GST bill format and GST invoice guide: With just hours left for GST rollout, there is still a lot of doubt amongst people regarding the GST bill format and GST invoice guide. GST will come into effect at the stroke of midnight on 30th of June and 1st July. A gong will sound in Parliament’s Central Hall to herald its launch. The new tax regime is considered as the bigest tax reform since Independence. Earlier, the GST draft was released by CBEC along with GST rules. Under GST, invoicing rules and formats were notified with details such as supplier’s name, shipping and billing address, HSN Code, place of supply, rate. The GST Model Law also defined time limits for issuing GST invoices and bills. Here are the dates issued:
For the supply of goods in a normal case, the date will be one or before the date of removal/delivery.
For the supply of goods in continuous supply, the date will be one of issue of account statement/ payment.
For the supply of Services in general case, the date will be within 30 days of supply of services.
For the supply of Services in Banks & NBFCs, the date will be within 45 days of supply of services.
What are the details required for GST invoicing?
Invoice number and date
Shipping and billing address
Customer and taxpayer’s GSTIN
Place of supply
Taxable value and discounts
Rate and amount of taxes i.e. CGST/ SGST/ IGST
Item details i.e. description, unit price, quantity
Types of Invoicing
Bill of supply
Delivery challans (for supply on approval, supply of liquid gas, job work and other).
Manner of issuing invoices
Invoicing Under GST
Apart from this, the invoice serial number must be maintained strictly. Also for invoice under reverse charge, the only extra thing you will have to mention is that the tax is paid on reverse charge. Under GST, there are some cases in which the supplier is not allowed to charge any tax. In these cases, a Bill of Supply is issued instead of the Tax invoice. Here is the GST bill format. According to the government, GST is expected to benefit everybody.