There are different types of invoices used in India for various types of transactions across the country. All types of invoices are described below in detail with its purpose and use.
The tax invoice is mandatory for each and every citizen of India who is registered with the government and eligible to pay tax. The tax invoice is basically an invoice which is issued through the supply of goods which are taxable or against B2C or B2B clients who required certain services.
The tax invoice is also generated when making any of the inter-state transfer of stock. A person eligible for the tax invoice can download the invoice from the respective website of the authority. The downloaded template is requiring a few details to be entered by the user and rest calculations are made by template itself. The template is also helpful for issuing invoices easily against the clients having computations of IGST, SGST, and CGST, etc.
Bill of Supply
The invoice or the bill of supply is mandatory to be issued when acquired services or making a request for supply of goods that are exempted from tax. The bill of supply is only issued through a person who is having registration under GST. The bill of supply is not having any details of SGST, IGST, and CGST, etc.
The receipt voucher is an invoice that is mandatory to be issued against any of the advance payment acquiring any services or supply of goods.
This is an invoice that is only issued against a person having no subsequent supply and the invoice is considered as advance.
The payment voucher is issued against those consumers who are having liability for paying the reverse charge by the time when making any payments to the suppliers.
Credit or Debit Invoices
The debit invoice is issued in the case when any tax invoice is already issued for the purchase of services or goods and total payment is less than a taxable amount. While credit invoice is issued against the acquisition of services or goods which total amount falls under taxable amount. The credit invoice is sometimes also issued when the services or goods are returned back to the supplier because of defects or other reasons.
The ISD invoices are only issued for the distribution of input tax credit in between the total number of branches made under identical PAN.
The delivery invoice is issued in cases like goods transportation before the preparation of a tax invoice. The delivery invoice is also issued in cases of transfer of stock within a state.
The B2B tax invoice is one on which the customer information such as GSTIN, address, and name, etc. is mentioned and is only issued when having goods purchase or sale. This invoice is also having item level details of the sale or purchase being made and B2B invoices must also be uploaded to GSTN for the filing returns of GSTR-1.