GST: Types Of Invoices


The GST regime comprises of different kind of document related to the concept of invoicing, and are required to be issued in different circumstances:

Debit note & Credit note

Nature :- The purpose of issuing Debit & Credit note is for rectification, modification in the settlement of taxable value or tax charged may have to be carried out through debit notes and credit notes.

Time of issuing:

a) Credit note: - It has to be issued not later than September month of succeeding year in which supply was made or date of filing annual return whichever is earlier.

b) Debit note: There is no prescribed time limit for issuance of debit note, but after specified time credit will not be eligible.

Bill of Supply

A registered supplier is required to issue a bill of supply either if the goods or service are under the exemption category or else the supplier is paying tax under composition scheme, non- taxable supplies are also included in exemption category.

Payment voucher/Reciept Voucher

The receipt voucher shall be issued in case of advance receipt for supply of goods or services. Further, while raising of tax invoice, tax paid at the time of issuance of receipt voucher shall be adjusted against it. Receipt voucher not being a tax invoice, will not be considered as eligible document for availment of credit in the hands of recipient.

For eg. If anyone paid an advance payment before the supply of goods or services will have to pay GST on it. So implying this on an illustration – Suppose A person has placed an order of chairs amounting Rs 10 lakhs and gave an advance of Rs5 lakh, then he has to pay GST on that advance to the supplier at that time only.

Time of Issuing : At the time of receiving advance, supplier will have to give the receipt voucher.

Format: The receipt voucher must contain certain credentials such as Name of Supplier, Address, GST no., Unique Alphanumeric Receipt, Voucher no. of less than 16 characters, Date of issue, Name of the person who gave advance, His address, GST no. , Description of goods or services, Amount of advance, Rate of GST, Amount of GST and Signature of Supplier.

Refund Voucher

As per the rate of tax invoice, if a receipt of advance from customer for supply of goods or services or both under GST for a future supply, a receipt voucher is being issued by a recipient to account tax, in case the same supply is not executed due to some reason or the recipient returned the amount received by him from the customer.

Export Invoice

Any movement of goods for export where IGST is leviable can be effected in two methods, either the exporter from India can pay IGST in advance and gets a refund later when the documentary evidence for exports or the exporter can execute a bond as well which can be cancelled by producing required proof of documents of exports.

So in order to generate a ‘Export Invoice’ some of the particulars are required to be mentioned :-

1. An endorsement in ‘Export Invoice’ as “supply meant for export on payment of IGST” or “supply meant for export under bond without payment of IGST”.

2. Name and Address of the recipient.

3. Address of Delivery

4. Name of The Country of Destination

5. Number and Date of Application of Removal of Goods for Export.

As per the recent developments in International Trade, instead of ‘Export Invoice’ and ‘Export Packing List’ a single document called “Export Invoice cum Packing List” is accepted in customs and other authorities worldwide.

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