Key Takeaways Section 31 of the CGST Act, 2017 mandates the issuance of an invoice or bill of supply for every supply of goods or services. It serves as proof of supply and is crucial for the recipient to claim Input Tax Credit (ITC). On the other hand, a receipt is a legally binding document […]
Key Takeaways Suppose you own a business or are involved in operations where you are responsible for delivering goods to the customers. In that case, you must be aware of the different invoice types. A pro forma invoice differs significantly from other invoices, as it does not request payment from an individual or business. With […]
Key Takeaways Suppose you went furniture shopping and are interested in making a purchase. There, the store will first provide you with a proforma invoice, which works like a rough estimate showing costs, quantities and prices. It will help you decide whether to proceed or not. Once you are ready to buy, you issue a […]
Key Takeaways Advance payment invoices help businesses manage cash flow efficiently. As a seller, you can use them to request advance payment and avoid taking business loans by setting clear payment terms and methods. For instance, if you are accepting customer orders worth ₹10,000, you can avoid a business loan with an advance payment of […]
by Key Takeaways In business transactions, knowing the difference between invoice and bill of sale is crucial for compliance, tax filing, and smooth payments. In 2025, with GST e-invoicing and digital billing becoming standard in India, this distinction matters more than ever. An invoice is a formal payment request issued when goods or services are provided, […]
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