The Goods and Services Tax (GST) is a comprehensive indirect tax system that was introduced in India in July 2017. Under the GST regime, all goods and services are taxed at a single rate, except for a few items that are exempt or taxed at a lower rate.
A GST-compliant invoice/bill is a document that is issued by a supplier to a customer to record the supply of goods or services. The invoice/bill must contain certain mandatory details, such as the invoice number and date, the names and addresses of the supplier and customer, the GSTIN of the supplier and customer (if registered), the place of supply, the HSN/SAC code, the item details, the taxable value and discounts, the rate and amount of taxes, and the signature of the supplier.
There are several reasons why it is important to have a GST-compliant invoice/bill. First, it is a legal requirement under the GST Act. Second, it is necessary to claim input tax credit (ITC). Third, it can be used as evidence of a valid transaction for tax audit purposes. Fourth, it can help to avoid penalties and fines for non-compliance.
The following are the mandatory fields that must be included in a GST-compliant invoice/bill:
The following are the optional fields that may be included in a GST-compliant invoice/bill:
There are several consequences of issuing a non-compliant invoice/bill. These include:
Here are some tips for creating a GST-compliant invoice/bill:
What is the difference between a GST bill and a GST invoice?
A GST bill is a document that is issued by a supplier to a customer to record the supply of goods or services. The bill must contain all the same mandatory details as an invoice, but it also includes the total amount of tax payable.
An invoice, on the other hand, is a document that is issued by a supplier to a customer to record the supply of goods or services, but it does not include the total amount of tax payable. The tax payable is calculated and shown separately on the bill.
How do I get a GST invoice bill?
You can get a GST invoice bill from the supplier of the goods or services you have purchased. The supplier must issue an invoice or bill to you if the value of the supply is more than Rs.200.