✓Minimal Documentation ✓Flexible Repayment ✓Collateral Free Loan | Apply for Business Loan Now!

What is a GST Invoice?

GST invoice can be defined as a bill which lists services and goods in addition to the amount of money that needs to be paid. A GST invoice format in Excel is easy to generate. 

Who issues the GST Invoice?

GST invoice is issued by businesses that are GST registered. GST invoice format has to be maintained while sending GST complaint bills to the clients. Vendors that are registered with GST would provide purchase bills in the GST invoice format.

What is mandatory for a GST invoice to have?

There is a certain GST invoice format that has to be maintained mandatorily in every GST invoice. A GST bill format includes the customer’s name, the invoice date and number, the address of the customer, the GSTIN of the customer, the place where the product is to be supplied, the SAC/HSN code, discounts, amount and rates of tax, description of the item in terms of quantities, units and complete value. A GST bill format should also have the supplier’s signature on it. However, if the customer has not registered to GSTIN and the amount of the product exceeds Rs. 50,000, the GST bill format should then carry the recipient’s name, address, delivery dress, as well as the name of the state and its code.

What are GST invoice rules?

There is a particular and definite limitation on time that is to be followed while issuing a GST invoice, as per the GST invoice rules. Here are the GST invoice rules as far as the time limit is concerned:

i. In any normal case of goods, invoicing under GST should be issued on or before the delivery date.

ii. In cases of continuous supply of goods, invoicing under GST has to be issued on or before the day when the account statement is issued.

iii. In case of any general case of services, invoicing under GST should be issued within 30 days of the supply being made.

iv. In cases of services associated with banks or NBFCs, invoicing under GST has to be issued within 45 days of the supply being made.

How should a GST Invoice be personalized?

Any GST invoice format in Excel can be personalized by using the logos of the respective companies.

What other kinds of invoices are there?

1.Bill of supply

It is quite similar to what the GST bill format is. The only difference is that a bill of supply would never include any amount of tax since the seller would not be able to charge GST. It can be issued under the following circumstances:

  • When a registered person sells goods and/or services
  • When a registered person opts for a scheme composition

2. Aggregate invoice

The seller is allowed to issue an aggregate invoice or a bulk invoice in case of the buyer being unregistered, and the total value of several invoices is not more than a total of two hundred rupees. In such a case, an aggregate invoice can be issued for multiple days.

For example, if there are three different invoices of Rs. 80, Rs. 90 and Rs. 100 each, then the entire amount can be counted together and one invoice of a total of Rs. 270 can be issued.

3. Debit note and credit note

A debit note has to be issued to the buyer by the seller in case the total amount of the invoice increases.

A credit note has to be issued by the seller to the buyer in case the total amount of the invoice decreases.

Can invoices be revised?

Yes, invoices that are issued for GST can be revised. Every dealer that is registered to GST needs to apply for a provisional registration prior to obtaining a certificate for permanent registration.

How many invoice copies are to be issued?

  • Three copies of the invoice must be issued in case of goods
  • Two copies of the invoice must be issued in case of services.

Invoicing under GST for Special Cases

There are cases such as banking and passenger transportation, where there are certain relaxations provided by the government for the GST invoice format. 

Make sure you generate your GST invoice format in Excel keeping in mind the rules mentioned, to ensure smooth functioning of your business operations.

Another major factor that ensures smooth business operations is business loans. If you’re looking for one, an excellent option to consider would be Bajaj Finserv Business Loan, available on Finserv MARKETS. It comes with quick online services, and is available for working capital needs and machinery. From the Finserv MARKETS website, you could get your collateral-free loan approved and disbursed in no time with minimal documentation.  

Lates GST Invoice News

For B2B companies, the government has mandated the use of electronic invoices. 

From April 1, 2021, all companies registered under GST will be required to use e-invoice for B2B transactions, according to the Finance Secretary. Previously, E-invoicing was made available to the registered taxpayers with a turnover of more than INR 100 Crores in any previous financial year from 2017-18 onwards, starting on January 1, 2021.

The main advantage of e-invoicing is that it allows for a completely integrated flow from one company's ERP system to another, resulting in less invoice mismatches during reconciliation.

- March 5, 2021

FAQs on Invoicing under GST

  • ✔️What is the invoice date and what is the due date?

    Invoice date is the date on which the invoice is generated, and due date is the date on which the payment has to be made. 

  • ✔️Is it compulsory for a serial number to be maintained for invoices?

    Yes, the invoice serial number is an important aspect and has to be compulsorily maintained. It can only be changed with permission from a GST officer. To obtain permission, reasons are required to be stated. 

  • ✔️Can an invoice be signed digitally using DSC?

    Yes, an invoice can be signed digitally using DSC. 

Happy Customers of Finserv MARKETS

Getting a loan to take care of my wedding and relieving my parents to enjoy the occasion was the best decision I ever made. Easy-to-apply, amazing interest rate and quick disbursal, what more can one ask for!

I am passionate about the vehicle I drive. I want to protect it with the best available option. What amazed me was the full transparency, quick quotes and the attractive discount on the premium while choosing the annual payment option!

Check your personal loan eligibility in seconds!

My husband and I will finally move into our own house this Diwali. All thanks to Bajaj Finserv, with competitive interest rates, minimal processing fees and easy to repay EMIs, our dream saw the light of reality in no time!

Get the best FD interest rates starting @ 8.40%. Let's start!

Kids grow up fast and to fulfill their dream trip to Disneyland I had everything but instant funds. With no collateral or guarantor required and a hassle-free processing, I gifted my family a memorable trip to Orlando with just a click!

Get sum insured up to 1 Crore! Let's start!

The best way to start looking for health insurance is to do a close study of the coverage needs and checking the insurance company's claim ratio. No unnecessary jargons, easy to apply claims process and choice of premia!

Zero additional charge on part-payment option on Business loans! Let's start!

I bought my first iPhone using my Bajaj Finserv EMI Network Card. Zero downpayment with a No cost EMI on Bajaj Finserv EMI store just made my day!

Get home loan sanctioned online in 72 hours! Let's start!