The Indian Government is doing its best for rolling out the GST tax regime from 1st of April, 2017. Within few days after the initial meeting of Goods and Services Tax Council, the CBEC has revealed the Draft Rules and formats under GST involving registration, payment and invoice. Further, additional GST Draft Rules and formats on return and refunds are revealed in the public domain.
Draft GST Invoice Rules
- Format of the Invoice: The tax invoice format is set that contains routine particulars with respect to signature and digital signatures of the suppliers.
- goods or services,
- taxes charged,
- place of supply and
- delivery HSN code of goods or accounting code of services, etc,
- Time limit: The invoice for the taxable goods is required to be issued while supplying and in case of taxable services, within a period of 30 days from the supply date and in case of financial institutions or banking companies within a period of 45 days.
- Manner of Issuing: For supply of goods, the tax invoice needs to be issued in 3 copies,
First in original for recipient,
Second in duplicate for the transporter, and
Third in triplicate for the supplier
For services tax, invoice should be issued in duplicate i.e. in original for the recipient and in duplicate for the supplier.
In case a registered taxable person obtains any Invoice Reference Number through uploading the tax invoice over the common portal the then duplicate copy is not required to be carried by the transporter and the transporter just needs to provide the Invoice Reference Number to the appropriate officer.
- Non-taxable supply: For goods or services which are non-taxable or the supplier has chosen the composition scheme then the registered taxpayer should issue a Bill of Supply in case the value is higher than one hundred rupees.
- Supplementary tax invoice, Debit / Credit Notes could be issued
- Input Service Distributor would issue the tax invoice along with the details of distribution of supplier, credit, GSTIN, recipient of credit, etc.