The Central Goods and Services Tax
Bill, 2017 (CGST Bill, 2017), Union Territory Goods and Services Tax Bill, 2017
(UTGST Bill, 2017), Integrated Goods and Services Tax Bill, 2017 (IGST Bill,
2017), Goods and Services Tax (Compensation to States) Bill, 2017 has been
passed in loksabha there are some rules revised in invoices. The SAP abapers
are ready to generate new tax invoices like billing document, sales orders and
purchase orders.
Invoicing
forms a crucial function when it comes to the execution of a transaction. The
invoice becomes a basic document for recording the sale/purchase in books
of accounts.
The
government has notified rules of invoicing under GST along with a template of
invoice(GST INV-01) covering the elements such as supplier’s details, GST tax
rates etc that need to be presented.
Invoicing in the current tax regime:
In case of reverse charge, where supply is received
from registered supplier, then there no requirement to issue invoice by
recipient. However, supplier shall mention in the invoice that reverse charge
is applicable. Also, under return (GSTR 1), invoices on which reverse charge is
applicable are to be mentioned by the supplier separately.
Invoice Reference Number (IRN):
A new concept has been introduced in GST, wherein a
duplicate copy of tax invoice is not required to be carried on by the
transporter while transporting goods. Supplier can obtain Invoice Reference
Number from the common portal and provide same to the transporter.
Invoicing in GST will be essential for both supplier
and recipient. Proper invoicing can be done only if proper sales orders / purchase
orders are made.
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