Menu
Menu
In the realm of business transactions involving the sale of goods or services, the creation of a comprehensive bill of sale is indispensable. According to prevailing regulations, if these goods or services fall under the purview of the Goods and Services Tax (GST) Act, the document assumes the title of a GST Invoice. For sellers, the meticulous generation and transmission of a GST Invoice to the buyer stand as imperative steps to ensure compliance with the comprehensive GST rules implemented nationwide on July 1, 2017.
If your business is registered under GST, meaning it possesses a valid GSTIN (GST Identification Number), it is obligatory to generate and furnish GST invoices to your customers for the sale of any goods or services. Likewise, when procuring goods and services from vendors registered under GST, you should expect to receive GST-compliant invoices from them.
In accordance with the regulations outlined in the GST Act, a GST-compliant invoice must necessarily include the following details:
GST-compliant invoices can be customized in various ways to align with specific business needs. Some common personalization options include:
If a business is registered under other taxation rules, such as composition tax, and is not required to issue GST-compliant invoices, the seller must provide one of the alternatives to a GST invoice as per current GST rules
Bill of Supply:
Issued by GST registered businesses in case of GST exempt goods/services or when the business is registered under composition tax rules.
Consolidated Tax Invoice:
This alternative bill of sale may be issued in B2C transactions if the value of goods/services supplied is less than Rs. 200.
Receipt Voucher:
This type of invoice is issued when a GST registered business receives an advance payment from a customer for goods/services to be provided at a future date.
© Copyright 2024 HINDUJA LEYLAND FINANCE. All Rights Reserved.
Optimized by Seraphinite Accelerator