GST Invoicing under Certain Circumstances

Invoicing is a relevant part of the every tax, as the invoice is the main factor that establishes the liability; henceforth it expresses an incurred debt. In every transaction, an invoice is issued by the supplier or the seller. Whenever a transaction takes place, a tax invoice has to be issued depending on the occurrence of event or within a stipulated time period. Hence, It becomes mandatory for every taxpayer who gets registered under the GST to issue a tax invoice for the supply of goods or services. The invoice as a rule envelopes s.no, details of product including the product name, its description, quantity, etc and so on alongside subtle with the details of supplier, purchaser, tax charged and other particulars such as discounts, terms of sale and so forth.

GST Invoices must be raised in specific situations. On account of supply of goods, the invoices might be raised within the prescribed time as specified underneath:

At the point when there is actual movement of goods, at that point or earlier removal of such goods.

In the event that there is no movement, then prior of delivery or making accessible of such goods.

If there is an event of progressive issuance of products, then prior of each such issuance.

On the receipt of goods when on GST is applicable on a reverse charge basis.

At the point when goods are sold on an approval basis, then prior of a 6 months from the removal date or earlier or at that point of removal.

Also, on account of supply of services, the invoice must be issued as follows, within the stipulated time period:

Within 30 days from the actual supply.

If there is arise in supply where due date can be determined, then 30 days from such due date.

If there is arise in supply where due date can't be determined, then 30 days from actual payment date.

If there is arise in supply before the contract ends, then at the time of such cessation.

The due date of 30 days is 45 days in case of banks and other financial institutions.

These invoices must be issued in TRIPLICATE on account of supply of goods, original for the recipient, duplicate for the transporter and triplicate copy for the supplier. In the same manner, in case of supply of services, the invoices must be issued in DUPLICATE, where the original will be implied for the recipient and the duplicate copy will be for the supplier.