what is GST and types of invoices under GST?

 

WHAT IS INVOICE UNDER GST

An invoice is a document under the Goods and Services Tax (GST) In India that contains the details of a transaction between a seller and a buyer of goods or services. It is an important document for both the seller and the buyer as it is a proof of the supply of goods or services.

There must be certain mandatory details are required to mention in an invoice such as the name, address, and GST identification number of the supplier and the recipient, place of supply,  a unique invoice number, date of issue, description of goods or services, HSN or SAC code, quantity and value of goods or services, applicable tax rates of GST and  taxable value, GST amount like IGST,CGST and SGST  payable.

TYPES OF INVOICES UNDER GST

There are different types of invoices under GST, like tax invoices, bill of supply, and receipt vouchers. These are issued on the basis of nature of the transaction. It is an obligation to comply with the invoice rules and regulations under GST to avoid any penalties or legal consequences.

Requirement of Tax Invoice: A tax invoice is required to be issued when a taxable supply of goods or services is made. It contains the details of the transaction, including the taxable value and GST charged. A tax invoice can only be issued by a registered supplier who is registered under GST and has a GSTIN.

Requirement Bill of Supply: A bill of supply is required to be issued when a seller makes a sale of exempted goods or services or if they are registered under the composition scheme. There is no need to mention GST amount because it is exempt from GST.

Requirement of Receipt Voucher: A receipt voucher is required to be issued when an advance payment is received for a supply of goods or services. The name and address of the supplier, amount paid, and applicable GST amount need to mention on it.

Requirement of Refund Voucher: A refund voucher is required to be issued when there is a refund of GST is made to a recipient. The name and address of the supplier,  the amount refunded, and the applicable GST need to mention on it.

Requirement of Payment Voucher: A payment voucher is required to be issued when a payment is made to a seller for a supply of goods or services. The name and address of the seller, amount paid, and the applicable GST need to mention on it.

To issue an accurate invoice is a mandatory requirement under Gst for maintaining accurate records of transactions and complying with the rules and regulations of the GST regime.

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