Q. gst invoice series

Question

Can we continue the Old series in GST Invoice in new financial year?

for eg .  invoice no. 507 is ending on 31 march 2024. can we start from invoice no. 508 onwards from 01 April 2024.?

Is it necessary to start with new series ?

Answer 1

Continuation of Invoice Series: Based on the absence of a specific requirement to start a new series every financial year, you can continue using the old series in the new financial year. If your last invoice number for the financial year ending on 31st March 2024 is 507, you can indeed start with invoice number 508 from 1st April 2024.

Uniqueness and Sequentiality: The key is to maintain the uniqueness and sequentiality of the invoice numbers. This means that as long as each invoice can be uniquely identified and follows in sequence, the series can continue across financial years.

Best Practices: While the law does not mandate a new series, some businesses choose to start a new series for ease of accounting and to better organize their financial records. This can also help in quickly identifying the financial year of a transaction based on the invoice number series, but it's more of a best practice rather than a legal requirement.

Regards, CA. Praveen Sharma

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