Types of Invoices in GST (Invoicing in the current tax regimes)
Invoicing is a crucial aspect of tax compliance for every business. It is essential to be aware of the rules of invoicing under GST. Let us understand these in detail. Invoicing in the current tax regimes In the current tax regimes, two types of invoices are issued: Tax invoice – This is issued to registered dealers, and can be used to claim tax credit. Sample formats of the two main types of tax invoice in the current tax regime, the Rule 11 Excise invoice and tax invoice are shown below. Retail or commercial invoice – This is issued to an unregistered dealer or retail customer, and no tax credit can be claimed on this invoice. Sample format of a retail invoice in the current tax regime is shown below. Invoicing in the GST regime In the GST regime, two types of invoices will be issued: Tax invoice Bill of supply Tax invoice When a registered taxable person supplies taxable goods or services, a tax invoice is issued. Based on