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Bill

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Now we all know that GST has been implemented in India (including J&K), therefore we must now take care of the below mentioned important points while issuing or receiving any invoices:
1. Under GST, there are only two types of invoices that one can issue. These are
(i) Tax Invoice – To be issued by all Registered Dealers 
(ii) Bill of Supply – To be issued by Composite Dealers and Dealers who sale Exempted Goods only.
2. There is no concept of issuing Retail Invoice or Sales Invoice. Registered Dealers have to issue Tax Invoices only for all of their supplies of Taxable Goods or Services.
3. Registered Dealers are required to show IGST, CGST or SGST rates and amounts separately in their invoice.
4. Dealers issuing Bill of Supply cannot issue an invoice showing IGST, CGST or SGST amounts separately in their invoice. They have to issue the Bill inclusive of Taxes.
5. Invoice numbers may carry characters up to 16 Digits which may include Special Characters like Hash, Slash, Dash, Hiphen etc. apart from Numeric Digits.
6. If invoice type is B2B (Business to Business), then Buyer’s complete Name, Address and GSTIN are required to be mentioned over the invoice.
7. Buyer’s registered address and Place of Delivery may be different and such different addresses should be mentioned separately in the invoice.
8. In case of Unregistered Buyers, Seller need to mention complete name of Buyer with his address and PIN Code including State Name and State Code if issuing invoice over Rs 50,000/-. For below Rs 50,000/- it is not mandatory to mention Buyer’s State Name and Code.
9. It is mandatory to mention whether tax is payable under “Reverse Charge Mechanism” or not.
10. Invoice should be signed manually or digitally by Seller or his authorized representative.
11. HSN Code related requirements are mentioned as under :
Upto turnover of Rs 1.5 Crores -Nil
1.5 Crores to 5 Crores – 2 digits HSN
Above Rs 5 Crores – 4 digits HSN
(Notification no 12/2017 – 28 June 2017)

12. In case of Exports – below mentioned Endorsement is necessary to be mentioned over the invoice
“SUPPLY MEANT FOR EXPORT ON PAYMENT OF INTEGRATED TAX” or “SUPPLY MEANT FOR EXPORT UNDER BOND or LETTER OF UNDERTAKING WITHOUT PAYMENT OF INTEGRATED TAX”.
13. In case of Retail sellers for goods below Rs 200 per buyer, a consolidated invoice may be raised for the whole day collection at day end.
14. For all advances received Advance Voucher need to be issued.
15. Bills to be prepared in triplicate, in case of Supply of Goods. Original will be for Buyer, Duplicate for Transporter and Triplicate for seller’s record. In case of supply of Services, Bills to be prepared in Duplicates.