A GST invoice is a receipt that is issued to you after purchasing a taxable good or service.The GST invoice is based on the GST tax rate by a seller with a valid GSTIN (GST identification number).
The GST invoice is issued based on the person who is supplying goods and services. As a result, there are seven types of GST invoices. These include the following
- Tax invoice
- Bill of supply
- Receipt voucher
- Refund voucher
- Invoice used for continuous supply
- Invoice used on termination of supply of services
- Consolidated tax invoice (CTI)
Tax invoice
The tax invoice is a GST invoice that is usually issued by the seller to the buyer on the purchase of taxable goods and services. Tax invoices include the following details
- Price of each sold good or rendered service
- Name of the product
- Unit of goods and service sold
- Description of the goods and service
- Terms of supply
- Date of supply
- Discount (if any)
Bill of supply
A bill of supply is a type of GST invoice that is issued by a GST-registered seller who supplies exempted goods or as the composition scheme in the Goods and Service Tax, as per the Central GST Act of 2017.
Receipt voucher
Receipt vouchers are the GST invoices that are issued by suppliers on receiving an advance payment on the purchase of goods and services
Refund voucher
Unlike receipt vouchers, refund vouchers are issued if the supplier cannot provide the goods and service to the buyer
Invoice issued for continuous supply :
This GST invoice is issued along with account statements at the time of receiving payments, for a continuous or regular supply of GST by suppliers to customers
Invoice issued on termination of supply services :
This is special GST invoice issued when the contract for the supply of services between supplier and buyer is terminated. Additionally, an invoice is issued for a period the contract was active as well.
Consolidated Tax invoice (CTI) :
A CTI is issued to unregistered recipients under GST, and does not require an invoice. Here’s, the value of goods or services supplied is less than of 200INR.
GST Invoice format
According to the Central GST Act of 2017, the GST invoice format follows the rules under the act specify the mandatory requirement of the following fields:
- Invoice date.
- Invoice number.
- Name of the customer.
- Billing/Shipping Address of the customer.
- Description of goods/services sold.
- Quantity of goods/services sold.
- Unit price.
- GSTIN of taxpayer/customer.
- Location of supply.
- Harmonised System of Nomenclature (HSN) Code.
- Taxable value/applicable discount.
- GST rates and total GST charged including details of applicable CGST/SGST/IGST for the item.
- Signature of the supplier.
GST invoice format for non-registered users
Unlike for registered users, the GST invoice format is different for non-registered users. For starters, the GST invoice is not issued for goods and services that are less than Rs 50,000.
- Name of the customer
- Address of the recipient
- Address of delivery
- Name of State
- State Code