Types of Invoices in GST

GST invoice should be issued by a person when supplying goods or services to a person in India. An invoice or bill of supply must be mandatorily issued, when the value of supply is more than Rs.200/-.

In this article, we look at the different types of GST invoice in details along with an overview of all related documents pertaining to GST.

GST Invoice

A GST invoice should be issued by a taxable person under GST while supplying goods or services. An invoice for goods must be issued 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.

B2B Invoice

In a B2B GST invoice, the name, address and GSTIN or UIN of the customer must be mandatorily mentioned. Also, after issuing an invoice, the item level details pertaining to all B2B invoices must be uploaded to GSTN while filing GSTR-1 return.

B2CL (Large Invoice)

In B2CL invoices wherein the value of taxable supply is more than Rs.50,000/- the name and address of the recipient must be mentioned along with address of delivery and place of supply. Invoice level information must also be uploaded to the GSTN for all B2CL invoices with a taxable value of over 2.5 lakhs.

B2CS (Small Invoices)

All B2CS invoices must be serially numbered and should contain invoice date, value of supply, amount of tax applicable, GST rate applicable and HSN code or SAC code of the goods supplied.

Bill of Supply

A bill of supply can be issued by a person registered under GST, when the supply consists of only exempted goods or services or the taxable person is registered under the GST composition scheme. Hence, a bill of supply does not contain details of IGST or CGST or SGST collected from the customer.

Consolidated Tax Invoice

A registered person may not issue a tax invoice or a bill of supply if the value of supply or services is less than Rs.200/- unless requested by a customer and the transaction is B2C in nature. In such cases, the taxpayer can issue a consolidated tax invoice for all supplies at the close of each day.

Receipt Voucher

In case a person registered under GST receives an advance payment from a customer, a receipt voucher must be issued.

As per changes announced in the 22nd GST Council Meeting, SMEs with a turnover of less than Rs.1.5 crores are now not required to pay GST on advances received. After receiving an advance, if no supply is made and no invoice is issued, then the taxpayer can issue a refund voucher against the receipt voucher.

Click Here to know about the Significance of Advance Tax