GST: 10 POINT SERIES ON TAX INVOICE
By: – Puneet Agrawal
Goods and Services Tax – GST
Dated:- 14-11-2016
Tax invoice
* Registered taxable person supplying taxable goods/ taxable services shall issue a tax invoice. Tax invoice shall include invoice issued by ISD, supplementary and revised invoice issued by a registered taxable person. Thus, the taxable person who has obtained registration under CGST Act and SGST Act can only issue tax invoice.
* Tax invoice shall be issued:
* in case of supply of taxable goods – at the “time of supply”
* In case of supply of taxable service – within prescribed time
* Thus tax invoice in respect of supply of taxable goods is to be issued even before the actual supply takes place i.e.
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within the prescribed time or it is issued incorrectly then taxable person shall be liable to pay penalty under Section 66 of the CGST Act/ SGST Act.
* Tax invoice is an essential document for recipient of goods/ services to avail input tax credit.
* Where any supply is made for a consideration, then person liable to pay tax shall prominently indicate in all documents relating to assessment, tax invoice and other like documents, the amount of tax which will form part of the price at which such supply is made.
Reply By Khagendranath Mahato as =
As per Proviso of section 24(1) of the Act no credit note shall be issued by the supplier if the incidence of tax and interest on relevant supply has been passed by him to any other person.
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