The rollout of GST in 2017 has required changes to the bill format for countless companies. The arrangement for issuing GST bill and the associated rules are put from the GST Tax Invoice, Credit and Debit Notes Rules. In this guide, we look at GST Invoice Format, way of devoting the invoice and time for issuing a statement in detail.-KANOONS

Updating to Financial Year 2019-20
Rule 46 (b) of this CGST Rules 2017 specifies the tax statement issued by a registered individual ought to have a consecutive serial number, not exceeding three figures, in a single or multiple string, comprising alphabets or numerals or special characters — hyphen or dash and slash represented as”-” and”/” respectively, and any mix thereof, special for a financial year. Thus with the beginning of the new financial year 2019-20 (w.e.f. 01/04/2019), a new statement collection, exceptional for the fiscal year will be launched from the GST taxpayers. An identical provision is that in Rule 49 of the CGST Rules 2017, in regard to this problem of Bill of Supply by registered citizens availing Composition Scheme or providing exempted products or services or both.
In case the GST bill number isn’t upgraded by the citizen, then GST return submitting and eWay Bill creation will probably be a problem for the taxpayer during the financial year 2019-20.

 

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FAQ

Invoice Format

All invoice issued by businesses under GST must contain the following information:

  • Name, address and GSTIN of the supplier
  • A consecutive serial number not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters hyphen or dash and slash symbolised 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 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 Accounting Code of services;
  • Description of goods or services;
  • Quantity in case of goods and unit or Unique Quantity Code thereof Total value of supply of goods or services or both Taxable value of supply of goods or services or both taking into account discount or abatement, if any
    Rate of tax (central tax, State tax, integrated tax, Union territory tax 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 Signature or digital signature of the supplier or his authorized representative.

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Key Differences Between the New GST Invoice Format and Old Invoice Format

Invoice formats throughout the globe have certain universal components which are exactly the same including date of statement, title and address of the supplier and receiver, description of goods, quantity, total value of distribution, the taxable worth of the supply, the rate of tax, the amount of tax and last price.

Beneath the GST, GSTIN of this supplier is mandatorily required to be cited from the tax statement together with a sequential number that’s unique for every financial year. Hence, companies must embrace a statement numbering format which takes into consideration that the GST requirements. Small companies can embrace a statement number format beginning with the financial year such as 2017-XXXX, whereas the XXXX may be numerals for easily keeping track of the amount of bills issued from the company in a fiscal year. Thus, the company can establish a beginning number according to their needs and consecutively number the statements from the beginning number. Massive businesses on the other hand may embrace a sequential numbering including alphabets to grow the amount of accessible bill numbers and also to take care of complexities like branch accounting.

What is a GST Invoice?

A bill or a bill is a listing of products delivered or services supplied, together with the sum due for the payment.

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Who should issue GST Invoice?

If you are a GST registered company, you have to offer GST-complaint invoices for your customers for the sale of good and/or services.

Your GST registered sellers will supply GST-compliant purchase statements to you

What are the mandatory fields a GST Invoice should have?

A tax invoice is generally issued to control the tax and also pass onto the input . A GST Invoice should have the following compulsory fields-

 

  • Invoice date and number 
  • Client name
  • Client and citizen’s GSTIN (if registered)
  • Place of distribution
  • Item particulars i.e. description, amount (amount ), unit (meter, or etc.), total value
  • Taxable Price and discounts
  • Rate and Volume of taxation i.e. CGST/ SGST/ IGST
  • Whether GST is payable a reverse charge foundation
  • Signature of this provider

 

When the receiver isn’t enrolled AND the worth is over Rs. 50,000 then the bill must carry:

 

  • the name and address of the receiver,
  • Address of shipping
  • State name and state code

By when should you issue invoices?

The GST Act has defined time limit to issue GST tax invoices, revised bill statements, debit notes, and credit notice.

Following are the expected dates for issuing a statement to clients:

GST Invoicing under Special Cases?

Sometimes, for example banking, passenger transportation, etc., the government has given relaxations on the bill format issued from the provider.

 

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What’s the difference between invoice date and due date?

Invoice date refers to the date when the bill is made on the bill-book, while the due date is when the payment is due on the bill.

How to issue an invoice under reverse charge?

In the event of GST payable under the reverse charge, or you should additionally mention that tax is paid on an opposite charge, on the GST invoice.

Is it mandatory to maintain invoice serial number?

Yes, bill serial number has to be preserved strictly.  You can change the arrangement by giving a written intimation that the GST department officer together with reasons as well.

Can I digitally sign my invoice through DSC?

It’s true, it’s possible to digitally sign bill through DSC.

 

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