Invoicing Under Goods and Services Tax
To issue invoice for supply of Goods/Service by taxable persons is another interested and important task. Here you understand how:-
Name of the invoices:-
TAX INVOICE: FOR TAXABLE SUPPLY OF GOODS/ SERVICE
BILL OF SUPPLY: FOR NON-TAXABLE SUPPLY OF GOODS/SERVICES
When to issue?
|Issue of Invoices, possibilities||Supply Of Goods||Supply Of Services|
|After receiving of payment||Yes, Possible||Yes, Possible|
|Before receiving of Payment||Yes, Possible||Yes, Possible|
|Before Supply of Goods/Services||Not Possible||Yes, Possible|
|After Supply of Goods/Services||Not Possible||Yes, Possible|
- In case of supply of Goods -“A taxable person need to issue invoice mandatorily at the time of supply of Goods
- In Case of supply of services – “A taxable person need to issue invoice mandatorily within the prescribed time”.
What to include in invoice?
Apart from other things like GST registration no/Date/address etc, following are mandatory
|PARTICULARS||Supply Of Goods||Supply Of Services|
AMOUNT OF TAX TO SHOW
Amount of tax to be indicated in tax invoice and other documents
– SECTION 23 A.
AMOUNT OF TAX SHALL prominently indicate in all documents relating to:-
- tax invoice and
- other like documents,
the amount of tax which will form part of the price at which such supply is made.
COMMENT:- AS PER THIS PROVISIONS, IT IS NOT POSSIBLE FOR SUPPLIERS TO MARK-
“Inclusive Of Taxes” IN TAX INVOICES
NOTE:- IN PROVISION IT IS CLEARLY STATED THAT IT IS TO MENTION ON TAX INVOICE AND OTHER DOCUMENTS. However nothing mentioned about the- BILL OF SUPPLY.
A clarification may require- Meaning of Other Like documents
Is Bill of supply other like documents?
Although as per our understanding Bill of Supply should not be part for section 23A.