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A registered person must issue a tax invoice before, or at the time of removal of goods for supply to the recipient. For supplying services, GST invoices can be issued before, at, or even after the time of supply. Further, e-Invoicing system is also being implemented in a phased manner that requires certain more mandatory fields.
Know all about Invoice under GST
Rule 46 of the CGST Rules deals with the contents of invoice. The tax invoice issued must clearly mention information under the following 16 headings:
* Also, to be declared if the value is less than Rs.50,000 only where the recipient requests for the details.
** If the case is an export to an unregistered recipient of value up to Rs.50,000, then the name of the country of destination is required.
*** HSN Code reporting is as follows for businesses, since 1st April 2021:
Previously, up to 31st March 2021, the reporting was as follows for businesses
Certain invoices under GST must need endorsement or mention on the invoice. The cases include the exports of goods and services and supply to SEZ units or developers for authorised operations in the following conditions:
The text for endorsement is of two types depending on the condition given above:
A typical tax invoice, also an e-invoice, with all the 16 mandatory fields under GST will look like this:
** GST Council may notify about:
A registered person may not issue a tax invoice when:
The GST Law requires businesses to keep copies of all of their invoices. The details of this are furnished below. Invoices for Supply of Goods The invoice must be prepared in triplicate. They will be clearly marked as:
Invoices for Supply of Services The invoice must be prepared in duplicate and clearly marked as:
ClearTax has exclusive billing and invoicing software that also caters to your e-invoicing and e-way bill requirements at a single place! Visit one.clear.in
Here’s a sneak peak into the ClearOne product offered by ClearTax:
For more understanding of invoicing, read a host of articles on ClearTax: