GST Invoice

Overview

A GST invoice (or GST bill) is a legally required document for taxable transactions under India's Goods and Services Tax (GST) regime. It serves as evidence of a transaction, enables buyers to claim Input Tax Credit (ITC), and ensures tax compliance.

Mandatory Fields in a GST Invoice

All GST invoices must include the following details:

• Supplier details: Name, address, and GSTIN
• Customer details: Name, address, and GSTIN (if registered)
• Invoice number: A unique serial number (alphanumeric with hyphens/slashes) for the financial year
• Invoice date: Date of issuance
• Place of supply: State name and code
• HSN/SAC code: For goods or services
• Item details: Description, quantity, unit
• Taxable value: After discounts/abatements
• Tax rates and amounts: CGST, SGST, IGST, or UTGST
• Reverse charge indication: If applicable
• Signature: Digital or wet signature of the supplier

Note: For unregistered recipients with invoices over ₹50,000, additional details like delivery address and state code are mandatory.

Types of GST Invoices

1. Tax Invoice: Standard invoice for taxable supplies.
2. Bill of Supply: Issued for exempt goods/services or composition scheme dealers (no tax charged).
3. Revised Invoice: Corrects errors in original invoices (must be issued within 1 month of registration certificate issuance).
4. Debit/Credit Note: Adjusts invoice values (e.g., returns, discounts).
5. Aggregate Invoice: Combines multiple invoices under ₹200 for unregistered buyers.
6. Reverse Charge Invoice: Issued when the recipient pays GST under reverse charge.

Issuance Timelines

• Goods: At the time of supply/removal.
• Services: Within 30 days of service completion.
• Continuous supply: At the time of supply or within 30 days of payment.

Special Cases and Exemptions

• Exempt supplies: Use a bill of supply instead of a tax invoice.
• Composition scheme: Suppliers issue bill of supply (no ITC available).
• Unregistered buyers: Additional details required for invoices over ₹50,000.
• E-invoicing: Mandatory authentication via GST portal for B2B invoices.

Key Takeaways

• GST invoices must be retained for at least 6 years.
• Compliance ensures smooth ITC claims and avoids penalties.
• E-invoicing streamlines verification for eligible businesses.