When Tax Invoice needs to be issued under GST?

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When Tax Invoice needs to be issued under GST?

According to section 31 of Act, Tax invoice should be issued within the time specified in act. Every registered person needs to issue GST invoice according to Supply. If it is a Normal Registered person then he should issued Tax Invoice, it is a composition dealer then he is supposed to issued Bill of Supply. For every supply of transaction, Invoice needs to be issued except where value of  supply is below Rs. 200/-

 

Provisions for issuing tax invoice in respect of goods:

Type of Supply Situation Time Limit
One time Supply Supply involves movement of goods Before or at the time of removal of goods
Supply involves no  movement of goods Before or at the time of delivery of goods or making it available to recipient.
Continuous Supply Where successive statements of accounts are involved Before or at the time of each such statement is issued
Where successive statements of accounts are involved Before or at the time of each such payment is received.
Goods sent on approval Goods are removed before the supply takes place The invoice shall be issued before or at the time of supply or six months from the date of removal, whichever is earlier.

 

Provisions for issuing tax invoice in respect of Services:

Type of Supply Situation Time Limit
One time Supply Services other than insurer or banking, financial services Before or after supply but within 30 days from the date of supply
Services of insurer or banking, financial services, NBFC Within 45 days from the date of supply
Continuous Supply Where due date of payment is ascertainable from the contract On or before due date of payment
Where due date of payment is not ascertainable from the contract Before or at the time when supplier receives  payment
Where the payment is linked with completion of an event On or before the date of completion of that event

 

 

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