GST Tax Invoice Checklist: All You Need to Know

An invoice is simply a commercial instrument issued to a buyer by the seller. The invoice provides information of both trading parties, quantities of items sold, the date of shipment, the mode of transport, prices & discounts (if any) and the terms of payment & delivery. Among all other invoices, the GST tax invoice plays a very crucial role. Hence, let’s understand what is a tax invoice in GST and how can a GST checklist help.

A] What is a GST Tax Invoice?

An invoice under the GST regime refers to the tax invoice in section 31 of the CGST Act issued in the year 2017. According to this, it is mandatory to issue an invoice or a bill of supply for the supply of all goods or services. Law pertaining to GST has also made it mandatory for all registered business that buys goods or services from an unregistered entity to issue both - a payment voucher and a tax invoice. The invoice generated would largely depend on the category that a registered business falls under when making the supply.

B] How Can a GST Tax Invoice Checklist Help?

• This GST tax invoice requirements checklist can be used by businesses to ensure they issue valid and accurate tax invoices for the supply of goods and services.
• The GST tax invoice is an essential document that testifies the supply of goods or services. It also makes it easy for the recipient to get Input Tax Credit (ITC).
• Every tax invoice issued under GST has to contain certain details, which are mandatory to mention. There is also a time limit within which an invoice should be issued.
• The GST checklist will also help you verify the invoices received from your suppliers. Getting a complete and accurate invoice is important for businesses to claim input credit on them.
• GST is chargeable at the time of supply, so the invoice becomes a significant document. The time of supply of the goods/services refers to the date on which the invoice/payment receipt is issued.

C] GST Tax Invoice Checklist

The below checklist will help you maintain a note of all the GST tax invoice requirements you need to take care of while issuing a tax invoice.[table id=5 /]