Business

GST Invoice Format and Rules 

GST Invoice Format and Rules
The rollout of GST in 2017 will necessitate changes to the invoice format for millions of businesses. The format for issuing GST invoice and the related rules are laid out in the GST Tax Invoice, Credit and Debit Notes Rules. In this article, we look at GST Invoice Format, manner of issuing invoice and time for issuing invoice in detail.
Invoice Format
All invoice issued by businesses under GST must contain the following information:

  1. Name, address and GSTIN of the supplier
  2. A consecutive serial number not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters hyphen or dash and slash symbolised as “-” and “/” respectively, and any combination thereof, unique for a financial year.
  3. Date of its issue
  4. Name, address and GSTIN or UIN, if registered, of the recipient
  5. Name and address of the recipient and the address of delivery, along with the name of State and its code, if such recipient is un-registered and where the value of taxable supply is fifty thousand rupees or more;
  6. HSN code of goods or Accounting Code of services;
  7. Description of goods or services;
  8. Quantity in case of goods and unit or Unique Quantity Code thereof
  9. Total value of supply of goods or services or both
  10. Taxable value of supply of goods or services or both taking into account discount or abatement, if any
  11. Rate of tax (central tax, State tax, integrated tax, Union territory tax or cess)
  12. Amount of tax charged in respect of taxable goods or services (central tax, State tax, integrated tax, Union territory tax or cess)
  13. Place of supply along with the name of State, in case of a supply in the course of inter-State trade or commerce
  14. Address of delivery where the same is different from the place of supply
  15. Whether the tax is payable on reverse charge basis; and
  16. Signature or digital signature of the supplier or his authorized representative.
Key Differences Between the New GST Invoice Format and Old Invoice Format
Invoice formats across the world have certain universal elements that are the same like date of invoice, name and address of the supplier and recipient, description of goods, quantity, total value of supply, taxable value of supply, rate of tax, amount of tax and final value.Under GST, GSTIN of the supplier is mandatorily required to be mentioned in the tax invoice along with a consecutive serial number that is unique for each financial year. Hence, businesses must adopt an invoice numbering format that takes into account the GST requirements. Small businesses can adopt an invoice number format starting with the financial year like 2017-XXXX, wherein the XXXX could be numerals for easily keeping track the number of invoices issued by the business in a financial year. There is no requirement that the numbering start from 1. Hence, the business can determine a starting number as per their requirements and consecutively number the invoices from the starting number. Large businesses on the other hand can adopt a serial numbering which includes alphabets to increase the number of available invoice numbers and to handle complexities like branch accounting.

Invoice Format

Source: GST Invoice Format and Rules – IndiaFilings.com | Learning Center

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