Invoice definition a request for payment10/2/2023 ![]() Starting 1st October 2020, the country has moved from voluntary to mandatory e-invoicing requirements, being implemented in a phased manner based on turnover. However, the invoice must have specific fields compulsorily given in Rule 46 of the CGST Rules. There is no particular format notified for an invoice. If you have a GST registered business in India, you have to provide GST compliant invoices to your customers to sell services or goods. It eliminates any doubt about when the payment is due and eliminates the possibility of denying information about the payment. Since an invoice is a legal document that is part of a sale, including the due date in the invoice will keep the consumer informed. These dates signify that the payment is due and will result in several penalties and interest if the payment is not received by the due date. In a general business context, the due date refers to the latest date by when a payment can be made on an invoice before it becomes overdue or late. When it comes to invoicing, including a due date will help facilitate prompt payment. Read our article on the time limit to issue invoices and bill of supply to know more about it. There are separate time limits to issue the invoices for the supply of goods and services. However, the time of raising tax invoices is generally determined by the GST law. Again, a 30-day credit period is applied from the date of the invoice. When it comes to the rendering of services, invoices must be raised monthly by the end of the month. In general trade parlance, for the supply of goods, invoices are raised as soon as the goods are delivered with a usual credit period ranging up to 30 days from the invoice date. To keep track of business income for tax purposes.Invoice can be used as historical data to predict future revenue.To track the inventory of the business. ![]() To keep an account of the sales or supplies. ![]()
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |