BILL OF SUPPLY UNDER GST
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 8-12-2016
What is Bill of Supply
As per proviso to section 23 of Model GST Law a registered taxable person supplying non-taxable goods and/or services or paying tax under the provisions of section 8 in relation to composition levy shall issue, instead of a tax invoice, a bill of supply( in lieu of tax invoice) containing the prescribed particulars.
Accordingly, for a bill of supply, following points are relevant:
* bill of supply to be issued by registered taxable person supplying non-taxable goods and/or services.
* bill of supply to be issued by registered taxable person paying amount under the composition levy.
* bill of supply containing prescribed particulars is issued in lieu of tax invoice.
* bill of supply will also be issued by unregistered persons who are not required to pay GST.
* bill of supply will generally contain the similar particulars as in case of tax i
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ay be required to issue bill of supply where the recipient of the goods or services requires such bill.
Consolidated Bill of Supply
According to proviso to Rule 3 of draft GST Invoice Rules, a consolidated bill of supply shall be prepared by the registered taxable person at the end of each day in respect of all such supplies where the bill of supply has not been issued and value of the goods or services supplied is less than one hundred rupees.
Accordingly, consolidated bill of supply shall be prepared by the registered taxable person-
* at the end of each day,
* in respect of all supplies for value of less than rupees one hundred (Rs. 100),
* consolidated bill of supply will only cover supplies where bill of supply has not been issued.
Reply By JAIPRAKASH RUIA as =
Dear Sir,
Good Article.
1) Whether Zero rated supply like EXPORT will be treated as non taxable goods.
2) Currently the service tax is based on negative list and approx. 119 code issued by dept. are not rel
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s, namely-
* Bond Route
* Refund Route
2) Currently the service tax is based on negative list and approx. 119 code issued by the Department are not relevant. Whether Department has issued service accounting code for many services not covered in the list of 119 codes.
The Service Accounting Codes (SAC) have not been declared in the Model GST Law or Revised GST Law issued by the GST Council so far. Yes, there is a code No. 120 for all residual services not falling under 119 services.
Thanks & Regards,
CA Sanjay Kumawat
Dated: 10-12-2016
Reply By Dr. Sanjiv Agarwal as =
Dear Sir,
Reverse charge on goods under GST
The Central or a State Government may, on the recommendation of the GST Council, by notification, specify categories of supply of goods and/or services the tax on which is payable on reverse charge basis and the tax thereon shall be paid by the recipient of such goods and/or services and all the provisions of this Act shall apply to such person as if he is the person
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