GSTN releases advisory for GST taxpayers on Invoice series to be used for FY 2019-20

GSTN releases advisory for GST taxpayers on Invoice series to be used for FY 2019-20

April 8, 2019 Fiscal, Industries, states 0

Goods and Services Tax Network (GSTN) has issued an advisory on Invoice series to be used for FY 2019-20 by GST Taxpayers. As per CGST Rules, 2017, all taxpayers should issue tax invoice having a consecutive serial number, not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters – hyphen or dash and slash symbolized as “-” and “/” respectively, and any combination thereof, unique for a Financial Year.

Hence, this rule implies that with the start of New Financial Year 2019-20 (w.e.f. 01/04/2019), a new invoice series, unique for the Financial Year should be started by the GST taxpayers. Similar provision is there in respect of issue of Bill of Supply by registered taxpayers availing Composition Scheme or supplying exempted goods or services or both.

If the provisions are not adhered to, apart from being a compliance issue, taxpayers may face problem while generating E-Way Bill on E-way bill system or furnishing their Form GSTR 1 or for applying for refund on GST Portal. Hence suitable modification may be made by the taxpayers in this regard in their invoices or bill of supply, to avoid any inconvenience in the future
Source: Goods and Services Tax Network

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