GST – Tax invoice, Debit Note and credit Note
By: – CA Akash Phophalia
Goods and Services Tax – GST
Dated:- 12-7-2016
1. Introduction
Invoice is a document which provides evidence as to existence of transaction of sale or purchase of goods or the agreement of supply. GST act also gives immense importance to invoice and named it as tax invoice containing details provisions as stated hereunder.
2. Meaning of tax invoice
Tax Invoice shall be deemed to include a document issued by an Input Service Distributor and also include any supplementary or revised invoice issued by the supplier in respect of a supply made earlier.
3. Issue of tax invoice
Supply of goods
Every registered person is required to issue a tax invoice at
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evised notice for the period starting from the effective date of registration and date of issuance of certificate of registration.
5. Composition levy
A registered taxable person who opts for composition levy shall at the time of supply of goods or services not issue a tax invoice. Instead it had to issue a bill of supply containing the particulars as required.
6. Non-taxable supply
A registered taxable person who supplies non-taxable goods or services shall instead of issuing a tax invoice had to issue a bill of supply containing the particulars as required.
7. Tax Indication in the Tax Invoice
Where A Registered Dealer providing supply for a consideration and which is liable to tax, then tax on such supply shall necessarily be indic
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tax and interest on such supply has been passed by him to any other person
9. Debit Note
* When a Debit Note should be issued
When a Registered Dealer issued tax invoice for supply of goods or services and in such invoice the amount of tax charged and taxable value is less than the taxable value and tax payable, then said taxable person, who supplied the goods, may issue a debit note to the recipient containing such particulars as may be prescribed.
* Time limit for issuing Credit Note
Thirtieth day of September following the end of the financial year in which such supply was made or date of filling of the relevant annual return; whichever is earlier:
10. Furnishing details of debit and credit note in return
* If any registered ta
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