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GST INVOICING - Online Process

Under GST a tax invoice is an important document. It not only evidences supply of goods or services, but is also an essential document to avail Input Tax Credit (ITC). An invoice is a commercial instrument issued by a seller to a buyer

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GST INVOICING

IMPORTANCE OF INVOICE UNDER GOODS AND SERVICES TAX

Under GST a tax invoice is an important document. It not only evidences supply of goods or services, but is also an essential document to avail Input Tax Credit (ITC). An invoice is a commercial instrument issued by a seller to a buyer. It identifies both the trading parties being buyer and seller and also contains following-

  1. Product name
  2. Description
  3. Quantity of goods or services sold
  4. Details of the supplier and the purchaser
  5. Terms of supply
  6. Date of supply
  7. Price of each good sold or service rendered
  8. Discount

Under GST a tax invoice is an important document. It not only evidences supply of goods or services, but is also an essential document to avail Input Tax Credit (ITC). An invoice is a commercial instrument issued by a seller to a buyer. It identifies both the trading parties being buyer and seller and also contains following-

  1. Product name
  2. Description
  3. Quantity of goods or services sold
  4. Details of the supplier and the purchaser
  5. Terms of supply
  6. Date of supply
  7. Price of each good sold or service rendered
  8. Discount

Section 31 of the GST Act, 2017, mandates issuance of invoice or a bill of supply for every supply of goods or services. It is not necessary that only a person supplying goods or services need to issue invoice. The GST law mandates that any registered person buying goods or services need to issue invoice. The GST law mandates that any registered person buying goods or services from an unregistered person needs to issue a payment voucher as well as a tax invoice.

1.Proof of Supply-

Invoice acts as a proof of supply of goods and services by a registered person under GST. It forms the basis on which a supplier can demand payment from the buyer of such goods and services.

2.Claiming ITC–

Invoice is important under GST as it is a document based on which the recipient claims input tax credit for the inputs purchased by him. This means that a recipient cannot claim Input tax credit till the time he does not have a tax invoice or debit with him.

3.Time of Supply–

Invoice is issued at the time of the supply of goods or services. GST is charged at the time of supply of goods or services. Further, invoice is    issued at the time of supply of goods or services. It is one of the factors that indicates time of supply. This is because time of supply is nothing but the date on  which the invoice is issued or the date on which the payment is received, whichever is earlier

TYPES OF INVOICE

The type of invoice to be issued depends upon the category of registered person making the supply.

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