There are a total of 3 types of invoices besides GST. We will discuss it all one by one in this article.
1. Bill Of Supply
For the most part, the bill of supply is similar to a GST invoice. One key difference is that it doesn’t note any tax amount, as the seller isn’t allowed to charge GST to the buyer.
Basically, the issuance of a bill of supply occurs when a tax charge isn’t applicable. This is possible when the goods or services sold are exempted under GST. The person could also be under a composition scheme.
2. Aggregate Invoice
An aggregate invoice is issued when the buyer isn’t under the registration of GST. The second condition is that the total value of a couple of invoices would amount to less than Rs. 200. The multiple invoices are all counted together and issued as aggregate or bulk invoices.
3. Debit And Credit Note
A seller issued a debit note when the original invoice had a lower taxable value. Somehow, the price of the supply of goods or services has increased in the meantime.
The seller issued a credit note when the invoice has a higher value than the actual amount. It can also be issued when the buyer asks the supplier to refund the goods supplied.
It could be the services aren’t up to par and the customer files a complaint. Strictly speaking, a debit and credit note is a correction note.