BE AWARE ABOUT TAX INVOICE FIELDS UNDER GST REGIME


 BUSINESS STRUCTURE 
i) Registered Dealer                                                                  -   Tax invoice
ii) Composite Dealer/ Exclusive exempted supply dealer         -   Bill of Supply
iii) Unregistered Dealer                                                               -   NA

TAX INVOICE 

  When Issued
     Supply of Goods & Services
     Purchases of Goods & Services under Reverse Charge
Rules

If sale to Unregistered Dealer

 i) No need to issue tax invoice for Supply of Goods & Services up to Rs 200(in case of B to C) .or the recipient does not require invoice .
ii) Issue a consolidated bill at the end of day for which we have not issued a bill.
If Sale to Registered Dealer
i) Mandatory issue Tax Invoice for each & every transaction.

There are  mandatory fields which are required in Tax Invoice
i) Name , Address, and  GSTIN of Supplier
ii) Consecutive Serial Number
iii) Date of Issue
iv) Name and Address of recipient
v) HSN Code
vi) Description of Goods & Services
vii) Quantity in case of Goods
viii) Total Value of Supply
ix) Taxable Value of Supply
x) Tax Rate, CGST, SGST,OR IGST,& CESS,(if any)
xi) Amount of Tax Charged
xii) Place of Supply
xiii) Address of delivery ( if different than place of supply)
xiv) Tax Payable on Reverse Charge basis
xv) Signature of Authorized signatory.

What is time limit for issue of Tax Invoice ?   



Author 
CA Pooja Shukla FCA
RYPS & ASSOCIATES LLP
Website:www.ryps.in
Contact No: 9810505547

Comments

  1. UnknownAugust 23, 2019 at 3:44 AM

    Very useful point for me....specially invoice does not compulsory in case of b2c..has exemption

    ReplyDelete

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