Explore the various types of GST invoices, including tax invoice, consolidated tax invoice, revised invoices, bill of supply, receipt voucher, and more.
TAX INVOICE
An invoice or tax invoice is a document issued by the supplier of goods or services to the addressee/recipient specifying, amongst other things, the description of taxable goods or services or both as well as value of taxable supply.
The supplier shall issue an invoice for goods before or at the time of:
- Removal of goods for supply to the recipient, where the supply involves movement of goods; or
- Delivery of goods or making available thereof to the recipient, in any other case.
In case of supply of services, the invoice must be issued before or after the provision of service but within a period of 30 days from the date of supply of service. In case the supplier of services is an insurer or a banking company or a financial institution, including a non-banking financial company, an invoice must be issued within 45 days from the date of the supply of service.
CONSOLIDATED TAX INVOICE
A registered taxpayer can opt-out of issuing a tax invoice and can issue a consolidated tax invoice at the close of each day if the transaction value is less than or equal to Rs 200 if the recipient does not require tax invoice or recipient is a non-registered taxpayer(B2C).
Consolidate tax invoice shall not be issued if either of the above conditions is not satisfied.
REVISED INVOICES
A GST registered person may issue a revised invoice within one month from the date of issuance of certificate of registration and in such manner as may be prescribed, against the invoice already issued between the period of the effective date of registration and the date of grant of certificate of registration to him.
The taxpayer should give the details of the original invoice and issue a revised invoice in the prescribed format.
A registered person may issue a Consolidated Revised Tax Invoice in respect of all taxable supplies made to an unregistered recipient during such period.
However, in case of inter-state supplies, a consolidated Revised Tax Invoice cannot be issued in respect of all unregistered recipients if the value of a supply exceeds Rs.2,50,000.
BILL OF SUPPLY
Bill of supply is a type of invoice which is issued by the registered person supplying exempted goods or/and services or in case if the persons enrolled under a composition scheme. Generally, the amount mentioned in the bill of supply is non-taxable.
Here is the list of the person who is required to issue Bill of supply:
(i) Supplier of Exempted goods or/and services: Any registered taxable person who is supplying any goods or/and services that are exempt. In such a case that person needs to issue a bill of supply.
(ii) Composition Dealer: Any taxpayer who is registered under the composition scheme can also issue a bill of supply as they cannot claim Input Tax Credit on the supplied goods or/and services.
(iii) Exporter: The taxpayer exporting goods or/and services can also issue a bill of supply as export is considered as zero-rated supply under GST.
RECEIPT VOUCHER
A registered person shall issue a receipt voucher or any other document, containing such particulars as may be prescribed, evidencing receipt of such payment.
REFUND VOUCHER
The said registered person may issue to the person who had made the payment, a refund voucher against such payment.
INPUT SERVICE DISTRIBUTOR INVOICE
An input service distributor can distribute the input tax credit on input services he avails among his business units and branches. At such times, the input service distributor, also popularly known as ISD, raises ISD invoices on each unit with details of the purchase transaction and the amount of ITC allotted to the particular unit.
DELIVERY NOTE/DELIVERY CHALLAN
A delivery note or delivery challan refers to a document issued whenever the shipment of goods is delivered to a customer or buyer. It confirms that the goods have been delivered to the buyer’s place and gives out the list and quantity of goods delivered.
CREDIT NOTE AND DEBIT NOTE
A debit note and credit note are usually issued at the time of goods being returned by customers to sellers or suppliers of the said goods. Such commercial documents are issued when there is any discrepancy found in a previously issued tax invoice for a product or service.
A debit note is issued when any of these 2 conditions arise.
- The formerly issued tax invoice displays a lower taxable value than the correct amount.
- The amount of tax charged in this tax invoice is lower than the actual value.
On the other hand, a credit note is issued for the opposite reasons.
- The taxable amount or tax charged in the invoice is higher than the correct figures.
- There is a discrepancy in services or products provided, and the buyer returns them and asks for a refund.
Mandatory fields in GST Invoice:
1. Name, GSTIN, and address of the supplier
2. Invoice number
3. Date of issuance
4. Invoice type
5. Shipping and billing address
6. Name of the customer
7. GSTIN of the customer if registered
8. Details of products and services provided, including description, quantity, etc.
9. SAC code or HSN code
10. Rate of CGST, IGST, UTGST, and SGST charged
11. Total tax amount and discounts, if any
12.Reverse charge
13. Signature of the invoice issuer
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