what is mixed invoice, prepaid invoice,quick
invoice,podefault invoice,withholding tax invoice,please
explain me in detail?
Answer / Anand Prakash Trivedi
1. Mixed Invoice: This type of invoice includes multiple supplies of goods and services, both taxable and exempt from tax. Each item is separately listed with its corresponding GST rate.
2. Prepaid Invoice: A prepaid invoice is issued when a customer pays in advance for goods or services to be provided later. The payment is considered as an advance receipt.
3. Quick Invoice: A quick invoice is a simplified invoice used for low-value transactions, usually below a specified threshold (e.g., INR 500). It does not require the inclusion of certain details like GSTIN (Goods and Services Tax Identification Number) and HSN code (Harmonized System of Nomenclature).
4. PODefault Invoice: A PODefault invoice is issued when a supplier fails to deliver goods or services as per the agreed terms, resulting in a default by the supplier.
5. Withholding Tax Invoice: This type of invoice is used when tax needs to be withheld at the source on payments made to vendors, such as TDS (Tax Deducted at Source) for income tax or TCS (Tax Collected at Source) for GST.
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