Different Types of GST Invoices- An Overview

1
Different types of GST Invoices- An Overview
2

• TAX INVOICE
• An invoice or tax invoice is a document issued by
  the supplier of goods or services to the
  addressee/recipient specifying, amongst other
  things, the description of taxable goods or
  services or both as well as value of taxable
  supply. The supplier shall issue an invoice for
  goods before or at the time of Removal of goods
  for supply to the recipient, where the supply
  involves movement of goods or Delivery of goods
  or making available thereof to the recipient, in
  any other case. In case of supply of services,
  the invoice must be issued before or after the
  provision of service but within a period of 30
  days from the date of supply of service. In case
  the supplier of services is an insurer or a
  banking company or a financial institution,
  including a non-banking financial company, an
  invoice must be issued within 45 days from the
  date of the supply of service.
• CONSOLIDATED TAX INVOICE
• A registered taxpayer can opt-out of issuing a
  tax invoice and can issue a consolidated tax
  invoice at the close of each day if the
  transaction value is less than or equal to Rs 200
  if the recipient does not require tax invoice or
  recipient is a non-registered taxpayer(B2C).Conso
  lidate tax invoice shall not be issued if either
  of the above conditions is not satisfied.

3

• REVISED INVOICES
• A GST registered person may issue a revised
  invoice within one month from the date of
  issuance of certificate of registration and in
  such manner as may be prescribed, against the
  invoice already issued between the period of the
  effective date of registration and the date of
  grant of certificate of registration to him. The
  taxpayer should give the details of the original
  invoice and issue a revised invoice in the
  prescribed format. A registered person may issue
  a Consolidated Revised Tax Invoice in respect of
  all taxable supplies made to an unregistered
  recipient during such period. However, in case of
  inter-state supplies, a consolidated Revised Tax
  Invoice cannot be issued in respect of all
  unregistered recipients if the value of a supply
  exceeds Rs.2,50,000.
• BILL OF SUPPLY
• Bill of supply is a type of invoice which is
  issued by the registered person supplying
  exempted goods or/and services or in case if the
  persons enrolled under a composition scheme.
  Generally, the amount mentioned in the bill of
  supply is non-taxable. Here is the list of the
  person who is required to issue Bill of supply

4

• Supplier of Exempted goods or/and services Any
  registered taxable person who is supplying any
  goods or/and services that are exempt. In such a
  case that person needs to issue a bill of supply.
• Composition Dealer  Any taxpayer who is
  registered under the composition scheme can also
  issue a bill of supply as they cannot claim Input
  Tax Credit on the supplied goods or/and services.
  
• Exporter The taxpayer exporting goods or/and
  services can also issue a bill of supply as
  export is considered as zero-rated supply under
  GST.
• RECEIPT VOUCHER
• A registered person shall issue a receipt voucher
  or any other document, containing such
  particulars as may be prescribed, evidencing
  receipt of such payment.
• REFUND VOUCHER
• The said registered person may issue to the
  person who had made the payment, a refund voucher
  against such payment.
• INPUT SERVICE DISTRIBUTOR INVOICE
• An input service distributor can distribute the
  input tax credit on input services he avails
  among his business units and branches. At such
  times, the input service distributor, also
  popularly known as ISD, raises ISD invoices on
  each unit with details of the purchase
  transaction and the amount of ITC allotted to the
  particular unit.

5

• DELIVERY NOTE/DELIVERY CHALLAN
• A delivery note or delivery challan refers to a
  document issued whenever the shipment of goods is
  delivered to a customer or buyer. It confirms
  that the goods have been delivered to the buyers
  place and gives out the list and quantity of
  goods delivered.
• CREDIT NOTE AND DEBIT NOTE
• A debit note and credit note are usually issued
  at the time of goods being returned by customers
  to sellers or suppliers of the said goods. Such
  commercial documents are issued when there is any
  discrepancy found in a previously issued tax
  invoice for a product or service. A debit note is
  issued when any of these 2 conditions arise. The
  formerly issued tax invoice displays a lower
  taxable value than the correct amount. The amount
  of tax charged in this tax invoice is lower than
  the actual value. On the other hand, a credit
  note is issued for the opposite reasons. The
  taxable amount or tax charged in the invoice is
  higher than the correct figures. There is a
  discrepancy in services or products provided, and
  the buyer returns them and asks for a refund.
• Mandatory fields in GST Invoice

6

• Name, GSTIN, and address of the supplier
• 2. Invoice number
• 3. Date of issuance
• 4. Invoice type
• 5. Shipping and billing address
• 6. Name of the customer
• 7. GSTIN of the customer if registered
• 8. Details of products and services provided,
  including description, quantity, etc.
• 9. SAC code or HSN code
• 10. Rate of CGST, IGST, UTGST, and SGST charged
• 11. Total tax amount and discounts, if any
• 12.Reverse charge
• 13. Signature of the invoice issuer Tags goods
  and services tax, GST, GST InvoiceRead more
  at https//taxguru.in/goods-and-service-tax/types
  -gst-invoices-overview.htmlCopyright
  Taxguru.in