Tax Invoice
Definition
An invoice that shows the tax charged on a supply separately from the price, enabling the buyer to claim input tax credit where allowed. Under GST and VAT systems it must carry prescribed details such as tax identification numbers and rates.
Related Terms in Invoicing & Sales
Commercial Invoice
A document used in international trade stating the goods, their value and the terms of sale between exporter and importer. Customs authorities rely on it to assess duties and clear shipments.
Timesheet Invoice
An invoice billed from recorded hours worked, common for consultants, agencies and professional services. It ties billable time and rates directly to the amount charged.
Milestone Billing
Invoicing a customer in stages as defined project milestones are completed, rather than all at once. It aligns cash flow with delivery on long projects and is common in construction and software.
Progress Billing
Billing a long-running contract incrementally based on the percentage of work completed. It keeps cash flowing during a project and is closely tied to percentage-of-completion revenue recognition.
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