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Tax invoice example for Quality Assurance

you might have heard them such as tax invoice and retail invoice but do you know what exactly is the difference between these two invoices in case you don't know don't worry in today's video we'll understand in detail about the differences between tax invoice and retail invoice hi folks i am aj from clear where we offer tax complaints and other financial solutions to 400k plus growing businesses 2000 plus large enterprises 80 k plus tax experts and more than 6 million tax filers to help individuals and businesses we create various videos related to taxes savings and finances so to keep yourself updated please subscribe to our channel and hit the bell icon by the way i have an exciting announcement for new subscribers we have a free gift for you it's a ghd compliance calendar that will help you stay 100 gst complex without any stress to climb it subscribe to our channel and let us know in the form provided in the description below let's start without any further delay invoices are an essential instrument used in the daily operatings of a business and invoices act as an evidence of a transaction generally there are two types of invoices tax invoices and retail invoices a tax invoice is issued when a registered vendor sells goods or provides services to another registered vendor or final consumer whereas a retail invoice is issued when the sale is made by a registered vendor to the final consumer the main purpose of issuing tax invoices is to avail input tax credit itc whereas a retail invoice is issued to a customer requesting him or her to pay for the goods delivered or services rendered let's see what are the major differences between a tax invoice and a retail invoice meaning a tax invoice is issued by the gst registered dealer to the purchaser to show the amount of tax payable whereas the retail invoice is issued by the seller to the consumer showing the amount due to him against the goods sold or services provided alternative name a tax invoice can be a business to business b2b invoice or a business to consumer b2c invoice however a retail invoice should be a b2c invoice when is it issued a tax invoice is issued when goods are sold for resale whereas a retail invoice is issued when the goods are sold to the final consumer objective tax invoice is necessary for availing itc under gst whereas the retail invoice is created just to request the payment gst in of seller a tax invoice must contain the gst in of seller whereas the retail invoice may or may not contain the gstn of seller depending upon the gst registration gstin of buyer a tax invoice may or may not contain gstn of a buyer depending upon b2b or b2c sales however a retail invoice shall not contain the gstn of the buyer types of goods or services supplied a tax invoice can be issued only for taxable supplies whereas a retail invoice can be issued either for taxable or non-taxable supplies number of copies a tax invoice is prepared in triplicate wherein the original remains with the purchaser the duplicator is used for the transportation and seller takes the third copy whereas the retail invoice is prepared in duplicate version is for the consumer and duplicate is for the seller i hope you are now clear about the differences between a tax invoice and a retail invoice if s please write clear in the comment section if not please ask your doubts in the comment section so that will clarify them for you a tax invoice would look like this a retail invoice would look like this now let's see how clear one software can help in raising invoices clear one is an invoicing and building software launched by clear that allows users to create style and share invoices you can create both tax invoices and retail invoices using the clear one software it takes less than a minute to do all these some of the striking features of clear one software include number one it easily collaborates with your customers and cea number two it helps in creating shareable business cards which in turn creates enhanced visibility for your business number three you can get the invoices classified and arranged for your customers number four it enables one click sharing of invoices with customers via whatsapp email or any other digital mode number five it displays qr codes and payment details for invoices resulting in easy payouts number six one can download invoices anytime for various tax filing purposes please click on the link provided in the description to try clear one invoicing software for free yes it's true it's free so folks that's it for today if you found this video helpful please like and share if you have any doubts about this topic please mention them in the comment section so that we can clear your doubts as i mentioned in the beginning clary is now giving away goodies for the new subscribers please fill in the form in the description to climb your goodies also do subscribe to our channel for more informative videos and don't forget to hit on the bell icon so that we'll let you know whenever there is an update from clear stay tuned for more updates thank you you