Tax invoice

जब हम किसी को माल बेचते हैं तो उसके साथ हमें Tax Invoice देना होता है।

A tax  Invoice shall be issued by a registered person supplying taxable goods taxable services or both. Such  Tax Invoices should show the prescribed particulars.

(a) Name, address, and GSTIN of the supplier;

(b) Serial Number

·        A consecutive serial number  not exceeding 16 characters,

·        It can be in one or multiple series i.e. DOM001 for domestic supplies, EX001 for EXports, SZ001 for supplies to special Economic Zone etc.

·        It can contain alphabets or numbers or special characters hyphen or dash and slash symbolized as "-" and "/" respectively, and any combination thereof.

·        The serial number should be unique for each financial year.

· There should not be any duplication of a serial number.

(b) Date of its issue;

(d) Recipient - if registered

·        Name

·        Address and

·        GSTIN or UIN;

  The address of delivery

  Name of state and its code.

  if  the value is less than Rs. 50000/- unregistered recipient may still request the aforesaid details to be recorded in the tax invoice.

(f) HSN code of goods or Accounting code of services:

   It is better to always use the HSN Code / SAC Code for each good / service.

   For more details see Chapter on Tax Rates and Classifications. Notification No. 12/2017 dated 28.06.2017 has notified the following.

(g) Description of goods or services;

(h) Quantity in case of goods

·        UNit

·        Unique Quantity Code.

(i)  Total value of supply of goods or services or both;

(j) Taxable value of supply of goods or service or both

     Take discount or abatement, if any.

(k) Rate of Tax (%)

         central tax and state tax/  Union Territory tax for INtra state supply.

         Integrated tax for Intra-state supply.

         Cess if applicable.

(l) Amount of tax (Rs.) charged in respect of taxable goods or services

         Central tax, state tax, integrated tax, Union territory tax, or cess.

         The amount of tax shall form part of the price at which such supply is made.

(m) Place of supply along with the name of state in case of a supply in the course of intra-state supply.

(n) Address of delivery where the same is different from the place of supply:

(O) Details of RCM - Whether the tax is payable on a reverse charge basis; and

(p) Signature or Digital Signature

       supplier or his authorized representative.

Manner of Issuing Invoice Goods

The Invoice for goods shall be prepared in Triplicate in the following manner :

1. Original Copy - For Recipient

2. Duplicate - For Transporter

3. Triplicate - For Supplier  (Self)

But in Service Case :

1. Original Copy - For Recipient

2. Duplicate - For Supplier  (Self)

आईटीसी लेने की समय सीमा (Time Limit for Taking ITC)

इनपुट टैक्स क्रेडिट का दावा करने के लिए खरीदार को Invoice जारी करने की तारीख से 180 दिनों के भीतर प्राप्त आपूर्ति (जिसमें कर भी शामिल हो) भुगतान करना होगा।

-Time limit for issuing tax invoice for goods :

जैसे ही माल बिकने के लिए बिजनेस प्लेस से बाहर जाएगा और Tax Invoice बन जाना चाहिए।

-Time limit for issuing tax invoice for Services :

सर्विस देने के 30 दिनों के अन्दर invoice देना होगा।

The time limit for issuing tax invoice for services [Section31(2) read with rule47]

Output Tax :  जब दुकानदार माल बेचता है और उस पर जो भी टैक्स collect करता है, उसे Output Tax कहते हैं।

Input Tax : जब दुकानदार (हम) माल खरीदते हैं और उस पर जो भी टैक्स collect करते हैं, उसे Input Tax कहते हैं।

Tax Liability = Output Tax - Input Tax

B 2 B - Transaction between registered person (Under GST Law) to registered person.,

B 2 C - Business to Consumer (Consumer - who is not registered under GST Law)

Case Study :

Mr. Ram purchased goods for 8,000/- and paid Rs. 960/- as GST to his supplier. Total Amount of Invoice is 8960/-.

Mr. Ram Sales these goods to Mr. Laxman Rs. 10,000/- (Taxable Value) and Collect GST 1200/- (Tax GST @ 12%) Total Invoice Value 11,200/-

Tax Liability 240 = Output Tax (1200) = Input Tax (960)

यदि Input Credit Tax ज्यादा बनता है, तो वह अगली बार एडजस्ट हो जाता है।

Process of Goods :

Supplier > Manufacturer > Distributor > Retailer > Customer

Components of Input Tax Credit Include IGST / CGST / SGST paid on:

1. Capital Goods / Capital Assets

- Plant & Machinery

- Vehicles

- Other allowed Assets

2. Input Goods -

- Goods Purchase

- Stationary Items

3. Input Services -

- Telephone Charges

- Internet Charges

- Consultancy

- Advertisement Charges