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TAX INVOICE UNDER GST

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 1-12-2016 Last Replied Date:- 6-12-2016 - Meaning of tax invoice ? As per section 2(60) read with section 23 of Model GST law, tax invoice is required to be issued by a registered taxable person showing description of goods and/or services, value, tax and other particulars at the time of supply. It is a document evidencing supply of goods and services which becomes the basis for charge of tax. According to explanation provided und .....

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evidence of existence of transaction of supply of goods and/or services. Tax invoice issued by the registered taxable person is an essential document to establish time of supply and for the recipient of goods and/or services to avail input tax credit. The matching of transactions of inwards and outward supplies is also done on the basis of tax invoice. Who should issue invoice As per section 23 of Model GST law a registered taxable person supplying taxable goods shall issue, at the time of supp .....

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is important. As per section 23 of Model GST law, a registered taxable person supplying taxable services shall issue a tax invoice, within the prescribed time, showing the description, the tax charged thereon and such other particulars as may be prescribed. Therefore, a registered taxable person supplying taxable services shall issue a tax invoice- within the prescribed time, Tax invoice should show- description of services, tax charged , and other details. Particulars to be shown in a tax invo .....

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ame of State and its code, if such recipient is unregistered, and where the taxable value of supply is fifty thousand rupees or more, HSN code of goods or accounting code of services, description of goods or services, quantity in case of goods and unit or Unique Quantity Code thereof, total value of goods or services, taxable value of goods or services taking into account discount or abatement, if any, rate of tax (CGST, SGST or IGST), amount of tax charged in respect of taxable goods or service .....

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representative. Details required in a tax invoice of supply meant for export According to proviso to Rule 1 of draft GST Invoice Rules, in case of exports, an invoice shall carry an endorsement supply meant for export on payment of IGST or supply meant for export under bond without payment of IGST , as the case may be, and shall, in lieu of the details specified in clause (e) of Q. No. 5 above , contain the following details: name and address of the recipient, address of delivery, name of the c .....

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od as may be specified, and the class of taxable persons that would not be required to mention the HSN code for goods or, as the case may be, the accounting code for services, for such period as may be specified. Accordingly, the Board or Commissioner may notify the following- class of taxable persons that would be required to mention the HSN code for goods or accounting code for services for the period as may be notified. class of taxable persons that would not be required to mention the HSN co .....

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