What is an Invoice?
An invoice determines the process of a sale. In a way, it is the prime document that serves as a bill for the services or products your business has provided.
As per the GST laws, every supplier who has acquired GST registration in India has to issue an invoice in the pre-notified format. Meaning every business transaction effected of nature involving removal of goods for supply to recipient or provision of service to the recipient can only be executed by the issue of invoices to the recipient, irrespective of whether such supplies operate such business online or offline. If you are willing to enhance your tally skill, you must join a tally institute in Delhi.
What are the Components of GST Invoice?
- Invoice Number and Date
- Customer Name
- Shipping and Billing Address
- Place of supply
- Taxable Value and Discounts
- Rate and Amount of taxes.
- A serial number not exceeding 16 characters.
- Slash symbolized as ‘_’ and “/” respectively and any combination thereof, unique for a financial year.
- HSN code for goods and or Service Accounting Codes for services.
- Description of Goods or Services.
- Quantity or unit or Unique Quantity Code.
- The total value of the supply of goods or services or both.
- The taxable value of the supply of goods or services or both taking into account discount or abatement, if any.
- Rate of tax.
- Tax applied in respect of taxable goods or services.
- Place of supply along with the name of the state, in the case of a supply in the course of inter-state or commerce.
- Address of delivery which is different from the place of supply.
- Whether the tax is payable on a revenge charge basis.
- A signature or digital signature of the supplier or his authorized representative.
