How to Revise GST Tax Invoice ?

This document covers

1. Threshold Limit
2. Time Limit to apply GST registration
3. Threshold for issue of Tax Invoice
4. Time Limit for Issuance of Tax invoice
5. What to do with the Invoices issued before date of GST registration?
6. How to Revise the Tax Invoice?
7. Can I raise Credit Note /Debit note?
8. What are the Contents of Revised Tax Invoice?
9. Consolidated Revised tax invoices in certain cases

1. Threshold Limit

In a fiscal year, the threshold limit for GST registration is Rs 20 lakhs. However, in certain states, the registration fee is reduced to Rs 10 lakhs.

The threshold requirement for various states are as follows

2. Time Limit to apply GST registration

The taxpayer needs to register for GST within 30 days from the date on which his turnover exceeds the threshold.

3. Threshold for issue of Tax Invoice

Generally there is no specific threshold for issue of tax invoice. In terms of GST, Tax invoice needs to be raised when you are collecting GST from customers. Invoice can be raised whenever you are Supplying goods or Services

4. Time Limit for Issuance of Tax invoice

Generally tax invoice should be issued within following time limits

1. Taxable supply of goods:
   
   • Supply involves movement of goods: Invoice shall be issued before or at the time of removal of goods for supply to recipient.
   • In any other case: Invoice shall be issued before or at the time of delivery of goods or making available to the recipient.
2. Taxable supply of services: Invoice shall be issued before or after the provision of service but within a period of 30 days from the date of supply of service.

5. What to do with the Invoices issued before date of GST registration

The taxpayer registered under GST would issue the invoices with the GSTIN after getting registered, show them in their GST returns, and pay the GST.

But there would be a time lag between the date of application for registration (the "effective date of registration") and the date of the GST registration certificate. To avoid revenue loss and ensure compliance, the government has implemented the concept of the "Revised Tax Invoice".

1. In these cases, the taxpayer can issue the "Revised Tax Invoice" within 1 month from the date of the registration certificate.
2. Revised tax invoices will be given against the original invoice so that they can show the invoices in GST returns, pay GST, and enable their B2B customers to claim ITC.
3. The words "Revised Tax Invoice" should be mentioned on the invoice.

6. How to Revise the Tax Invoice?

• Revised Tax invoice means not just editing the Original Invoice.
• New document (Tax Invoice) should be issued be issued with the required details as mentioned in contents of revised tax invoice.
• The supplier needs to file the revise tax invoice in his GSTR 1 to enable his customer to claim Input tax credit in GSTR 3B
• The revised tax invoice should be accepted by the recipient (Customer) as they need to claim the Input Tax credit in GSTR 3B
• If the tax invoice is just raised and the invoice is not sent to customer, the supplier can edit the invoice and send to customer with his GSTIN

7. Can I raise Credit Note /Debit note for the original invoice raised before GST Registration certificate

• Credit Note or Debit Note cannot be issued for the original invoice raised before the date of registration certificate.
• Credit Note or Debit Note can be issued for the revised tax invoice raised.

8. What are the Contents of Revised Tax Invoice

The revised Tax invoice should contain the following details

• Name, address and GSTIN of the supplier
• A consecutive serial number not exceeding 16 characters
• Date of issue
• Name, Address and GSTIN if registered of the customer (recipient)
• Name, Address of Customer and Delivery address along with State name and Code if Customer (recipient) is Unregistered
• Invoice Number of corresponding tax invoice or bill issued earlier
• Signature of Supplier

9. Consolidated Revised tax invoices in certain cases

Consolidated Revised tax invoices can be issued in the following cases where the original tax invoice or bills is issued between the date of application for registration (the "effective date of registration") and the date of the GST registration certificate

1. Intra-state B2C taxable Supplies irrespective of amount: Recipient (Customer) wise consolidated revised tax invoice
2. Inter- State B2CL taxable supplies of value more than Rs 2.5 Lakhs (Upto July 2024) and Rs 1 lakhs (w.e.f August 2024): Recipient (Customer) wise revised tax invoice
3. Inter- State B2CL taxable supplies of value less than Rs 2.5 Lakhs (Upto July 2024) and Rs 1 lakhs (w.e.f August 2024): State wise consolidated revised tax invoice