What is a GST Invoice ?
GST Invoice is a business instrument issued by a supplier or a seller to the recipient or the buyer of goods and services. Such a document indicates the names of the parties involved as well as the details of goods or services supplied under a given transaction.
These details include the:
- Product name
- Quantity of goods or services sold
- Details of the supplier and the purchaser
- Terms of supply
- Date of supply
- Price of each good sold or service rendered
When such a payment is made, it acts as a document of title for the buyer. It is mandatory to issue an invoice whenever a supply of goods or services takes place.
However, it’s not mandatory to issue the invoice only on the part of the person making the supply of such goods or services. As per the GST law, any registered person buying goods or services from an unregistered person is required to issue both a payment voucher and a GST invoice for such a transaction.
Read More: Why Issuing Invoice is Important Under GST?