Glimpse of Invoices Revised Model GST Law
By: – Ashish Mittal
Goods and Services Tax – GST
Dated:- 13-2-2017<\/p>\n
Background:
\nThe esteemed vision of Hon'ble Prime Minister to create a digital and paper less economy cannot be crystalize without the digitalization of documentation and removal of hurdle of hard document. With the aforementioned vision, targets are being set out and focus shifting towards digital economy which is clearly evident through its impact on current tax regimes via various modification in current tax laws. Keeping the same in mind great emphasis have been given in draft Model GST model Law (hereinafter referred to as “MGL”) while drafting various provisions relating to invoices under the CHAPTER- VII with four notified sections ranging from Section 28 to Section 31 read with separate set of rules and Performa of Invoices as revised on 25th November 2016 with suitable modification from the earlier draft by understanding the view of industry and suggesti<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n upply = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ion to Certain Special category of services being notified, deeming provisions have been inserted to consider other documents as tax invoice (Discussed later in details) (Section 28(2)) = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ecial Note-1 above) = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n GST” or “SUPPLY MEANT FOR EXPORT UNDER BOND WITHOUT PAYMENT OF IGST” shall be prominently mentioned on the invoice; = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n tax credited = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Glimpse of Invoices Revised Model GST LawBy: – Ashish MittalGoods and Services Tax – GSTDated:- 13-2-2017 Background: The esteemed vision of Hon'ble Prime Minister to create a digital and paper less economy cannot be crystalize without the digitalization of documentation and removal of hurdle of hard document. With the aforementioned vision, targets are being set … Continue reading “Glimpse of Invoices Revised Model GST Law”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-2173","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/2173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2173"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/2173\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n1
\nSupplying Taxable Goods
\nYes
\nYes
\nYes
\nNo
\n2
\nSupplying Taxable Services
\nYes
\nYes
\nYes
\nNo
\n3
\nSupplying Non-Taxable Goods
\nNo
\nYes
\nNo
\nYes
\n4
\nSupplying Non-Taxable Services
\nNo
\nYes
\nNo
\nYes
\n5
\nPaying Tax Under Sec. 9
\nNo
\nYes
\nNo
\nYes
\nFor Content of Each Invoice Refer Infra mentioned content list.
\nLegal Content of Various Invoices:
\nOnce the applicability for various invoices t different situation is determined now it is very much relevant for the legal support of the aforementioned tabulated content. In this regards following table of legal content have been inserted to summarize the same:
\nStatement showing Table summarizing Various legal content in respect to Issuance of Invoice under Sec. 28 read with Invoice Rules
\nS.No.
\nRegistered Taxable Person involved in following type of Supply
\nTypes of Invoice
\nWhen to issue Tax Invoice?
\nWhen to issue Bill of Supply
\nRevised Invoice
\nSupplementary Invoice
\n1
\nSupplying Taxable Goods
\nBefore or at the time of
\n\t1. Remov<\/p>\n
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\nNot Applicable
\nCan Issue if
\n\t1. Taxable Value
\n\t2. Tax Amount
\n\tis less than actual value of supply
\n3
\nSupplying Exempted Goods
\nNot Applicable
\nA bill of Supply shall be issued in lieu of Tax Invoice
\n\tNo such document is required where value of supply is less than ₹ 100 unless the recipient require the same.
\nNot Applicable
\nNot Applicable
\n4
\nSupplying Exempted Services
\nNot Applicable
\nNot Applicable
\nNot Applicable
\n5
\nComposition Supplier Under Sec. 9
\nNot Applicable
\nNot Applicable
\nNot Applicable
\nFor Content of Each Invoice Refer Infra mentioned content list.
\nSpecial Note 1: In Case of Supply of Service Invoice shall be issued in:
\n1. Normal Supply30 days\/45 days in Banking Co.\/NBFC\/Financial Institution from date of supply
\n2. Continuous Supplywithin 30 days of each event specified <\/p>\n
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\n\t3. For Completion of an eventbefore or after event is completed subject to 30\/45 days limit (Refer Special Note-1 above)
\n\t4. Cancellation of Supply of Servicewhen supply ceases valued up to the cessation date
\n\tNote: CG\/SG may specify continuous supply of service as deemed fit.
\n5
\nGoods sent or taken on approval or sale or return or similar terms
\nAt or before time when supply occurrence took place
\n\tor
\n\t6 month from removal
\n\twhichever is earlier
\nConcept of Debit and Credit Note (Section-24):
\nA summarized table stating various question is comparison form in relation to debit and credit note have inserted herewith for quick reference to the issue and is various aspects:
\nStatement Showing All about Debit and Credit Note (Section-24)
\nBasis
\nTax Invoice issued for Goods or Service and Taxable Value or Tax is in
\nExcess of Actual Supply
\nDeficient of Actual Supply
\nWhat Document to be Issued
\nCredit Note
\nDebit Note
\nWho Will Issue
\nSupplier
\nSupplier
\nTo Whom\n<\/p>\n
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\n (iii) Name of the country of destination; and
\n (iv) Number and date of application for removal of goods for export [ARE-1].
\n (e) HSN code of goods or Accounting Code of services;
\n (f) Description of goods or services;
\n (g) Quantity in case of goods and unit or Unique Quantity Code thereof;
\n (h) Total value & taxable value (after discount and abatement) of goods or services;
\n (i) Rate and amount of tax (CGST, SGST or IGST);
\n (j) In interstate supplyplace of supply with state name
\n (K) Place of delivery where the same is different from the place of supply;
\n (l) Whether the tax is payable on reverse charge;
\n (m) The word “Revised Invoice” or “Supplementary Invoice”, at prominent place where
\n Applicable with date & invoice number of original invoice; and
\n (n) Signature or digital signature of the supplier or his authorized representative.
\n\tAs Per Rule-3 Bill of<\/p>\n
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\n Or debited to the recipient
\n (g) Signature or digital signature of the supplier or his authorized representative.
\n (h) Nature of the document;
\n (i) If unregistered-then name, address of recipient & delivery address, state name and code;
\n (j) S.No. & date of the corresponding tax invoice or bill of supply
\n Note: 1. Revised Invoice can be issued if registration granted previous to issuance of RC
\n 2. Consolidated Revised invoice for interstate supply up to ₹ 250 can be issued.
\n\tAs Per Rule-5 Input Service Distributor (ISD) Invoice shall include following details:-
\n (a) Name, address and GSTIN\/ Unique ID Number (recipient) of ISD & recipient of credit;
\n (b) A consecutive unique serial number of F.Y;
\n (c) Date of its issue;
\n (d) Amount of credit distributed;
\n (e) Name, address and GSTIN of supplier whose credit distributed
\n (f) Signature or digital signature of the supplier or his authorized representative.
\n\tFor Banking Company, Financial Institution and <\/p>\n
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