GST Tax Invoice, Debit note and Credit note

Invoicing plays a crucial role in the execution of transactions. On every single sale or acquisition, an invoice is issued by the supplier, i.e., the person earning the sale. The Bill is composed of S.No., specifics of the solution, such as product identification, description, quantity, and so on, together with details of the provider, purchaser, tax charged, as well as other particulars, including terms and conditions of sale, etc.

Based on the GST Invoice Rules (Rule 5), 2016 issued by the Central Government, two kinds of invoices can be issued under GST, namely a tax invoice and a bill of supply.

Please find below the GST invoice format for the supply of goods and the GST invoice format for the supply of services, along with details such as the number of copies to be issued and their specific uses.

Under GST registration in India, a description, quantity, and value of goods can be issued on or before the goods are removed for supply. In case of Supply of services, an Invoice can be issued within 30 days of supply of services; for banks and NBFCs, it is 45 days.

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

Tax Invoice contains the following matters:

• name, address, and GSTIN of the supplier; 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 the State and its code, if such recipient is unregistered 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 units, or Unique Quantity Code thereof;
• The total value of the 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 the 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 a reverse charge basis and
• signature or digital signature of the supplier or his authorized representative