Tax Invoice or Bill of Supply covering Rules in 10 points
1. A registered person supplying taxable goods shall, before or at the time of,-
[a] removal of goods for supply to the recipient, where the supply involves movement of goods; or
[b] delivery of goods or making available thereof to the recipient issue a tax invoice showing the descriptttion, quantity and value of goods, the tax charged thereon.
2. A registered person supplying taxable services shall, before or after the provision of service but within 30 days period, issue a tax invoice, showing the descriptttion, value, tax charged thereon. If supplier is a bank or any financial institution, then within 45 days from the supply of service.
3. A registered person may, within one month from the date of issuance of certificate of registration and issue a revised invoice against the invoice already issued during the period beginning with the effective date of registration till the date of issuance of certificate of registration to him. Provided that the registered person may issue a consolidated revised tax invoice in respect of all taxable supplies made to a recipient who is not registered under the Act during such period:
Provided further that in case of inter-State supplies, where the value of a supply does not exceed two lakh and fifty thousand rupees, a consolidated revised invoice may be issued separately in respect of all recipients located in a State, who are not registered under the Act.
4. A registered person supplying exempted goods or services or both or paying tax under the provisions of section 10 shall issue, instead of a tax invoice, a bill of supply. A taxable person who is not a registered person shall not collect in respect of any supply of goods or services or both any amount by way of tax under this Act. In case of Exports -An endorsement on invoice is must i.e "supply meant for export on payment of IGST" or "supply meant for export under bond without payment of IGST".
5. A registered person may not issue invoice/bill of supply if the value of the goods or services or both supplied is less than two hundred rupees. i.e. In case of a supply to an un-registered person, it is not mandatory for the supplier to issue a separate tax invoice for such supplies below Rs. 200/-, where such tax invoice is not required by the customer. However he shall issue a consolidated tax invoice for such supplies at the close of each day in respect of all such supplies.
6. A registered person shall, on receipt of advance payment with respect to any supply of goods or services or both, issue a receipt voucher. where, on receipt of advance payment with respect to any supply of goods or services or both the registered person issues a receipt voucher, but subsequently no supply is made and no tax invoice is issued in pursuance thereof, the said registered person may issue to the person who had made the payment, a refund voucher against such payment.
7. A registered person who is liable to pay tax under reverse charge shall issue an invoice in respect of goods or services or both received by him from the supplier who is not registered on the date of receipt of goods or services or both; And shall issue a payment voucher at the time of making payment to the supplier.
8. In case of continuous supply of goods, where successive statements of accounts or successive payments are involved, the invoice shall be issued before or at the time each such statement is issued or, as the case may be, each such payment is received. And in case of continuous supply of services -
[a] where the due date of payment is ascertainable from the contract, the invoice shall be issued on or before the due date of payment;
[b] where the due date of payment is not ascertainable from the contract, the invoice shall be issued before or at the time when the supplier of service receives the payment;
[c] where the payment is linked to the completion of an event, the invoice shall be issued on or before the date of completion of that event.
9. Tax invoice should bear consecutive serial number, in one or multiple series, containing alphabets or numerals or special characters hyphen or dash and slash symbolized as "-" and "/" respectively, and any combination thereof, unique for a financial year. Further it should have name and address of the recipient and the address of delivery, along with the name of State and its code, if recipient is un-registered and where the value of taxable supply is fifty thousand rupees or more.
10. In case of supply of Goods, Tax Invoice shall be prepared In TRIPLICATE Original for recipient Duplicate for Transporter Triplicate for supplier In case of supply of Services, Tax Invoice shall be prepared In DUPLICATE Original for recipient Duplicate for supplier