Important Points relating to Tax Invoice as Per Section 23 of the Model GST Law

1) At present, invoices or bills of sale etc. can be issued inclusive of tax in certain cases, whereas it is mandatory to indicate the tax charged in the GST regime.

2) Revised invoice shall be raised by the registered taxable person against the invoice already issued, starting from the effective date of registration till the date of issuance of certificate of registration. Effective date of registration would be mentioned in the registration certificate issued. The revised invoice would enable the recipient to take credit of tax charged in the revised invoice. It is Important to Note that The provision to issue revised invoice (from the effective date of registration to the date of issuance of certificate) is not available at present.

3) In case of a person paying tax under the Composition scheme *or a person supplying non-taxable goods/services, a bill of supply containing prescribed particulars is to be issued instead of a tax invoice. In the case of such supplies, *the recipient is not entitled to take input tax credit.

4) Tax invoice is required to be raised for advance payments received for goods or services.

5) The Invoice Issued by Input Service Distributor will also be considered as Tax Invoice

6) Tax invoice shall contain the description of goods/services, quantity of goods supplied, value of goods/services, tax charged on the supply and such other particulars as may be prescribed.

????????????????????
Compiled By
CA JAIN ALOK
9899259011
NIRC Member