GST Invoice is a commercial instrument that a supplier or a seller issues to the recipient or the buyer of goods or services or both to levy the tax and to forward the Input Tax Credit. It is mandatory for an individual registered under Goods and Services Tax (GST) to issue a GST invoice before or during the dispatch of goods for supply to the recipient.
If a taxable supplier fails to issue such a GST invoice to his client who is a registered taxable individual, his client will become ineligible to claim ITC and thus the supplier will lose his client base. However, if the buyer is not registered under GST & also not demanding any invoice and the total value of Goods & Services is not more than INR 200, then it is not mandatory to issue GST invoice.
GST invoice reflects the names of the parties involved in the transactions along with the details of goods or services served under that, in a particular format specified by the government. Besides, there are some other details that should be mandatorily furnished in the GST invoice if the dealer is registered under GST. These mandatory components of GST invoice are as follows:
- Invoice number and date
- Customer name
- Shipping and billing address
- Customer and taxpayer’s GSTIN (if registered)**
- Place of supply
- HSN code/ SAC code
- Item details i.e. description, quantity (number), unit (meter, kg, etc.), the total value
- Taxable value and discounts
- Rate and amount of taxes i.e. CGST/ SGST/ IGST
- Whether GST is payable on the reverse charge basis
- Signature of the suppliers
These mandatory details get abbreviated when the recipient is not registered under GST and the value of goods or services or both is not more than INR 50,000. For such invoices, the mandatory components are as follows:
- Recipients’ name and address
- Delivery address
- State’s name and state’s code
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