Guideline of Issuing Invoice in GST, GST Invoice Rules under CGST Act: An invoice does not bring into existence an arrangement however simply tapes the regards to a pre-existing arrangement (oral or written). A billing can be comprehended as a file that is indicated to serve a particular purpose. The GST Law requires that an invoice– tax billing or bill of supply– is provided on the incident of certain event, being a supply, within the prescribed timelines. For that reason, a billing, among other documents is required to be provided for every type of supply such as sale, transfer, barter, exchange, license, leasing, lease or disposal. This chapter supplies an understanding of the numerous documents needed to be released under the GST law, timelines to provide such file and the contents of every such document.
Guideline of Issuing Invoice in GST
According to Guideline 46 (b) of the CGST Guidelines 2017, it has been defined that the tax invoice issued by a signed up individual
- ought to have a successive serial number,
- not surpassing 16 characters
- in one or numerous series
- consisting of alphabets or characters or special characters and any combination thereof unique for a fiscal year.
This rule suggests that with the start of new financial year 2019-20(w.e.f. 01/04/2019), a new billing series, special for the fiscal year is to be started by the GST taxpayers.
Similar provision is there in Rule 49 of the CGST Rules 2017, in regard of issue of Costs of Supply by signed up taxpayers availing Structure Scheme or supplying excused goods or services or both.
If the arrangements of Rule 46 or Guideline 49 are not abided by, apart from being a compliance issue, taxpayers might face problem while generating E-Way Expense on E-way expense system or furnishing their Form GSTR 1 or for requesting refund on GST Website.
It is for that reason necessary that suitable adjustment may be made by the taxpayers in this regard in their invoices or bill of supply, to prevent any inconvenience in the future.
Under the erstwhile indirect tax laws, relying on the taxable occasion, regarding whether it is manufacture or sale or service, import tax invoices or tax invoices are raised.
Under service tax regime, a time limit to release a tax invoice is recommended having regard to date of conclusion of such taxable service or invoice of any payment towards the value of such taxable service, whichever is previously.
The provision to release revised invoice (from the reliable date of registration to the date of issuance of certificate) was not offered earlier. This document would be useful for declaring tax credit for supply of goods/services during this duration.
Under erstwhile law, invoices or proof of sales and so on can be provided inclusive of tax in certain cases whereas it is mandatory to show the amount of tax charged on every deal in the GST regime
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