; BOS
4. if registered recipient

 

name, address and GSTIN/ Unique ID Number,

If unregistered and where the taxable value of supply is fifty thousand rupees or more;

 

name and address of the recipient and the address of delivery, along with the name of State and its code

 

BOS
5. If Goods – HSN Code

 

Only if notified by the Board / Commissioner

If Services – Accounting Code BOS
6. description of goods or services BOS
7. quantity in case of goods and unit or Unique Quantity Code thereof  
8. total value of goods or services BOS
9. taxable value of goods or services taking into account discount or abatement,  
10. rate of tax (CGST, SGST or IGST)  
11. amount of tax charged in respect of taxable goods or services (CGST, SGST or IGST)  
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. place of delivery where the same is different from the place of supply  
14. whether the tax is payable on reverse charge
15. The word “Revised Invoice” or Supplementary Invoice, as the case may be, indicated prominently, where applicable along with the date and invoice number of the original invoice
16. signature or digital signature of the supplier or his authorized representative BOS

C. Additional Requirement in case of Export

1. Endorsement

“SUPPLY MEANT FOR EXPORT ON PAYMENT OF IGST” or

“SUPPLY MEANT FOR EXPORT UNDER BOND WITHOUT PAYMENT OF IGST”
2. name and address of the recipient
3. address of delivery
4. name of the country of destination
5. number and date of application for removal of goods for export [ARE-1].

D. Manner of Issue of Invoice

I. No of Copies

Goods Services
(a) the original copy being marked as ORIGINAL FOR RECIPIENT;

(b) the duplicate copy being marked as DUPLICATE FOR TRANSPORTER; and

(c) the triplicate copy being marked as TRIPLICATE FOR SUPPLIER

(a) the original copy being marked as ORIGINAL FOR RECEIPIENT; and

(b) the duplicate copy being marked as DUPLICATE FOR SUPPLIER.

Provided that the duplicate copy is not required to be carried by the transporter if the supplier has obtained an Invoice Reference Number under sub-rule.

II. Serial number of invoices 

Serial number of Invoices issued during a tax period shall be furnished electronically through the Common Portal in FORM GSTR-1.

III. What is Invoice Reference Number?

This is a reference number which will be used in lieu of invoice which can be verifiable by proper officer; this will eliminate the requirement of preparing the duplicate copy of the invoice for transporter in case of supply of goods.

A registered taxable person may obtain an Invoice Reference Number from the Common Portal by uploading on the said Portal, tax invoice in the required format GST INV-1.

The Invoice Reference Number shall be valid for a period of 30 days from the date of uploading

E. Time of Issue of Invoice (When)

Time of Issue of Invoice (When)

F. Draft format of Invoice under GST Invoice Rules –GST INV-1

Form GST –INV-1

Application for Electronic Invoice reference number of an Invoice

1.  GSTIN
2.  Name  
3.  Address  
4.  Serial No. of Invoice  
5.  Date of Invoice  

 

Details of Receiver (Billed to) Details of Consignee (Shipped to)
1) Name

2) Address

3) State

4) State Code

5) GSTIN / Unique ID

1) Name

2) Address

3) State

4) State Code

5) GSTIN / Unique ID

SR Description of Goods / Services HSN / AC Qty Unit Rate per Unit Total Disc. Ount Taxable Value CGST SGST IGST
R

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Freight

Insurance

Packing & Forwarding Charges

Total
Total Invoice value (in figure)
Total Invoice value (in words)
Amount of Tax subject to Reverse Charge

Declaration :

Signatory :

Electronic Reference No.

Signature :

Name of the Designation / Status

Date –

(Author may be contacted at caramandeep.bhatia@gmail.com or on  + 91 9827152729)

Guide to Verify GST Number

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8 responses to “How your invoice will look like in GST”

  1. Mawia HL says:

    Ramandeep Ji, your article is very informative. You made everything clear except that you did not provide how GST would be charged on Freight, Insurance and Delivery/Packing. So, If I want to charge Freight/packing, is GST applicable? Would the charge on freight/packing be included in the final Invoice value? Please make this clear.

  2. JAINAM SHETH says:

    Excellent Article.

  3. sreepalreddy Gurrala says:

    Thanks for the information

  4. CA VIKAS L BAJAJ says:

    The content of the Article are very informative and excellent. thanks for the sharing.

  5. Abhishek Kacholiya says:

    Good one

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