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GST Invoice : Mandatory fields of a GST Invoice

GST18/06/2023 Source: GST

 

GST Invoice

 

An invoice is a commercial instrument issued by a supplier of goods or services to a recipient. It consist details of both the parties involved and describes the items sold and services supplied, quantities, date of shipment, mode of transport, prices, discounts (if any) and payment terms. Invoicing is a crucial aspect of ensuring tax compliance under any indirect taxation system. Under the GST Act, a GST invoice is an important document. It not only evidences supply of goods or services, but is also an essential document for the recipient to avail Input Tax Credit (ITC). A registered person cannot avail input tax credit unless he is in possession of a GST invoice or a debit note.

The issuance of a GST invoice for every taxable transaction is a prerequisite. In the case of the supply of goods or the provision of services, a GST invoice is raised by the supplier of such goods or services to the recipient of the same. A GST invoice acts as a document evidencing the payment of the value. of the goods or services, or both, as well as the tax portion of the same.  

There is no format prescribed for a GST invoice, but rules make it mandatory for a GST invoice to have the following fields. [Sections 31(1) & (2) read with rule 46]:-

  1. Name, address and GSTIN of the supplier.
  2. A consecutive serial number not exceeding 16 characters, in one or multiple series, containing alphabets, numbers, special characters, and hyphens or dash and slash, and any combination thereof, unique for a FY.
  3. Date of its issue.
  4. Type of recipient of goods or services

    5. If recipient is registered

    Name, address and GSTIN or UIN of recipient 

    If recipient is unregistered

    (1) Value of supply is Rs. 50,000 or more :- Name and address of the recipient and the address of delivery, along with the name of State and its code.

    (2)Value of supply isless than Rs 50,000:-Unregistered recipient may still request the aforesaid details to be recorded in the tax invoic.
  5. HSN code for goods or services.
  6. Description of goods or services.
  7. Quantity in case of goods and unit or Unique Quantity Code thereof.
  8. Total value of supply of goods or services or both.
  9. Taxable value of supply of goods or services or both taking into account discount or abatement, if any.
  10. Rate of tax (CGST, SGST, IGST, UTGST or cess).
  11. Amount of tax charged in respect of taxable goods or services (CGST, SGST, IGST, UTGST or cess);
  12. Place of supply along with the name of State, in case of a supply in the course of inter-State trade or commerce;
  13. Address of delivery where the same is different from the place of supply.
  14. Whether the tax is payable on reverse charge basis.
  15. Signature or digital signature of the supplier or his authorised representative.
  16. Quick Response code, having embedded Invoice Reference Number (IRN) in it in case e-invoice has been issued. 

 

Static QR code

 

The static QR code consists of the following e-invoice parameters in GST Invoice:

  1. GSTIN of supplier
  2. GSTIN of recipient
  3. Invoice number as given by supplier
  4. Date of generation of invoice
  5. Invoice value (taxable value and gross tax)
  6. Number of line items
  7. HSN code of main item (the line item having highest taxable value)
  8. Unique Invoice Reference Number (hash)
  9. Date of generation of IRN

 

Dynamic QR code

 

Dynamic QR Code will be generated by the seller himself either on the Point of Sale (PoS) machine or the GST invoice issued. Dynamic QR Code should be such that it can be scanned to make a digital payment. Dynamic QR Code shall contain the following information:- 

  1. Supplier GSTIN number
  2. Supplier UPI ID
  3. Payee’s Bank A/c number and IFSC
  4. Invoice number & invoice date,
  5. Total invoice value and
  6. GST amount along with breakup i.e. CGST, SGST, IGST, Cess, etc.