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GST INVOICING & E-INVOICING

GST invoice is a bill or receipt of items sent or services that a seller or service provider offers to a customer. It specifically lists out the services/products, along with the total amount due. One can check a GST invoice to determine said product or service prices before CGST & SGST are levied on them. A GST invoice bill also displays the amount of taxes charged on each product or service, which an individual purchases from the seller or provider.

 

INCLUSIONS IN A GST INVOICE BILL:

 

The following pointers are mandatory inclusions in such a bill – 

£  This invoice should be issued by an input distributor.

£  All supplementary bills/invoices.

£  Any revisions to the invoice generated by the supplier in the past.

Apart from these sections, a GST tax invoice must include these following particulars as well-

F   GSTIN, name and address of the supplier issuing a GST invoice,

F   Date of issuance,

F   A unique serial number not exceeding 16 digits,

F    In case of registered recipients, this bill should also include name, GSTIN and address of the receiving party as well,

F   A complete description of all services or goods provided, complete with HSN code,

F   Amount of discount applicable on these taxes, if any,

F   Tax amount,

F   Invoice valuation,

F   The rate at which CGST, SGST and IGST are charged should be mentioned on this bill,

F   The billing address and information,

F   Shipping address and information,

F    Reverse charge or forward charge,

                   F    Signature of the tax invoice issuer or authorized representative.

 

 

 

 

 

 

TIME OF ISSUE OF INVOICE UNDER GST:

 

The invoice must be issued before or after the provision of service in case of taxable services. But such an invoice must be issued within a period of maximum 30 days from the provision of service. In case of Banking and Financial Services Institutions (BFSIs) such a period extends to 45 days.

 

E-INVOICING:

 

E-invoice is basically a system through which normally generated invoices are electronically authenticated by GSTN.

 

£  E-invoice is a process through which a normally generated invoice is authenticated by GSTN. Post authentication, each invoice will be issued an IRN (i.e., Invoice Reference Number)

 

£  E-invoice is applicable only to B2B transactions (i.e. supply of goods or services or both to registered person)

 

£ E-invoicing basically aims reduction in evasion of tax; auto-population of various returns and also targets the reduction of reconciliations problem currently prevailing under GST.

 

 

 

APPLICABILITY OF GST E-INVOICING:

 

 

E-invoicing is not applicable for following categories:

 

£  Special Economic Zones Units,

£  An insurer,

£  NBFCs

£  Goods Transport Agency,

£  Banking Companies,

£  Financial Institutions,

£  Person supplying passenger transportation services,

£  Person supplying services of admission to the exhibition of the cinematographic films in multiplexes services.

 

Additionally, e-invoicing doesn’t apply to any person having an aggregate turnover of less than 100 Crore (50 Crore from 1st April 2021) in a financial year.



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