TAX INVOICE UNDER GST
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 1-12-2016
Meaning of 'tax invoice'?
As per section 2(60) read with section 23 of Model GST law, 'tax invoice' is required to be issued by a registered taxable person showing description of goods and/or services, value, tax and other particulars at the time of supply. It is a document evidencing supply of goods and services which becomes the basis for charge of tax.
According to explanation provided under section 23 of Model GST law, 'tax invoice' shall be deemed to include a document issued by an input service distributor(ISD) under section 17, and shall also include any supplementary or revised invoice issued by the supplier in respect of a supply made earlier.
Thus, 'tax invoice' shall be deemed to include-
* a document issued by an input service distributor, and
* any supplementary or a revised invoice issued by the supplier in respect of a supply made earlier.
Invoice is a d
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
, determining the time of supply of goods is important.
As per section 23 of Model GST law, a registered taxable person supplying taxable services shall issue a tax invoice, within the prescribed time, showing the description, the tax charged thereon and such other particulars as may be prescribed.
Therefore, a registered taxable person supplying taxable services shall issue a tax invoice-
* within the prescribed time,
* Tax invoice should show-
* description of services,
* tax charged , and
* other details.
Particulars to be shown in a tax invoice
According to section 23 of Model GST law, read with Rule 1 of draft GST Invoice Rules, a tax invoice issued by the supplier shall contain the following details:
* name, address and GSTIN of the supplier,
* a consecutive serial number containing only alphabets and/or numerals, unique for a financial year,
* date of its issue,
* name, address and GSTIN/ Unique ID Number, if registered, of the recipient,
* contain the f
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
where applicable along with the date and invoice number of the original invoice, and
* signature or digital signature of the supplier or his authorized representative.
Details required in a tax invoice of supply meant for export
According to proviso to Rule 1 of draft GST Invoice Rules, in case of exports, an invoice shall carry an endorsement 'supply meant for export on payment of IGST' or 'supply meant for export under bond without payment of IGST', as the case may be, and shall, in lieu of the details specified in clause (e) of Q. No. 5 above , contain the following details:
* 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 in form ARE-1.
Other details required to be mentioned in the invoice
According to proviso to Rule 1 of draft GST Invoice Rules, the Board/Commissioner may issue a notification to specify any of the following additional requirements –
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
ice Rules, any tax invoice is required to be issued as per following time frame:
* In case of goods, at the time of supply,
* In case of services, as per time limits indicated below:
* Tax invoice for supply of services- within a period of thirty days from the date of supply of service,
* Tax invoice for continuous supply of services- within a period of thirty days from the date when each event specified in the contract, which requires the recipient to make any payment to the supplier of services, is completed,
* Tax invoice for supplier of service in case of a banking company or a financial institution including a non-banking financial company(NBFC)- within forty five days from the date of supply of service.
Time limits of issue of a tax invoice for services can be summarized as follows :
Types of supply
Time frame
Supply in ordinary course
Within 30 days from the date of supply of services
Continuous supply
Within 30 days from the date when each event specified in th
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =