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eFiling Portal Team

TAX INVOICE UNDER GST

eFiling Portal Team Wednesday, May 24, 2017

A Tax invoice is an invoice issued by a registered dealer to the purchaser, showing the amount of tax payable. The invoice should be created in triplicate – Original for recipient, Duplicate for Transporter and Triplicate for supplier.

Subject to a rule 7, 2017, a tax invoice referred to in section 23 shall be issued by the supplier containing the following particulars.

  • Name, address and GSTIN of the supplier.
  • A 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.
  • Name, address and GSTIN or UIN, if registered of the recipient.
  • Name and address of the recipient and the address of delivery, along with the name of State and its code, if such recipient is un-registered and where the value of taxable supply is fifty thousand rupees or more.
  • HSN code of goods or services
  • Description of goods or services
  • Unique quantity code thereof or Quantity in case of goods and unit
  • Total value of supply of goods or services or both
  • Taxable value of supply of goods or services both taking into account discount or abatement, if any
  • Rate of tax (central tax, State tax, integrated Tax, Union territory or cess)
  • Amount of tax charged in respect of taxable goods or services (central tax, state tax, integrated tax, Union territory tax or cess)
  • Place of supply along with the name of state, in case of a supply in the course of inter-state trade or commerce.
  • Address of delivery where the same is different from the place of supply
  • Whether the tax is payable on reverse charge basis and
  • Digital signature of the supplier or Signature or his authorized representative

POINTS TO BE NOTED

A tax invoice shall be issued within 30 days from the date of supply of services or within 45 days in case supplier of service is an insurer or a Banking company or a Financial Institution including a NBFC.

A registered person may issue a revised invoice against the invoice issued during the period beginning with the effective date of registration till the date of issuance of certificate of registration but within one month from the date of issuance of certificate of registration.

If a registered person supplying exempted goods or service or paying tax under composition invoice, a Bill of Supply shall be issued instead of Tax invoice. There is no requirement of Bill of supply if value of goods or services is less than Rs.200

BILL OF SUPPLY

  • Name, address and GSTIN of the supplier
  • A consecutive serial number, in one or multiple series, containing alphabets or numerals or special characters- hyphen or dash and symbolized as”-“ and respectively and any combination thereof unique for a financial year
  • Date of issue
  • Name, address and GSTIN or UIN, if registered, of the recipient
  • HSN code of goods or Accounting code for services
  • Description of goods or service or both
  • Service or Value of supply of goods or both taking into account discount or abatement, if any and
  • Signature or digital signature of the supplier or his authorized representative Receipt voucher shall be issued on receipt of advance payment.

RECEIPT VOUCHER

Receipt voucher shall contain following particulars:

  • Name, address and GSTIN of the supplier
  • A 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.
  • Date of its issue
  • Name, address and GSTIN or UIN, if registered of the recipient.
  • Description of goods and services
  • Amount of advance taken
  • Rate of tax (central tax, state tax, integrated tax, union territory tax or cess)
  • Place of supply along with the name of state and its code, in case of supply in the course of inter-state trade or commerce.
  • Whether the tax is payable on reverse charge basis and
  • Digital signature of the supplier or Signature or his authorized representative.

Receipt voucher shall be issued on receipt of advance payment

SIGNIFICANT POINTS

  1. Where a receipt voucher is issued on advance payment and subsequently no supply is made and not tax invoice is issued the registered person may issue a refund voucher to the person who had made the payment.
  2. If an unregistered person is supplying goods to a registered person that registered person shall pay tax under reverse charge mechanism.
  3. A registered person who is liable to pay tax under reverse charge mechanism shall issue an invoice in respect of goods or services received by him from the supplier who is not registered.
  4. A registered person who is paying tax under reverse charge mechanism shall a payment voucher at the time of making payment to the supplier.
  5. The invoice shall be issued at the time of receiving each payment or issuing each successive statement of accounts.
  6. If supply of services ceases before the completion of supply, the invoice shall be issued at the time of cessation of supply to the extent supply made before such cessation.
  7. If goods are sent on approval basis, invoice shall be issued before or at the time it is known that supply has taken place or 6 months from the date of removal.
  8. Every person who is liable to pay tax shall indicate in all documents relating to assessment, tax invoice or other like documents, the amount of tax.

REVISED TAX INVOICE

A revised tax invoice or Debit or Credit notes shall contain following particulars:

  • The word “Revised Invoice” wherever applicable, indicated prominently
  • Name, address and GSTIN of the supplier
  • Nature of the document
  • A consecutive serial number 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.
  • Dates of issue of the document
  • Name, address and GSTIN or UIN, if registered, of the recipient
  • Name and address of the recipient and the address of delivery, along with the name of state and its code, if such recipient is un-registered
  • Serial number and date of the corresponding tax invoice or, as the case may be, bill of supply.
  • Rate of tax or Value of taxable supply of goods or services and the amount of the tax credited or as the case may be, debited to the recipient and
  • Signature or digital signature of the supplier or his authorized representative

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