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BILL OF SUPPLY UNDER GST |
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BILL OF SUPPLY UNDER GST |
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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:
Particulars in a 'Bill of Supply' According to Rule 3 of draft GST Invoice Rules, a bill of supply issued by the supplier shall contain the following information and details:
When Bill of Supply is not required According to proviso to Rule 3 of draft GST Invoice Rules, a registered taxable person may not be required to issue bill of supply if the value of the goods or services supplied is less than one hundred rupees. However, he may 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-
By: Dr. Sanjiv Agarwal - December 8, 2016
Discussions to this article
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 relevant. Whether dept. has issued service accounting code for many services not covered in the list of 119 codes.
Dear Sir, Please discuss the reverse charge on goods under GST. Please also discuss whether the GST is payable against the advance received from customer for supply of goods.
Dear Mr. Ruia ji , We would like to submit as follows in relation to your queries - 1) Whether Zero rated supply like EXPORT will be treated as non-taxable goods. Perhaps no, zero rated supply like EXPORT of goods will not be treated as non-taxable goods. Export of goods shall be considered as taxable supply and taxable supply means a supply of goods or services which is chargeable to tax under GST Act. Exporter can avail credit of input tax for making zero-rated supply (i.e., export of goods in this case). Further, exporter shall be eligible to claim refund under one of the following two options, namely-
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
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 liable for paying the tax in relation to the supply of such goods and/or services. GST on advance received from customer for supply of goods The liability to pay CGST / SGST on the goods shall arise at the time of supply as determined in terms of the provisions of section 12. i.e., Time of supply of goods. The time of supply of goods shall be the earlier of the following dates, namely,-
“The date on which the supplier receives the payment” shall be the date on which the payment is entered in his books of accounts or the date on which the payment is credited to his bank account, whichever is earlier. Accordingly, the GST is payable against the advance received from customer for supply of goods. Thanks and Regards, Sanjay Kumawat
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