For Input Service Distributor GST Registration is mandatory. After the registration is complete...
Invoicing is a legal document used as confirmation for services supplied under the GST regime. The Central Government has notified the public on the rules of invoicing under GST Act and GST Inv-01. As per the GST rule, every supplier of services who have got GST Registration is required to issue an invoice within 30 days of rendering services and in the case of banks and NBFC 45 days.
In the current service tax laws, the format of invoicing is simple and there should be minimum details like the name and address of the service receiver, service tax registration number, address of the service provider, tax number of the service provider, service tax rate and tax amount i.e. in the current laws invoice format, common for B2B service and B2C service.
If the aggregate supply of services is less than Rs. 10 lac, then there is no need to issue a bill of supply and above that, it’s mandatory to issue a bill of supply for services.
Normal Supply – the tax invoice must be issued within 30 days from the date of the supply of services and if the supplier of any financial services by NBFC or a bank tax invoice must be issued within 45 days from the date of supply of service.
In the case of reverse charge liability – on the date of receipt of services from a person who is not required to be registered under GST Act.
Original invoice: the supplier of service will issue an original invoice to the buyer of services. The buyer can keep invoice for the purpose of input tax credit. The serial number on an invoice should be unique and during the tax period, it should be submitted to GST portal in form of GSTR-1.
Duplicate copy: A duplicate copy of invoice has to be retained by the service provider and can be used for assessment and other compliance requirements.