With the decade long pending decision of GST sanctioned, Taxable persons and Businesses need to take great care while raising invoices. Raising the invoice is important as the same will be uploaded to the returns and will ensure hassle free refund eventually. Its best to get your business to an automated accounting software like Giddh.com so that the invoice is raised automatically without missing on the mandatory deadlines. There is a lot of confusion regarding when the right time to raise invoices in different formats of Business is.
While there are different types of documents required to be issued –like tax invoice supplementary invoice, vouchers credit notes, debit notes, bill of supply. Some mandatory things one needs to know about when considering GST INVOICING for Goods and services respectively.
One time supply: Before or at the time of removal of Good when there is movement involved in Supply and in other cases before delivery of the goods.
Continuous Supply: When successive payments are involved the invoice needs to be issued before the receipt of each payment.
Reverse Charge Liability: If a person is not required to register under GST act — Issue the invoice on the day of the receipt of goods.
Approval based sale: Incase the goods are sent for approval invoice to be raised at the time of supply.
One Time Supply: Before the supply is best but incase done after the supply of service it should be under the prescribed rules .
Continuous Supply: If due date of payment is clear — then payment to be made irrespective of actual payment and incase due date is not set — then its comfortable to raise after the payment .
Reverse Charge Liability: when service is received from a person not registered under GST .In other cases one can look at before the supply of services is completed or the extent of supply already done .
GST Invoicing is important for both the supplier and the recipient. The businesses and Businessman need to make all the vendors and customers ready for proper and timely compliance to the GST deadlines to avoid any loss of credit. to ease your accounting worries do visit www.giddh.com for more details .