The invoice is basically documentation utilized for the access of levy of tax associated acquisition or transfer of services or goods. The Government of Pakistan has implemented a few new invoices for the facilitation of taxes computation over invoices services or goods. The following are some major types of invoices underuse in Pakistan.
The tax invoice is only issued to the dealers who are registered with the designated authority of the government. This invoice is sometimes used for claiming the tax credit as well. The invoice has a requirement of a few information such as personal details of buyers, goods being sold or purchased, and any VAT or excise imposed on goods or services.
The Commercial or Retail Invoice
The commercial or retail invoice is issued to those dealers who are not registered with the designated authority of the government or are issued to retail consumers. This invoice cannot be utilized for claiming any tax credit. This invoice has also the requirement of a few information such as personal details of buyers, goods being sold or purchased, and any VAT or excise imposed on goods or services.
Bill of Supply Invoice
This invoice is being issued by a registered supplier in the following cases.
- The supplied services or goods are exempted.
- When supplied is opting to pay all of the taxes through the composition scheme.
The bill of supply must-have details such as information on the goods or services provided, serial numbers, receiver details. Where serial number is the sequential number comprising of numbers or letters and is exclusive for each financial year. In case if the total worth of goods or services is less than 300 then there is no need for issuing a bill of supply.
Debit Note Invoice
The debit note invoice is only issued in the case when the taxable value of the provided services or goods has increased and GST is charged on it.
Credit Note Invoice
The credit note invoice is only issued in the case when the taxable value of the provided services or goods has decreased and charged GST has reduced. The credit note invoice in a financial year can be issued before the end of the month of September of the respective year.
Receipt Voucher Invoice
In cases where the registered dealers are receiving an advance amount from buyers, such dealers are required to issue a receipt voucher invoice to suppliers mentioning evidence of the payments against provided services or goods.
Refund Voucher Invoice
In cases where the receipt voucher invoice is already issued and the dealers have made no supply of required services or goods, then such dealers are required to issue buyers refund voucher invoices.
Payment Voucher Invoice
The dealers who have registered under GST and are constantly receiving a supply of services or goods from the dealers or individuals who don’t have registration under GST, in such cases, there is a requirement to issue payment voucher to the suppliers at the time when payment is made through reverse charge. The payment voucher invoice is also issued on those transactions over which the reverse charge is applicable.