Under GST regime, Tax invoice is a very significant document It indicates the amount of GST and is also vital to claim input tax credit.
The prescribed format of Tax invoice under GST is mentioned under Rule 46. However, some relaxation and additional requirement is given in format of Tax invoice in some cases which is
When the supplier are banks, Insurers, Non- banking financial companies and financial institution, following relaxations are given
and may be signed or digitally signed
GTA or Goods Transport Agency, shall issue a tax invoice which shall contain information as specified under Rule 46 and some additional information such as :
Where the supplier of taxable service is supplying passenger transportation service, a tax invoice shall be issued which include Ticket in any form. In case of passenger transport service, following relaxation is given :
Apart from the above two details, tax invoice shall contain all other details mentioned in format of tax invoice under Rule 46.
The ticket may be issued physically or electronically and it may be signed or digitally signed. There is no need for signature in case it is issued electronically.
In the case of Input Service Distributor, the invoice or credit must contain the following details which is not required in GST Invoice issued in any other cases:
Relaxation is given for the tax invoice which is not necessarily required to be serially numbered in case where Input Service Distributor is a :
If a taxable person receive some common input services, he can transfer that credit to Input Service Distributor provided
The format of tax invoice in above mentioned case shall be in the following format :
Serial no. is mandatorily required to maintain on invoice except in case when supplier is a bank, NBC, Insurer, Financial Institution and supplier who is providing passenger transportation service.
Tax invoice can be issued by a registered person only
To claim the input tax credit under GST, it is mandatory to have Tax invoice.
Tax Invoice is not required to be issued in case value of supply is less than Rs. 200/-.