GST Tax Invoice of India : Analysis

By | October 3, 2016
(Last Updated On: October 3, 2016)

Contents

GST Tax Invoice

  • Section 23 of the Model GST Act contains the provisions regarding tax invoice. GST Tax invoice is an important document stating transaction of supply or agreement of supply of goods and/or services.
  • 5 Rules for GST Tax Invoice prescribed-The Draft Invoice Rules have 5 Rules viz. Tax invoice under GST, Manner of Issuing Invoice, Bill of supply, Supplementary tax invoice and Credit or debit notes, Tax Invoice in special cases.

    Download GST Draft Invoice Rules released by CBEC

  • Information to be filed in GST Tax Invoice-The Draft Invoice Rules provides that the tax invoice which is to be issued by supplier shall have an extensive list of information, numbering around 20 viz. name, address and GSTIN of the supplier, HSN code of goods or Accounting Code of services, rate of tax (CGST, SGST or IGST), place of delivery where the same is different from the place of supply etc.

Also, in case of exports information such as name and address of the recipient, address of delivery, name of the country of destination and number and date of application for removal of goods for export [ARE-1] are also required to be given.

  • Manner of issuing invoice under GST – The invoice shall be prepared in triplicate, in case of supply of goods, and in duplicate, in case of supply of services.
  • Form for application for Electronic Reference Number of Invoice under GST – Form GST INV -1 has been prescribed in which a taxable person can apply for obtaining Electronic Reference Number of an Invoice (valid for 30 days) and produce the same for verification by the proper officer as required under Section 61 of the Model GST Act instead of the tax invoice.

    Download GST Draft Invoice formats Released by CBEC

  • Bill of supply-A registered taxable person supplying non-taxable goods and/or services or paying tax under Composition scheme is required to issue, bill of supply instead of a tax invoice. Bill of Supply, which is to be issued by supplier shall have a list of information numbering around 12 viz. name, address and GSTIN of the supplier, date of its issue, HSN Code of goods or Accounting Code for services, description and value of goods or services etc.
  • Time period for raising invoice- The Draft Invoice Rules provides for 30 days time limit for raising invoice from the date of supply of services. However, the Model GST Act provides that for goods, the tax invoice is to be issued at the time of supply.

Free Education Guide on Goods & Service Tax (GST)


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Topic -GST

Resources

1

Model GST Law

Model GST Law

2

GST Overview

Goods and Services Tax (GST): An Overview

 

 

Integrated Goods & Service Tax (IGST) Act Overview

 

 

Meaning  and Scope of Supply

 

 

Time of Supply

 

 

Place of Supply of Goods and Service under GST

 

 

Valuation in GST

 

 

 Levy of GST & Exemption from Tax

 

 

Job Work under Goods & Service Tax (GST)

 

 

Electronic Commerce under Goods & Service Tax (GST)

3

Transition to GST

Transitional Provisions in Goods & Service Tax (GST)

4

Registration

GST Registration FAQ’s

 

 

GST Registration Process -Video

 

 

GST -Draft Registration Rules

 

 

GST -Draft Registration Formats

5

Invoice

GST Draft Invoice Rules released by CBEC

 

 

GST Draft Invoice formats Released by CBEC

6

Input Tax Credit

Input Tax Credit under Goods & Service Tax (GST)

 

 

Concept of Input Service Distributor in Goods & Service Tax (GST)

7

Payment

GST  Payment of Tax  

 

 

 GST Draft Payment Rules Released by CBEC

 

 

GST Draft Payment formats Released by CBEC

8

Refunds

Refund under GST 

 

 

Draft GST Refund Forms released by CBEC

 

 

Draft GST Refund Rules released by Govt

9

Returns

Returns Process and matching of Input Tax Credit under GST

 

 

Draft GST Return Rules Released by Govt

 

 

Draft GST Return Formats released by Govt

10

Assessment and Audit

Assessment and Audit under GST

11

Inspection, Search, Seizure and Arrest

Inspection, Search, Seizure and Arrest under GST

12

Offences, Penalty, Prosecution & Compounding

Offences, Penalty, Prosecution & Compounding in GST

13

Demands and Recovery

Demands and Recovery under GST

14

Appeals and Review

Appeals, Review and Revision in GST

15

Advance Ruling

Advance Ruling in Goods and Service Tax (GST)

16

Settlement Commission

Settlement Commission in Goods and Service Tax (GST)

17

GST Portal

Frontend Business Process on GST Portal

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