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Recent updates related to GST invoice

 

20th September 2021

CBIC has clarified that there is no need to carry the physical copy of the tax invoice in cases where an e-invoice has been generated by the supplier. Production of the Quick Response (QR) code having an embedded Invoice Reference Number (IRN) electronically, for verification by the proper officer, would suffice. (Circular No. 160/16/2021 - GST)

Time limit for issuance of GST invoice

The last date for issuing an invoice would depend on the nature of the supply which is given as under:

In the case of the taxable supply of services,

A Tax invoice shall be issued before or after the supply of service but within a period of thirty days from the date of the supply of service.

However, the limit to issue an invoice shall be 45 days in case of an insurer or a banking company or a financial institution or a non-banking financial company.

In the case of taxable supply of goods,

A tax invoice shall be issued before or at the time of,-

(a) removal of goods for supply to the recipient, where the supply involves movement of goods; or

(b) delivery of goods or making available thereof to the recipient, in any other case.

Provided that the Government may, on the recommendations of the Council, by notification, specify the categories of goods or supplies in respect of which a tax invoice shall be issued, within such time and in such manner as may be prescribed.

Particulars of tax invoice as per GST rules

There is no prescribed format for an invoice under GST. But rule 46 stipulates the following fields as mandatory fields for a GST invoice:

(i) Name, address & GSTIN of the supplier.

(ii) A consecutive serial number not exceeding sixteen characters.

(iii) Date of issue.

(iv) Name, address & GSTIN of the registered recipient.

(v) HSN code/ SAC code.

(vi) Description of goods or services.

(vii) Quantity in case of goods and unit or Unique Quantity Code thereof.

(viii) Total value, taxable value, discounts.

(ix) Rate & amount of tax (central tax, State tax, integrated tax, Union territory tax or cess).

(x) Place of supply along with the name of the State in the case of an inter-State supply.

(xi) Address of delivery if the same is different from the place of supply.

(xii) Whether the tax is payable on reverse charge basis.

(xiii) Signature or digital signature of the supplier or his authorised representative.

(xiv) Quick Reference code, having embedded Invoice Reference Number (IRN) in it, in case e-invoice has been issued.

(xv) Name & address of the recipient and the address of delivery along with the name of the State and its code, if the recipient is un-registered and the value of supply is 50,000 or more.

invoicing

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An aggregate turnover is being reduced in a phased manner so as to cover maximum taxpayers under the e-invoicing in the following manner...

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