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Types of Invoices in GST

CA Umesh Sharma 
on 29 May 2017

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Arjuna (Fictional Character): Krishna, in GST, every tax payer will have to prepare different types of invoices. So, tell the details of invoices in GST, how to make invoices and when to make invoices?

Krishna (Fictional Character): Arjuna, many traders prepare invoices manually. Also, the information in everyone’s invoice is more or less different. But in GST information must be mentioned in invoice as per law. Because every month information is required to be submitted to the government. As per nature of the transaction, invoices are to be prepared like Tax invoice, Bill of Supply, debit/Credit not, Receipt voucher etc.

Arjuna: Krishna, which things are required to be mentioned in the Tax invoice?

Krishna: Arjuna, it is mandatory to mention the following things in the tax invoice:

1) Name, address and GSTIN of the supplier
2) A consecutive serial number, containing alphabets or numerals or special characters
3) date of its issue;
4) Name, address and GSTIN or UIN, of the recipient; if registered
5) Address of delivery
6) HSN Code of goods or Service Accounting Code for services
7) Description of goods or services or both
8) Quantity of goods
9) Value of supply of goods or services or both taking into account discount or abatement, if any
10) Rate of GST
11) Amount of GST on taxable goods or services
12) Place of supply in case of interstate transaction
13) Whether reverse charge applicable
14) Signature or digital signature of the supplier or his authorized representative.

Arjuna: Krishna, how, when and where to issue the Invoice?

Krishna: Arjuna, every registered person have to issue an invoice at the time of supply of goods. In case of services invoice it has to be issued within 30 days from the date of supply of services. For small dealers if the amount of invoice is less than Rs. 200 then no need to issue the invoice. He should prepare a invoice of aggregate amount of the supply of goods below Rs. 200 in one day. If the amount of invoice exceeds Rs. 200 then it is mandatory to prepare ‘Tax Invoice’. If invoice amount is more than Rs. 50,000 and if he is unregistered then it is mandatory to mention the name, address, state of the receiver's on the invoice. Further, if the taxpayer purchases from unregistered person then also Tax invoice is required to be issued to him. The taxpayer has to prepare three copies of invoice. One for purchaser, second for transporter and third for self. Similarly, person supplying services have to make two copies of invoice. One for service receiver and second for self.

Arjuna: Krishna, what is the bill of supply?

Krishna: Arjuna, if the taxpayer is supplying tax-free goods (i.e. tax rate is 0%), then they should give bill of supply for those goods. All the information except GST rate and GST amount as mentioned in Tax invoice is required to be given in it.

Arjuna: Krishna, when receipt voucher is required to be issued?

Krishna: Arjuna, in business at the time of receiving advance receipt voucher will have to be prepared. GST have to be charged on advance received. All the things mentioned in the tax invoice also have to mention in receipt voucher.

Arjuna: Krishna, why and when the debit note and credit note is issued?

Krishna: Arjuna, the taxpayer cannot make changes in tax invoice after it uploads on GSTN. If any changes are required to be done then they will be made through debit and credit note. All the information mentioned in tax invoice should be mentioned in debit or credit note.

Arjuna: Krishna, how the information to be given in GST Return?

Krishna: Arjuna, every taxpayer have to give the invoice wise details for taxable goods or services of which the tax invoices are issued. For tax-free goods or services, aggregate amount to be given. After the GST return is upload, it cannot be changed. If goods or services are supplied to unregistered dealer above Rs. 2.5 lakhs then information have to give in return.

Arjuna: Krishna, what lesson a taxpayer should be taken from this?

Krishna: Arjuna, GST is the biggest change in the indirect tax. Every person has to change working style and pattern. Now all invoices will have to be made computerized. Change is need of Time. Therefore in the current situation, it has become necessary to change the mentality in favour of GST.


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