Facts About The GST Invoices || India inaugurated a new goods and services tax structure from July 1, shedding a complex, multiple tax system in favor of a simple, unified one. The country will have five-tax slabs.
But Some apprehensions in the trade circles that GST invoices have to issue as per the format and that issuing invoice is going to be a difficult process. No that is not true. Some important facts about GST provisions relating to the invoice have highlighted for information of all stakeholders.
1. All GST taxpayers are free to design their invoice format.
2. The period prescribed for issuing invoice is different for goods and services for goods, it is anytime before the delivery, and for services, it is within 30 days from the date of supply of duty.
3. GST law only requires that some areas must mandatorily be on the invoice.
4. To keep compliance burden low for small taxpayers, GST law provides that taxpayers with an annual turnover of UpTo Rs 1.5 Crore need not mention the HSN code of the goods in invoices.
5.Where the goods have transported for delivery, but quantity to supplied has not known at the time of removal, the good may be removed on delivery challan and invoice may be issued after delivery.
6. No need to issue separate Bill of supply if VAT invoice is issued for non-taxable supplies.
7. In Normal circumstances, one copy of the invoice is required to be carried by the transporter. However, GSTM provides a facility to obtain an invoice reference number, and if a taxpayer has generated this number, his goods need not be accompanied by paper invoice during transportation. This Mechanism helps to address frequently reported problems like paper invoices getting misplaced, mutilated, torn or lost in the course of transportation of goods.
8.GST law only requires that some areas must mandatorily be in the invoice.
9. Small taxpayers, like small retailers, doing a large number of small transactions for UpTo a value of Rs 200 per transaction to unregistered customers need not issue the invoice for every such transaction.