Invoice is a document recording the terms of an underlying arrangement. An invoice does not bring into existence an agreement but merely ...
Invoice is a document recording the terms of an underlying arrangement. An invoice does not bring into existence an agreement but merely records the terms of a pre-existing agreement. GST requires that an invoice – "Tax invoice" or "Bill of supply" – to be issued before or on the occurrence of certain event or within a prescribed time. Therefore, an invoice is required for every other form of supply such as transfer, barter, exchange, license, rental, lease or disposal.
Collection of tax is not a statutory right but a contractual right. As such, no recipient is obliged to reimburse the supplier taxes due on the supply. At the same time, every taxable person (in case of forward charge) remained liable to deposit applicable tax to the Government. It is the wisdom of the supplier to include ‘tax extra’ in the offer to enable recourse to recoup tax.
Eligibility to claim credit also does not impose any implicit duty to reimburse the tax if the terms of offer are silent with regard to tax.
Invoice is Important document for GST eco system ,we have created a small quiz of 20 question on matter related to Invoice ,Debit Note /Credit Note.Five marks has been allotted to Each answer.
There is no cut off time ,you can check GST draft rules regarding Invoice here
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