Introduction of Tax Invoice in GST
Tax Invoice, Bill of Supply, Debit Notes, Credit Notes – GST Ready Reckoner
GST
Tax Invoice in GST
\nIntroduction
\nTAX INVOICE under section 31
\n(1) A registered person supplying taxable goods shall, before or at the time of,
\n (a) removal of goods for supply to the recipient, where the supply involves movement of goods; or
\n (b) delivery of goods or making available thereof to the recipient, in any other case, issue a tax invoice showing the description, quantity and value of goods, the tax charged thereon and such other particulars as may be prescribed.
\n Provided that the Government may, on the recommendations of the Council, by notification, specify the categories of goods or supplies in respect of which a tax invoice shall be issued, within such time and in such manner as may be prescribed.
\n(2) A registered person supplying taxable services shall, before or after the provision of service but within a prescribed period, issue a tax invoic<\/p>\n
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\n * (c) a registered person supplying exempted goods or services or both or paying tax under the provisions of section 10 shall issue, instead of a tax invoice, a bill of supply containing such particulars and in such manner as may be prescribed:
\n * Provided that the registered person may not issue a bill of supply if the value of the goods or services or both supplied is less than two hundred rupees subject to such conditions and in such manner as may be prescribed;
\n * (d) a registered person shall, on receipt of advance payment with respect to any supply of goods or services or both, issue a receipt voucher or any other document, containing such particulars as may be prescribed, evidencing receipt of such payment;
\n * (e) where, on receipt of advance payment with respect to any supply of goods or services or both the registered person issues a receipt voucher, but subsequently no supply is made and no tax<\/p>\n
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\n (b) where the due date of payment is not ascertainable from the contract, the invoice shall be issued before or at the time when the supplier of service receives the payment;
\n (c) where the payment is linked to the completion of an event, the invoice shall be issued on or before the date of completion of that event.
\n(6) In a case where the supply of services ceases under a contract before the completion of the supply, the invoice shall be issued at the time when the supply ceases and such invoice shall be issued to the extent of the supply made before such cessation.
\n(7) where the goods being sent or taken on approval for sale or return are removed before the supply takes place, the invoice shall be issued before or at the time of supply or six months from the date of removal, whichever is earlier.
\nExplanation.For the purposes of this section, the expression “tax invoice” shall include any revised invoice issued by the supplier<\/p>\n
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\n * Payment voucher is issued by the person making payment under reverse charge at the time of making payment to the supplier.
\nContents of tax invoice in case of goods or services [as per rule 46 of CGST Rules]
\nThere is no format prescribed for an invoice, however, Invoice rules makes it mandatory for an invoice to have following fields (only applicable field are to be filled):
\n * Name, address and GSTIN of the supplier;
\n * Name, address and GSTIN or UIN, if registered, of the recipient
\n * A consecutive serial number, in one or multiple series, containing alphabets or numerals or special characters hyphen or dash and slash symbolised as “-” and “\/” respectively, and any combination thereof, unique for a financial year;
\n * Date of its issue;
\n * 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 and where the value of taxable supply is fifty t<\/p>\n
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\n * Whether the tax is payable on reverse charge basis; and
\n * Signature or digital signature of the supplier or his authorized representative
\n * Quick Reference code, having embedded Invoice Reference Number (IRN) in it, in case invoice has been issued in the manner prescribed under rule (4)48.]
\n * A declaration as below, that invoice is not required to be issued in the manner specified under rule (4)48, in all cases where an invoice is issued, other than in the manner so specified under the rule 48(4), by the taxpayer having aggregate turnover in any preceding financial year from 2017-18 onwards more than the aggregate turnover as notified under the rule 48(4)-
\n * “I\/We hereby declare that though our aggregate turnover in any preceding financial year from 2017-18 onwards is more than the aggregate turnover notified under rule 48(4), we are not required to prepare an invoice in terms of the provisions of the rule 48(4)
\nNote: Invoice <\/p>\n
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\n Clarification 1: In case GST is paid by the supplier on advances received for a future event which got cancelled subsequently and for which invoice is issued before supply of service, the supplier is required to issue a “credit note” in terms of section 34 of the CGST Act. He shall declare the details of such credit notes in the return for the month during which such credit note has been issued. The tax liability shall be adjusted in the return subject to conditions of section 34 of the CGST Act. There is no need to file a separate refund claim. However, in cases where there is no output liability against which a credit note can be adjusted, registered persons may proceed to file a claim under “Excess payment of tax, if any” through Form GST RFD-01.
\nIssue 2: An advance is received by a supplier for a service contract which got cancelled subsequently. The supplier has issued receipt voucher and paid the GST on such advance received. Whether he can claim refun<\/p>\n
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