A GST invoice is a receipt issued on the purchase of taxable goods and services, by a seller registered under GST law to a customer. The GST invoice is issued based on the GST tax rate, by a seller with a valid GSTIN (GST identification number).
Also, a GST invoice is issued based on the type of registered person who is supplying goods and services. For this reason, there are various types of GST invoice:
This GST invoice is a regular invoice issued by the seller to the buyer on the purchase of taxable goods or services. This invoice includes the following details:
Bill of Supply is a type of GST invoice issued by a GST registered seller supplying exempted goods or as the composition scheme in GST, as per the CGST Act, 2017
Receipt voucher is issued by a supplier on receipt of advance payment on the purchase of goods and services
As mentioned earlier a receipt voucher is issued by a supplier on advance payment. However, if the supplier cannot provide the goods or services to the buyer, a refund voucher is also issued.
This type of GST invoice is issued along with account statements or at the time of receiving payments, for a continuous or regular supply of goods or services by suppliers to customers.
This is a special type of GST invoice issued when a contract for the supply of services between a supplier and a buyer is terminated. Additionally, an invoice is issued for a period the contract was active as well.
A CTI is issued to unregistered recipients under GST, and does not require an invoice. In this case, the value of goods or services supplied is less than Rs 200.
With respect to the format, the India GST Act follows the rules under the act specify the mandatory requirement of the following fields:
The GST tax invoice format is different for non-registered users. First and foremost, a GST invoice is not issued for goods and services worth less than Rs. 50,000.
The invoice is issued for goods and services worth more than Rs. 50,000 in which case, then the GST tax invoice format should include: