GST Tax Invoice, Debit note and Credit note in India
Based on GST Invoice Rules (Rule 5), 2016 issued by the Central Government, two kinds of invoices can be issued under GST namely tax invoice and bill of supply.
Find here GST invoice format for supply of goods and GST invoice format for supply of services along with details such as number of copies to be issued, their specific uses etc.
Time Limit for Issue for Invoice
Under GST registration in India showing the description, quantity and value of goods can be issued on or before the goods are removed for supply. In case of Supply of services, Invoice can be issued wit in 30 days of supply of services, for banks and NBFC’s it is 45 days.
Debit and 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. You may interested to read the GST Registration Fees DetailReach kanakkupillai to Register Your Business at Low Cost!
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Tax Invoice Contains 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 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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