The Central Board for of Excise and Customs has highlighted few facts on Goods and Service Tax provisions about the invoice for trade. The government is all set to roll out GST from July 1.
Following are the important facts pertaining to GST invoice for trade-
1. GST taxpayers are free to decide their own invoice format.
2. The law on GST mandates certain fields to compulsorily filled.
3. The time period prescribed for issuing invoice is different for goods & services - for goods, it is anytime before its delivery and for services, it is within 30 days from the date of supply of services.
4. In normal circumstances, one copy of the invoice is required to be carried by the transporter. However, GSTN (Goods and Services Tax Network) provides a facility to obtain an invoice reference number and if a taxpayer has generated this number, his goods need not be accompanied by paper invoice during transportation. This mechanism helps to address frequently reported problems like paper invoices getting misplaced, mutilated, torn or lost in course of transportation of goods.
5. Keeping in view the large number of transactions in the banking, insurance and passenger transport sector, taxpayers need not mention the address of the customer and the serial number in their invoices.
6. Small taxpayers, like small retailers, doing a large number of small transactions for up to a value of Rs. 200 per transaction to unregistered customers need not issue invoice for every such truncation. They can issue one consolidated invoice at the end of each day for all transactions done during the day. However, they should issue the invoice where the customer so demands.
7. In order to keep compliance burden low for small taxpayers, GST law provides that taxpayers with an annual turnover of up to Rs. 1.5 crore need to mention the HSN (Harmonized System of Nomenclature) Code of the goods in the invoices.
8. Keeping in view the large number of transactions in the banking, insurance and passenger transport sector, taxpayers need not mention the address of the customer and the serial number in their invoices.
9. Where the goods are transported for delivery but quantity to be supplied is not known at the time of removal, the good may be removed on delivery challan and invoice may be issued after delivery.
10. No need to issue separate Bill of supply if VAT invoice is issued for non-taxable supplies.
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