15 March 2022
Dear sir, I need advise from expert on accounting standard pertain to revenue recognition. Case : Responsibility of transportation of goods lies with supplier. Customer will inspect goods at supplier factory and instruct to supply to their location. It will take 1 week to reach customer location. My query - when supplier need issue e invoice - whether at the time of removal or reaching at customer office. i need advise from Accounting standard of revenue recognition and compliance with gst.
16 March 2022
E invoice is to be issued at the time of removal after inspection and instruction by buyer to supply. E invoice is required for transport as per GST Act. Buyer has to recognise ownership of material only on completion of transportation by seller.
16 March 2022
Yes E Invoice have to be issued at the time of removal of goods for transportation to the customer. In case where E-invoice is applicable. The invoice will be treated as invalid if it do not contain the IRN and QR code.
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