|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.|
|All invoice issued by businesses under GST must contain the following information:
|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.