Oct 23, 2017
404 Views
0 0

Invoice GST: Receipt voucher,Credit or debit notes,Invoice in special cases

Written by

Invoice GST:

Invoice GST is in relation to Goods & Services is maintain as per the rules and regulation and format that Government of India decide and notify in the official gazette from time to time.

However, an invoice is a commercial instrument issued by a seller to a buyer. Thus, GST India mandates the issuance of an invoice or a bill of supply for every supply of goods or services. Furthermore, its not necessary that only a person supplying goods or services needs to issue an invoice.

The GST law mandates that any registered person buying goods or services from an unregistered person needs to issue a payment voucher as well as a tax invoice. Thus various types of invoices format to be issued depends upon the category registered person making the supply.

Importance of tax invoice GST:

A tax invoice GST is an important document. It not only evidences the supply of goods or services,  but is also an essential document for the recipient to avail Input Tax Credit (ITC). A registered person cannot avail Input Tax Credit unless he is in possession of a tax invoice or a debit note.

Receipt voucher:

A receipt voucher referred to in clause (d) of sub-section (3) of section 31 shall contain the following particulars:

(a) name, address and GSTIN of the supplier;
(b) a consecutive serial number containing alphabets or numerals or special characters -hyphen or dash and slash symbolized as “-” and “/”respectively, and any combination thereof, unique for a financial year
(c) date of its issue;
(d) name, address and GSTIN or UIN, if registered, of the recipient;
(e) description of goods or services;
(f) amount of advance taken;
(g) rate of tax (central tax, State tax, integrated tax, Union territory tax or cess);
(h) amount of tax charged in respect of taxable goods or services (central tax, State tax, integrated tax, Union territory tax or cess);
(i) place of supply along with the name of State and its code, in case of a supply in the course of inter-State trade or commerce;
(j) whether the tax is payable on reverse charge basis; and
(k) signature or digital signature of the supplier or his authorized representative

Supplementary tax invoice and Credit or debit notes:

In cases where tax invoice has been issued for a supply and subsequently it is found that the value or tax charged in that invoice is more than what is actually payable/chargeable or where the recipient has returned the goods, the supplier can issue a credit note to the recipient.

Futhermore where tax invoice has been issued for a supply and subsequently it is found that the value or tax charged in that invoice is less than what is actually payable/chargeable, the supplier can issue a debit note to the recipient.

A revised tax invoice and credit or debit note has to contain the following particulars:

(a) Thus word “Revised Invoice”,wherever applicable, indicated prominently
(b) Name, address and GSTIN of the supplier
(c) Nature of the document
(d) however a consecutive serial number containing alphabets or numerals or special characters like hyphen or dash and
slash symbolised as “-” and “/”respectively, and any combination thereof, unique for a financial year
(e) Date of issue of the document
(f) Name, address and GSTIN or UIN, if registered, of the recipient
(g) Name and address of the recipient and the address of delivery, along with the name of State and its code, if such recipient is un-registered

(h) Serial number and date of the corresponding tax invoice or, as the case may be, bill of supply
(i) Value of taxable supply of goods or services, rate of tax and the amount of the tax credited or, as the case may , debit to the recipient.
(j) Signature or digital signature of the supplier or his authorized representative.

Tax Invoice in special cases:

An ISD invoice or, as the case may be, however an ISD credit note issued by an Input Service Distributor shall :-
(a) name, address and GSTIN of the Input Service Distributor;
(b) a consecutive serial number containing alphabets or numerals or special characters hyphen or dash and slash symbolised as , “-”, “/”, respectively, and any combination thereof, unique for a financial year;
(c) date of its issue;
(d) name, address and GSTIN of the recipient to whom the credit distribute;
(e) thus amount of the credit so distributed; and
(f) signature or digital signature of the Input Service Distributor or his authorized representative:

Where:

  1. Thus Input Service Distributor is an office of a banking company or a financial institution.
  2. Due to Supplier of taxable service is an insurer or a banking company or a financial institution, including a non-banking financial company, the said supplier shall issue a tax invoice or any other document in lieu thereof.
  3. Thus supplier of taxable service is a goods transport agency supplying services in relation to transportation of goods by road in a goods carriage, the said supplier shall issue a tax invoice or any other document in lieu thereof.
  4. However supplier of taxable service is supplying passenger transportation service, a tax invoice shall include ticket in any form

 

For finding lawyers related to Corporate Affairs & Taxation, visit Nearlaw

 


Renuka is a Final Year LL.B. student at Siddharth College of Law. She has done her Bachelors in Banking & Insurance and has also completed her Masters in Business Management . She likes to participate in legal workshops and Moot Courts. Besides her interest in law, she has a keen aptitude for legal research and is good at putting her analysis into words.

Leave a Comment

Your email address will not be published. Required fields are marked *

Bitnami