GST Invoice Rules

By Registrationwala

1st June 2017


Invoicing shapes an urgent capacity with regards to the execution of a transaction. On each sale/purchase, a receipt is issued by the provider i.e. individual making the sale. The receipt contains S.No, points of interest of item, for example, item name, description, amount, and so forth alongside details of the provider, buyer, tax charged and different particulars, for example, discounts, terms of an offer and so forth.

In view of a similar receipt, the dealer and purchaser make an entry in their books of records/accounts. Whenever audit review in conducted, the invoices are rechecked for their accuracy(this procedure is called vouching) as invoices are considered as essential reports in view of which different documents are arranged, for example, trial balance, profit and loss account and balance sheet

In view of the tax invoices no one but the buyer can claim input credit. The Government of India has informed principles of invoicing under GST alongside a format of receipt (GST INV-01) covering the components, for example, such as supplier’s details, GST tax rates and so on that should be displayed. In this segment, we will cover all parts of invoicing under GST.

Invoice Format

In view of GST Invoice Rules (Rule 5), 2016 issued by the Central Government, two sorts of Invoices can be issued under GST to be specific tax invoice and bill of supply.

Get GST Invoice Format for the supply of Goods and GST Invoice Format for the supply of services alongside the details such as the number of duplicates to be issued, their particular uses and so forth.

Time Limit to Issue Invoice under GST

The GST Model law has characterized the time limit for issue of GST Tax Invoices, amended bills, debit notes, and credit note. In an ordinary case, the GST tax receipt must be issued by an enrolled dealer prior to the time when products are removed from the supply (where supply includes movement) and at the latest the time when delivery is gotten by the recipient (where movement of goods is not included).

On account of supply of services, the invoice must be issued inside 30 days (45 days if there should be an occurrence of banks and NBFCs) of supply of services.

How to Revise Already Issued Invoices

As per the revised GST Model Law section 28(3a) revised tax invoices can be issued by a registered taxable person within one month from issuance of certificate of registration i.e. GST Registration. It will be issued against the invoice already issued during the period starting from the effective date of registration till the date of issuance of certificate of registration to him.

What does Bill of Supply means?

Tax Invoice is for the most part issued to charge the tax and pass on the credit. In GST there are a few occasions where the provider is not permitted to charge any tax and consequently, a Tax invoice can't be issued rather another document called Bill of Supply is issued.

What is Debit Note & Credit Note?

Where original tax invoice has been issued and taxable value/GST tax amount in the invoice exceeds/falls shorter than the actual taxable value/tax amount, in such cases the supplier can issue debit/credit note.

Under this segment we will cover the situations where debit notes/credit notes can be issued, the format, particulars to be included and so on. We will likewise understand the difference between a revised invoice and a supplementary receipt.

Supplementary tax invoice is issued by taxable person in case where any deficiency is found in a tax invoice already issued by a taxable person. Please note Debit note is also considered as a supplementary invoice


GST Invoice Rules