It is mandatory for a registered person to issue a tax invoice or a bill of supply for every supply of goods or services.
It is also mandatory for a registered person to issue tax invoice where goods or services are procured from an unregistered person.
A registered person engaged only in supply of exempted goods or services or availing Composition Scheme has to issue Bill of Supply instead of Tax Invoice.
GST Law has not prescribed any specific format of the invoice. It has, however, prescribed 16 mandatory details which are required to be incorporated in the tax invoice.
A tax invoice or bill of supply is not required to be issued where the value of supply is less than Rs.200/-
Tax invoice evidences supply. It is must for availing Input Tax Credit. Invoice is an important indicator of time of supply.
A tax invoice is required to be issued before or at the time of removal of the goods where supply involves movement of the goods.
Where supply does not involve movement of goods, tax invoice is required to be issued at the time of delivery or making the goods available to the recipient.
A registered person supplying taxable services is required to issue invoice before or after the provision of service. It should, however, be issued within 30 days from the date of supply of service.
A consecutive serial number, in one or multiple series is required to be given. The invoice number cannot exceed sixteen digits. It can be combination of alphabets, numerals or special characters like hyphen or dash and slash. The invoice number must be unique for a financial year.
In respect of supply of goods, the invoice is required to be issued in triplicate. The duplicate copy of the invoice is meant for the transporter. In respect of supply of services, it is required to be issued in duplicate.
Issuance of vouchers:
Receipt Voucher:
A receipt voucher is required to be issued by the registered person on receipt of advance with respect to any supply of goods or services or both evidencing receipt of such payment.
Refund Voucher:
Where no supply is made or no tax invoice is issued in pursuance of advance received, a registered person has to issue a refund voucher to the person who had made advance payment against such payment.
Payment Voucher:
A registered person has to issue a payment voucher at the time of making payment to the supplier where supplier is unregistered and where the tax is payable on the goods or services under reverse charge mechanism.
Bill of Supply:
A registered person supplying exempted goods or services or both or paying tax under Composition Scheme is required to issue Bill of Supply and not a Tax Invoice.
Self-Invoice:
A registered person has to issue invoice in respect of purchases made from unregistered dealers as well as where the supply of goods or services is covered by reverse charge mechanism. Such supply is required to be issued on the date of receipt of the goods or services or both.
An Export Invoice must carry an endorsement, “SUPPLY MEANT FOR EXPORT/SUPPLY TO SEZ UNIT OR DEVELOPER FOR AUTHORIZED OPERATIONS ON PAYENT OF INTEGRATED TAX” or “SUPPLY MEANT FOR EXPORT/SUPPLY TO SEZ UNIT OR SEZ DEVELOPER FOR AUTHORIZED OPERATIONS UNDER BOND OR LETTER OF UNDERTAKING WITHOUT PAYMENT OF INTEGRATED TAX”.
The rate of exchange of currency other than India Rupees for determination of value of taxable value of goods or services or both is the reference rate determined by the RBI for that currency on the date of time of supply in respect of such supply.
The rate of exchange in the Shipping Bill will be the exchange rate as determined by the Customs under Exchange Rate Notification.