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Electronic invoice format for IT

a gst invoice will contain details about goods and services provided as well as the total amount due for payment as a gst registered seller you must issue a gst compliant invoice every time you make sale of goods or services similarly your vendor will also provide you gst compliant purchases hi i'm anukulna from clear tax and in this video let me give you complete overview about gst invoice and invoicing a tax invoice is issued to charge the amount of tax such as gst and pass on the input tax credit however if the value of goods or services or both is less than rupees 200 and the sale is made to an unregistered person then tax invoice is not required to be issued and rewards will have certain mandatory fields that must be present as notified by the government let's look at them suppliers gstil name and address invoice number that are severely numbered consecutively with maximum 16 characters being alphanumeric with certain special characters also allowed and is unique for a financial year invoice state customer name gstin registered and address shipping and billing address place of supply hsn code or sac code item details that is description quantity the total value then gross taxable value and the net taxable value after discounts rate and amount of taxes that are cgst sgst igst or self whether gst is payable on reverse charge basis signature of the supplier if the recipient is unregistered but the value of invoice exceeds 50 000 then certain fields must be mandatory present name and address of the recipient delivery address state name and code you don't have to worry about missing out any of these invoicing particulars as clear tax gst software provides exclusive billing features check out the link given in the description box below as a regular taxpayer you must issue gst invoices within certain time limit to your customers or buyers in case of any regular supply of goods issue invoice order before the date of removal of goods or delivery in case of continuous supply on or before the date of issue of account statement or payment in case of supply of services within 30 days of rentering the service and in case of bank's issue invoice within 45 days of rendering the banking service if goods have been sent out on approval basis then involves must be issued earlier of two days either before or at the time of supply or six months from the date of removal there are special transactions at the gst that requires issue of different types of documents instead of gst voice let me tell you about them in brief a revised invoice may be issued by every newly registered person to other registered persons for the period starting from effective date of registration until the date of issuance of the certificate of registration for revising any particulars about the original invoice supplementary invoice is issued to any customer for fixing deficiencies in original invoice anytime below supply is issued instead of tax invoice where supply is accepted or persons have opted for composition scheme invoice combat of supply must be issued by both taxable and exam supplies are being made to the customer debit note and credit note is issued by the seller against the original gst invoice where the value of supply made respectively increases or decreases or there are returns input service distributor also has to issue invoice to distribute the tax credits to its branches moving tickets and tickets for passenger transportation services are considered equivalent to invoicing issue in some cases like banking or passenger transportation services government has provided relaxations on invoice format issued by the supplier when supplier receives advanced payment he must issue receipt voucher and likewise if advance gets forfeited he must issue refund voucher if a registered buyer must pay tax under reverse charge he must issue an invoice and thereafter a payment must be made in payment voucher let's now look into the rules of invoicing in case of exports or supplies by sec units or developers involved must carry the same endorsement and must also indicate whether it is with payment of tax or without payment of tax under bond or lut in case of an issue of electronic invoice signature of authorized signatory is not required in any other case physical or digital signature of the authorized ignitions required on the gst invoice for supply of goods invoice must be issued and replicate that is the original copy being marked as original for recipient the duplicate copy being marked as duplicate for transporter and the duplicate copy being marked as replicate for supplier for supply of services the original copy being marked as original for recipient and the duplicate copy being marked as duplicate for supplier in case of supply of goods if the value exceeds certain limit e-wable rules must be complied in any other case the person in charge of the conveyance must carry a copy of tax invoice or bill of supply issued gst invoices raised on outward supplies must be reported every month or quarter in form gstr1 by the respective taxpayers from 1st october 2020 every registered taxpayers having aggregate turnover of more than rupees 500 crore in fy 1920 must begin issuing invoices these must be in the standard notified format and must contain invoice reference number as obtained from governments the voice registration portal these details will be auto populated into form gstr1 on periodic basis so what happens if you fail to issue gst compliant invoice then a penalty which is higher of rupees 10 000 or the amount equivalent to the tax awaited shall be levied for more information about invoices under gst please visit the page link given in the description box below and if you have any queries feel free to post them in the comment section below if you found the video useful please like and share it and subscribe to geotax channel don't forget to hit the bell icon where you can get instant notifications whenever we upload new videos on taxes and finance thank you