The government of India approved the Standard GST Invoice Template at its 37th GST Council Meeting. In January 2020, e-invoicing was accepted by the GST Council. Like the new GST filing system, the electronic invoicing standard will be applied on a voluntary basis. The new GST invoice template is implemented to ensure that one software can read the invoice created by the other. The new update in the GST invoice template supports the ability to operate in the GST system. It can easily read and eliminate the errors resulting from data entry. The GST Council has decided to introduce e-invoice billing in the upcoming 39th meeting. This is applicable to all goods and services under the GST scheme. The council plans to implement a QR code application starting from October 1, 2020, in light of COVID-19 The latest amendments aim to reduce GST evasion. Thus, apply only to businesses whose turnover exceeds a specific threshold limit set by India’s government.  

What is E-invoicing? 

Any business engaged in selling goods and services locally or globally must already be familiar with Invoicing. Different types of invoices are created concerning tax, retail, and excise. Click here to know more.  

Who Should Issue the GST Invoice? 

Any GST-registered business or vendor selling goods and services to its customer must issue a GST-complaint invoice. Click here to know more.  

Role of IRP Under the GST System of E-Invoicing 

Companies and individuals mainly use the e-invoicing API for reporting organized B2B invoices to the GST system. Moreover, the real-time reporting of transactions eliminates the discrepancy caused due to suspension. IRP is the first portal to allow registration of online invoices in the system by configuring the API. It integrates the e-invoicing system with the taxpayer’s commercial invoicing system. Master data and essential code extracts are provided for an accurate understanding of logic and concepts. This portal helps businesses to improve their API performance.  

Mandatory Contents on Updated GST Invoice Template 

1. Invoice Number 

2. Date 

3. Name of the Customer/Client 

4. Billing & Shipping Address 

5. Registered Taxpayer’s GSTIN (Optional) 

6. Place of Supply 

7. SAC /HSN Code 

8. Product Details (description, quantity, unit & total value) 

9. Tax value & Discounts 

10. CGST/SGST/IGST – Rates and Amount of Taxes 

11. Applicable Reverse Charge (If only it does) 

12. Signature of the Supplier/Vendor 

At times, the bill of a recipient who isn’t registered might exceed RS. 50,000.  In such cases, the contents of an invoice template must include the following:  

1. Name & Address of the Recipient 

2. Delivery Address 

3. Name of the State & Code 

Busy invoicing? Here, find the updated GST invoice template in the image below. For accurate GST invoice processing and automation, check out GrofleX.io  

How Many Copies of the Invoice Should a Business Create? 

It is necessary to have three copies after sending your invoice in case of a supply of goods, namely:   

• Original (a copy issued to the recipients) 
• Duplicate (a copy issued to the transporters – not applicable for suppliers with invoice reference numbers from the GST portal) 
• Triplicate (a copy retained by the supplier) 

It is necessary to have two copies in case of a supply of services, namely:  

• Original (a copy issued to the recipients) 
• Duplicate (a copy retained by the supplier) 

When to Issue an Invoice? 

The time limit to issue a tax invoice, revised GST bill, debit, and credit is followed as per the GST Act. The due dates to issue invoices to customers are mentioned below.

When to Not Issue a Tax Invoice? 

A supplier cannot issue a tax invoice under certain circumstances.  

• When a recipient does not require an invoice 
• When a recipient is not registered under the GST system. 

How to Personalize GST Invoices Templates 

Adding your company logo personalizes your GST invoice.

Revising Invoices Issued Before GST? 

Under the GST regime, businesses must have a provisional registration before getting the original registration certificate. Thus, you can revise an invoice before GST. However, the protocols for issuing a revised invoice include:  

1. Invoices issued between – 

• Date of implementation of GST 
• Date of issue of registration certificate 

2. Issue of revised invoice – 

• Within one month of registration 

The protocols are applicable for invoices issued between:  

• The GST implementation date 
• And, the date on which the registration certificate has been released 

Both, Large & small businesses must issue revised invoices against existing invoices within one month from the date of the registration certificate.  

E-Invoicing Under Special Cases 

The government provides relaxation on the invoice format under special cases. It is applicable to banks, passengers, transport, etc. Click here to know more  

Conclusion 

Union FM Nirmala Sitharaman discussed and approved the standard of the new e-invoice mechanism in the 37^th GST Council Meeting. This was published with the schemes on the GST portal. Stay updated with the GST format and themes, and automate your GST invoicing process. Start with us, #1 GrofleX.io – Create and send professionally designed custom invoice templates.  

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