DIFFERENT TYPES OF GST INVOICES

Every Person supplying goods or services to a person in India must issue a Goods and Services Tax (GST) Invoice for the supply so done.

When the value of supply exceeds Rs. 200/- an invoice or bill of supply must be mandatorily issued.

A GST invoice must be mandatorily issue by a taxable person under GST Rules while supplying goods or services.

A GST Invoice for the supply of goods or services must be issued before or at the time of Removal of goods or services for producing to the recipient, where the supply includes movement of goods; or at the time of delivery of goods or making available thereof to the recipient.

In the situation of supply of service, the GST invoice must me mandatorily be issue before or after the provision of service but within duration of 30 days from the date of supply of service.

When the supplier of services is an insurer or a banking company or a financial institution, including a non-banking financial organization, a GST invoice must be mandatorily be issued within 45 days from the date of supply of service.

Types of GST Invoices:

B2B Invoice
B2C Large Invoice
B2C Invoices
Bill of Supply
Consolidated Tax Invoice
Receipt Voucher

B2B INVOICE

It is a type of GST invoice in which the name, address and GSTIN or UIN of the customer must be mandatorily be mentioned.

Post issuing the GST invoice, the goods level details pertaining to all B2B Invoices must be mandatorily be uploaded to GSTN while filing for GSTR-I Returns.

2. B2C LARGE INVOICE

It is a type of GST invoice in which the taxable value for supply is more than Rs. 50,000/-, the name and address of the recipient of the goods must be mandatorily be mentioned along with address of delivery and place of supply.

All B2C invoices with a taxable value of more than 2.5 Lakhs must mandatorily upload all invoice level information to the GSTN.

3. B2C Invoices

It is a type of GST invoice which is serially numbered and contains the invoice date, value of supply, amount of tax applicable, GST rate applicable and Harmonized System Nomenclature (HSN) code or Services Accounting Code (SAC) code of the goods supplied.

4. Bill of Supply

It is a type of GST invoice which is issued by a person registered under GST, when the supply consists of exclusively exempted goods or services or the taxable person is registered under the GST composition scheme.

Therefore, a bill of supply lacks the details of IGST or CGST or SGST collected from the customer.

5. Consolidated Tax Invoice

It is a type of GST invoice which is issued to a supply of goods or services amounting to less than Rs. 200/-

Generally, a supplier isn’t obligated to issue a GST invoice or bill of supply for a transaction which amounts to less than Rs. 200/-

However, if the customer insists on a GST invoice, then the supplier can issue a Consolidated Tax invoice for the same purpose.

6. Receipt Voucher

It is a type of GST invoice which is issued to a person who receives an advance payment from a customer and is registered under GST.

According to the modifications to the GST Rules formulated in the 22^nd GST Council Meeting, Small Medium Sized Enterprises with a turnover amounting to less than Rs. 1.5 Crores are exempted from paying GST on advances received.

If after receiving an advance, no supply is executed and no invoices subsequently has been issued then the taxpayer can issue a refund voucher against the receipt voucher.

Invoices Format

Every GST Invoice must mandatorily contain the following details:

- Name, Address and GSTIN of the supplier of the goods.
- Name, Address and GST Invoice Number or Unique Identification Number of the recipient of goods.
- If recipient of goods is unregistered and value of goods exceeds fifty thousand rupees then Name and Address of the recipient and the Address of delivery, along with the name of State and its code.
- Harmonized System Nomenclature (HSN) code of goods supplied or Accounting Code of Services (SAC).

Brief explanation of goods or services.
Total sum amount of supply of goods or services.
Amount of Tax i.e. Central tax, State tax, integrated tax, Union territory tax or cess ( whichever is applicable)
Address of supply of goods containing the name of State, in case of a supply in the course of inter-State trade or commerce.
Signature or digital signature of the supplier of goods.

Any other details applicable may be included in the GST Invoice depending upon the class of goods or other related circumstances.

SUMMARY

A GST Invoice must mandatorily be issued by a supplier of goods to the recipient of goods if the value of goods or services so purchased exceeds Rupees Two Hundred. The GST Invoice must be issued immediately after the completion of the transaction.
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