According to GST, only suppliers can issue  GST invoices when providing goods or services to Indians. An invoice or bill is required if the shipment value exceeds Rs.200. This article takes a closer look at the different types of GST invoices and gives an overview of all related documents related to GST. Invoices, large and small, are an integral part of running any business or profession. Different types of invoices are used, depending on the industry, phase, type of business transaction, and GST law. Invoices are useful for maintaining records, tracking payments, and analyzing business. Therefore, adopting and using the correct invoice type for a particular transaction is important to avoid wasting the time, money, and effort of the parties involved in the transaction.

GST Invoice 

The taxable person will issue a GST invoice in accordance with GST when providing goods or services. The supplier will invoice the goods before or at the next time. 

  •  If the delivery involves moving the item, Remove the item for delivery to the recipient. Also 
  •  In other cases, make the goods delivered or made available to the recipient. 

To provide the service, the invoice must be issued before or after the service is provided, but within  30 days from the date, the service is provided. If the service provider is a financial institution, including an insurance company, a banking company, or a financial company other than a bank, you must issue an invoice within 45 days of the date the service is provided.

Different Types of GST Invoices 

Different Types of GST Invoices

Tax Invoice 

Under GST, registrants who provide goods or services are required to issue a tax invoice to the purchaser. This document or invoice issued by the supplier to the buyer is called an “invoice” or “tax invoice”. For services, the invoice must be submitted within 30 days of delivery. For small traders, if the invoice is less than 200 rupees, no invoice will be issued.  If the amount of the invoice exceeds  200 rupees, you need to create a “tax invoice”. Recipients of goods and services can benefit from an Input Tax Credit on the basis of this Tax Invoice.

Input Tax Credit means to utilize the credit of tax paid on purchases of goods or services against the tax liability which is to be paid.

Bill of Supply

There is a new concept in the GST Bill of Supply invoices. A person who has selected the preparation or who provides the exempt goods or services, or both, must invoice the supply. The recipient cannot claim an input tax deduction based on the invoice supplied. If a person is registered to supply goods or services under Rs.200, then issuing a supply invoice is optional. He can choose not to bill benefits for these small bills. 

Receipt Voucher

When a  person has signed up to receive an advance from a buyer, he or she must issue a receipt proving receipt of this payment. 

Refund Voucher

Assume that if a receipt has been issued to the buyer but no supply has been made, then the registrant is obligated to issue a refund voucher.

Payment Voucher

When someone who’s registered below GST, gets any components of products or offerings from the unregistered person, he desires to problem a charge voucher to the dealer at the time of creating the charge below the opposite charge

Also, a charge voucher is been issued on the transactions on which the opposite charge is applicable. 

Debit Note

If the vendor reveals that he charged much less than the real value of products or services or each withinside the invoice, he can issue a debit notice to the client. The supplier is needed to claim the fee of the debit notices withinside the GST go back of the month at some stage in which one of these debit notices has been issued.

Credit Note

A credits note must be issued by the seller to the buyer for returns, devalued goods/shipping, or both, or for discount requests. Credit details should be included on the tax return to reduce tax obligations. The credit issuance deadline is September, whichever comes first, the closing date or the filing date of the annual report.