GST Invoice

GST regime is less than 75 days away — assuming July 1 as the roll-out date. It would be another Negative List regime coming, as it had a few years back.

GST Invoice requirements:

This shall be one of the most critical documents, and on the basis of this, input tax credit shall be decided.

According to the draft rules, the invoices have to be filled up in a fairly detailed format.

The absence or wrong filing of required information could trigger denial or delay in claiming input tax credit.

Subject to rule 5, a tax invoice referred to in section 23 shall be issued by the supplier containing the following details:-

  1. Name, address and GSTIN of the supplier;
  2. A consecutive serial number containing only alphabets and/or numerals, unique for a financial year;
  3. Date of its issue;
  4. Name, address and GSTIN/ Unique ID Number, if registered, of the recipient;
  5. Name and address of the recipient and the address of delivery, along with the name of State and its code, if such recipient is unregistered and where the taxable value of supply is fifty thousand rupees or more;
  6. HSN code of goods or Accounting Code of services;
  7. Description of goods or services;
  8. Quantity in case of goods and unit or Unique Quantity Code thereof;
  9. Total value of goods or services;
  10. Taxable value of goods or services taking into account discount or abatement, if any;
  11. Rate of tax (CGST, SGST or IGST)
  12. Amount of tax charged in respect of taxable goods or services (CGST, SGST or IGST);
  13. Place of supply along with the name of State, in case of a supply in the course of inter-State trade or commerce;
  14. Place of delivery where the same is different from the place of supply;
  15. Whether the tax is payable on reverse charge;
  16. The word “Revised Invoice” or “Supplementary Invoice”, as the case may be, indicated prominently, where applicable along with the date and invoice number of the original invoice; and
  17. Signature or digital signature of the supplier or his authorized representative.

A sample invoice shall look like:



Basics of how to claim the input tax credit?

Under the current system,a supplier can claim tax credit from the government irrespective of whether the vendor has met his tax obligations.

Under the GST regime, vendor should pay tax before the same is claimed as input tax credit. The recipient must receive the tax invoice and supplies before claiming credit. Given the credits can be availed of only within the specified time limit, the date of issuance of invoice becomes important. Monitoring of the payment of value for the goods or services within the period of 180 days, while keeping a track of the debit or credit notes is important. Vendors should be paid within 180 days of claiming credit.