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GST Invoice Bills – All You Need To Know
GST Invoices
GST invoices are very important documents as it not only evidences the supply of goods or services but is also an essential document for the recipient to avail Input Tax Credit (ITC). Further, a registered person cannot avail Input Tax Credit unless he is in possession of a tax invoice or a debit note.
In addition to the above, GST is chargeable at the time of supply. Therefore, the invoice is an important indicator of the time of supply.
In this article, we shall discuss various types of invoices under GST
Types Of GST Invoices
The GST invoices are of three types:
- B2B GST Invoices (Business to Business Invoice)
- B2CL GST Invoices [Business to Consumer (Large Invoices)]
- B2CS GST Invoices [Business to Consumer (Small Invoices)]
| Particulars | B2B (Business To Business) | B2CL (Large Invoice) | B2CS (Small Invoice) |
| Meaning | B2B refers to Business to Business | B2CL refers to Business to Consumer transaction, wherein the transaction is inter-state & invoice value is more than Rs 2.5 Lakhs | B2CS refer to Business to Consumer transaction, wherein transaction is intra state & invoice value is less than Rs 2.5 Lakhs |
| Details Required | The name, address and GSTIN or UIN of the customer must be mandatorily mentioned | Name & address of the recipient must be mentioned along with address of delivery & place of supply | Invoice date, value of supply, amount of tax applicable, GST rate applicable, HSN Code or SAC Code |
| Input Tax Credit | The consumer is also a registered person under GST and is eligible to take ITC | Consumer is an unregistered person and is not eligible to claim ITC | Consumer is an unregistered person and is not eligible to claim ITC |
| Details in GST Return | Invoice wise details of both intra-state and inter-state supplies should be uploaded in GSTR-1 Return | Invoice wise details of inter-state supplies with invoice value exceeding Rs 2,50,000 | Consolidated details of Intra & Inter State sales with invoice value up to Rs 2.5 Lakhs for each rate of tax needs to be uploaded in GSTR-1 Return. |
B2B GST Invoices (Business To Business Invoice)
B2B Invoice refers to a business-to-business transaction invoice.
Accordingly, the requirements of B2B GST invoices are as follows:
- There must be compulsorily mentioning of the name, address, and GSTIN or UIN of the customer.
- The consumer should also compulsorily have a GST Registration as well as must be eligible to take Input Tax Credit.
- Moreover, the invoice-wise details of both intra-state and inter-state supplies should be uploaded in GSTR-1 Return.
B2CL GST Invoice [Business To Consumer (Large Invoice)]
B2CL Invoice refers to a Business-to-Consumer transaction, wherein the transaction is inter-state and invoice value is large i.e., more than Rs. 2.5 lacs.
Accordingly, the essentials of B2CL GST Invoice are as follows:
- The name and address of the recipient must be mentioned along with the address of delivery as well as place of supply.
- The consumer should not have GST Registration and thereby, should not be eligible to take Input Tax Credit.
- Additionally, there must be uploading of invoice-wise details of inter-state supplies with invoice value exceeding Rs 2,50,000 into GSTR-1 Return.
B2CS GST Invoice [Business To Consumer (Small Invoice)]
Lastly, B2CS GST Invoice refers to a Business-to-Consumer transaction, wherein the transaction is intra-state and the invoice value does not exceed more than Rs. 2.5 lacs.
Now, the necessities of a B2CS GST Invoice are as follows:
- The invoice must be serially numbered. Moreover, it should contain the invoice date, the value of supply, amount of tax applicable, GST rate applicable, and HSN code or SAC code of the goods supplied.
- The consumer is an unregistered person and thereby, is not eligible to take Input Tax Credit.
- In addition, the consolidated details of intra-state sales for each tax rate, as well as inter-state sales with invoice value up to Rs. 2,50,000/- for each rate of tax needs to be uploaded in GSTR-1 Return.
Mandatory Details In GST Invoice
The mandatory details are as follows:
- Name, GSTIN, and address of the supplier
- Invoice Number
- Date of issuance
- Invoice type
- Shipping & billing address
- Name of the Customer
- GSTIN of the customer, if applicable
- Details of products and services including description, quantity, etc
- SAC or HSN Code
- Rate of CGST, SGST, and IGST
- Total tax amounts and discounts, if any
- Reverse Charge
- Additionally, the signature if the invoice issuer
When Is Invoice To Be Issued?
The time for issuing an invoice would depend on the nature of the supply. That is to say, whether there is a supply of goods or services. Further, the supply of goods and services can either be a normal one or a continuous one. Accordingly, the following explains when can you issue an invoice:
Particulars | Issue Invoice |
Goods (Normal Case) | On or before the due date of removal or delivery |
Goods (Continuous Case) | On or before the due date of issue of account statement or payment |
Services (Normal Case) | Within 30 days from the supply of services |
Services (Bank & NBFCs) | Within 45 days from the supply of services |