In this article we are going discussed
about the Types of Invoices which are required to be prepare.
Here we are going to clear this doubt
through some frequently asked questions .
Whether in GST every tax payers will have
to prepare different types of Invoices ,How to make Invoices and when to make Invoices
?
As per the Pre GST Scenario , Everyone’s Invoice
is more or less different .But in GST information must be mentioned in Invoice
as per law. Because every month information required to be submitted to the government
.As per nature of transaction ,Invoices are to be prepared like Tax Invoice,Bill
of Supply,Debit/Credit Note,Receipt Voucher etc.
What are things required to be mentioned in
Tax Invoice?
1.
Name, Address and GSTIN of the
supplier
2.
A consecutive serial number,containing
alphabets or numerals or characters
3.
Date of its Issue
4.
Name ,Address and GSTIN or UIN
of the recipient ,if registeres
5.
Address of delivery
6.
HSN Code of goods or Service
Accounting Code for services
7.
Description of goods or
services or both
8.
Quantity of goods
9.
Value of supply of goods or
services or both taking into account discount or abatement,if any
10.
Rate of GST
11.
Amount of GST on Taxable goods
or services
12.
Place of Supply in case of
interstate transaction
13.
Whether reverse charge
applicable
14.
Signature or digital signature
of the supplier or his authorized representative
How ,When and where to the Invoice ?
Every registered person have to issue Invoice
at the time of supply of goods.In Case of services Invoice it has to be issues
within 30 days from the date of supply of services.
For Small dealers if the amount of the Invoices
is less than Rs 200 then no need to issue the Invoice. He should prepare a Invoice
of aggregate amount of the supply of goods below Rs 200 in one day,if the
amount exceeds Rs 200 then it is mandatory to prepare Tax Invoice . If the Invoice
amount is more than Rs 50000/- and if he is unregistered then it mandatory to
mention the name and address ,state of the receiver on the Invoice . Further if
the tax payer purchases from unregistered person then also Tax Invoice is
required to be issued to him.The Taxpayer has to prepare three copies of Invoice.
One for Purchaser,Second for transporter ,and third for self.Similary person supplying
services have to make two copies of Invoice . One for service receiver and
second for self.
What is Bill of Supply ?
If the Taxpayer is supplying tax free goods
( ie tax rate 0%) then they should give bill of supply for those goods ,All the
information except GST Rate and GST amount as mentioned in Tax Invoice is
required to be given in it .
When Receipt Voucher is required to be
issued ?
In business at the time of receiving
advance receipt voucher will have to be prepared .GST have to be charged on
advance received.All the things mentioned in the tax Invoice also have to
mention in receipt voucher
Why and when the debit note and credit note
is issues ?
Taxpayer cannot make changes in tax Invoice
after it uploaded on GSTN.If any changes are required to be done then they will
be made through debit and credit note.All the information mentioned in tax Invoice
should be mentioned in tax Invoice should be mentioned in debit or credit note.
How the information to be given in GST
Return ?
Every taxpayer have to give the Invoice
wise details for taxable goods or services of which the tax Invoices are
issued.For tax free goods or services,aggregate amount to be given.After the
GST return is upload it cannot be changed.If goods or services are supplied to
unregistered dealer above Rs 2.5 Lakhs then information have to given in
return.
What lesson a taxpayer should taken from
this ?
GST is the biggest change in the indirect
tax. Every person have to change working style and pattern. Now all Invoices
will have to be made computerized .Change is need of Time.Therefore in the
current situation .It has become necessary to change mentality in favor of GST.
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