GST Compliance Essentials for Indian Invoices
To ensure your Indian invoices are legally sound, they must adhere to Goods and Services Tax (GST) regulations. A compliant invoice is crucial for both your business and your customers to claim Input Tax Credit. Key mandatory details include:
- Your GSTIN (Goods and Services Tax Identification Number) and legal name, along with your customer's GSTIN if they are registered.
- A unique invoice number and the date of issue.
- Complete details of the supplier and recipient, including addresses.
- A clear description of goods or services, including their HSN (Harmonized System of Nomenclature) or SAC (Service Accounting Code).
- The taxable value, applicable GST rates (CGST, SGST/UTGST, IGST), and the total tax amount.
- Place of supply.
- For businesses with an annual aggregate turnover exceeding ₹10 crore, e-invoicing is mandatory, requiring invoices to be uploaded to the Invoice Registration Portal (IRP) and an Invoice Reference Number (IRN) generated.