Get News Alerts from Taxmann.com on your desktop.
No Thanks Allow
You have blocked the notification on recent updates. Click below to re-subscribe.
No Thanks
You have already subscribed to Taxmann’s notification.
No Thanks UnSubscribe
Your Session Will Expire in   seconds.
If you do not wish to log-out, choose 'Let me continue'
Reset Session Cancel Session
 
Skip Navigation Links

Tax Invoice Under GST: What are the Contents of a Tax Invoice?



There are lots of rumors spread in the business class relating to tax invoices under GST. Two myths which need to be busted are digital invoices under GST and mandatory HSN Codes

The GST law has not mandated that invoices should be raised online. There is no such requirement under GST Act. The government has notified GST rules which required only few additional details which must be mentioned in invoice such as HSN Code, Place of Supply etc. 

However, HSN is also not required if turnover is below 1.5 crores. If turnover is between 1.5 crore to 5 crores, only 2 digits of HSN code is required. But if turnover is above 5 crore, then 4 digits of HSN code will be required in invoices.

Contents of Tax Invoice:

The contents of tax invoice are:

(a) Name, Address and GSTIN of the supplier.

(b) A consecutive serial number, in one or multiple series, containing alphabets or numerals or special characters hyphen or dash and slash symbolised as "-" and "/" respectively, and any combination thereof, unique for a financial year.

(c) Date of its issue

(d) Name, Address of the recipient and the address of delivery, along with the name of State and its code, if such recipient is unregistered and where the value of taxable supply is fifty thousand rupees or more

(e) Name, Address and GSTIN or UIN, if registered of the recipient

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

(g) Description of goods or services

(h) Quantity in case of goods and unit or Unique Quantity Code thereof

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

(j) Taxable value of supply of goods or services or both taking into account discount or abatement, if any

(k) Rate of tax (Central tax, State tax, Integrated tax, Union territory tax or cess)

(l) Amount of tax charged in respect of taxable goods or services (Central tax, State tax, Integrated tax, Union territory tax or cess)

(m) Place of supply along with the name of State, in case of a supply in the course of inter-State trade or commerce

(n) Address of delivery where the sane us different from the place of supply

(o) Whether the tax is payable on reverse charge basis

(p) Signature or digital signature of the supplier or his authorized representative

(q) HSN Code (for the class of persons as may be required)

(r) In case of export of goods or services, invoice shall carry a endorsement "SUPPLY MEANT FOR EXPORT ON PAYMENT OF IGST" or "SUPPLY MEANT FOR EXPORT UNDER BOND OR LETTER OF UNDERTAKING WITHOUT PAYMENT OF IGST" and in place of details specified in clause (e), shall contain the following details:

  • name and address of the recipient

  • address of delivery

  • name of the country of destination

  • number and date of application for removal of goods for export


Related Articles:

Disclaimer: This information is updated till 17 July 2017.

Related Stories

Taxmann's Income-Tax Compliance Calendar for July 2020

Monthly Compliance Calendar with Important Due Dates for Income Tax Filing, TDS Deposit, TCS Deposit,

Process of filing of Nil GSTR-3B through SMS

Rule 67A of the CGST Rules, 2017 provides the manner of furnishing of ‘Nil’ GSTR 3B by short messaging service (‘SMS’) facility. This facility to file return through SMSis notified on June 8, 2020. The return shall be filed using the registered mobile number of authorised signatory and verified by One Time Password (OTP) facility.

Taxmann's : Key Expectations from 40th GST Council Meeting | June 2020

The outbreak of COVID-19 pandemic has affected the businesses as well as the revenue collection of the Govt. under GST. It is the high time, the GST Council should take concrete measures to strengthen the industry and provide appropriate relief to taxpayers by easing the tax burden.







taxmann.com
Payment
Best view in 1140 x 768