Everything about Tax Invoice under New GST Invoicing Rules – With Latest Format

Everything about Tax Invoice under New GST Invoicing Rules – With Latest Format

Presentation

Merchandise and Service Tax (GST) is getting unpacked by each passing day. From constitution of GST board to finishing as far as possible (Rs.20 Lakhs), GST is on full speed to be executed from April 1, 2017.

As stated, government has issued the new draft administers on enrollment, installment and invoicing under GST administration. In this we will examine about the invoicing guidelines and configuration discharged.

Assessment INVOICE – WHAT ALL DETAILS SHOULD TAX INVOICE HAVE?

Each individual enlisted under GST might issue the duty receipt at the season of providing merchandise or administrations to the beneficiary.

According to the new guidelines, the assessment receipt might contain the accompanying points of interest:

#1. Name, address and enlistment number (GSTIN) of the provider.

#2. A sequential serial number containing just letter sets or potentially numerals, one of a kind for each money related year.

E.g. you may utilize the accompanying number for invoicing for FY 2017-18;

2017/001 or 2017/AA/001 or any serial number you may choose.

#3. Date of its issue

#4. Name, address and enrollment number (GSTIN) of the beneficiary. On the off chance that the beneficiary isn't an enrolled individual, at that point name and address might be adequate.

#5. On the off chance that any beneficiary is unregistered and the assessable estimation of supply is fifty thousand rupees (Rs.50,000) or all the more, at that point the name and address of the beneficiary and the address of conveyance, alongside the name of State and its code ought to be specified on the receipt.

#6. HSN code of merchandise or Accounting Code of administrations;

#7. Depiction of merchandise or administrations;

#8. Amount if there should be an occurrence of merchandise and unit or Unique Quantity Code thereof;

#9. Add up to estimation of products or administrations;

#10. Assessable estimation of products or administrations considering markdown or decrease, assuming any;

#11. Rate of assessment (CGST, SGST or IGST);

#12. Measure of assessment charged in regard of assessable merchandise or administrations (CGST, SGST or IGST);

#13. Place of supply alongside the name of State, in the event of a supply over the span of between State exchange or business;

#14. Place of conveyance where the same is unique in relation to the place of supply;

#15. Regardless of whether the duty is payable on invert charge;

#16. Further, in the event that it is a reexamined receipt or a supplement receipt, the date and receipt number of the first receipt ought to be specified on the modified receipt itself.

Expense INVOICE DETAILS IN CASE OF EXPORTS

Aside from the subtle elements said over, the receipt ought to likewise contain the accompanying points of interest:

#1. Receipt should convey "SUPPLY MEANT FOR EXPORT ON PAYMENT OF IGST" or "SUPPLY MEANT FOR EXPORT UNDER BOND WITHOUT PAYMENT OF IGST"

#2. Name and address of the beneficiary;

#3. Address of the conveyance alongside name of the nation of goal; and

#4. Number and date of use for evacuation of products for send out

TIME LIMIT FOR ISSUING TAX INVOICE UNDER NEW GST REGIME

The accompanying time limits have been proposed under GST administration for issuing receipt under GST:

In typical case, the assessment receipt (for administrations) might be issued inside 30 days from the date of supply of administration.

If there should be an occurrence of consistent supply of administrations, receipt might be issued inside 30 days from the date when every occasion determined in the agreement, which requires the beneficiary to make any installment to the provider of administrations, is finished.

If there should arise an occurrence of NBFC, bank or money related establishment, receipt can be issued inside 45 days from the date of supply of administrations.

What number of COPIES OF TAX INVOICE IS TO BE ISSUED

This theme is off prime significance, since it incorporates the entire coordinations chain. Consequently, we have composed a different article on it.

CONCLUSION

The above article has been composed on the bases of draft rules. Thus, it is encouraged to counsel our group before depending on any arrangement.


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