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TAX INVOICE CREDIT AND DEBIT NOTES UNDER MODEL GST LAW

Goods and Services Tax - GST - By: - Mr. M. GOVINDARAJAN - Dated:- 5-10-2016 Last Replied Date:- 5-10-2016 - Chapter VII of Model GST law ( law for short) discusses about the tax invoice, credit and debit notes. Tax invoice Tax invoice is to be issued for both taxable goods as well as taxable service. Section 23 of the law provides that a registered taxable person supplying- Taxable goods shall issue a tax invoice showing the description, quantity and value of goods, the tax thereon and such oth .....

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gistered, of the recipient; name and address of the recipient and the address of delivery, along with the name of the State and its code, if such recipient is unregistered and where the taxable value of supply is ₹ 50,000/- or more; HSN code of goods or Accounting Code of Services; description of goods or services; quantity in case of goods and unit or Unique Quantity Code thereof; total value of goods or services; taxable value of goods or services taking into account discount or abatemen .....

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f the original invoice; and signature or digital signature of the supplier or his authorized representative; The Board/Commissioner may specify, by notification- the number of digits of HSN code for goods or the accounting code for services, that a class of taxable persons shall be required to mention, for such period as may be specified in the said notification, and the class of taxable persons that would not be required to mention the HSN code for goods or, the Accounting Code for Services, fo .....

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e The invoice, in case of taxable supply of service, shall be issued within a period of 30 days from the date of supply of the service. In respect of continuous supply of services, the invoices shall be issued within a period of 30 days from the date when each event specified in the contract, which requires the recipient to make any payment to the supplier of services, is completed. Where the supplier of service is a banking company or a financial institution including a non banking financial co .....

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ed an Invoice Reference Number. The invoice in case of supply of services shall be prepared in duplicate. The original copy is to be marked as original for recipient and the duplicate copy is to be marked as duplicate for supplier . The serial number of invoices issued during a tax period shall be furnished electronically through the common portal in Form GSTR-1. Invoice Reference Number A registered taxable person may obtain an invoice reference number from the common portal (the common GST ele .....

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person may issue a revised invoice against the invoice already issued during the period starting from the effective date of registration till the date of issuance of certificate of registration to him. The registered taxable person may issue a consolidated revised tax invoice in respect of all taxable supplies made to a recipient who is not registered under the Act during such period. In case of inter-State supplies, where the value of a supply does not exceed ₹ 25,000/- a consolidated rev .....

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number containing only alphabets and/or numerals, unique for a financial year; date of issue; name, address and GSTIM/.UID, if registered of the recipient; HSN Code of goods or Accounting Code for services; Description of goods of services; value of goods or services taking into account discount or abatement, if any; and signature or digital signature of the supplier or his authorized representative. The bill of supply is not required to be issued if the value of the goods or services is less th .....

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lementary or revised invoice issued by the supplier in respect of a supply made earlier. Section 24(1) of the law provides for the issue of a credit note. Where a tax invoice has been issued for supply of any goods and/or services and the taxable value and/or tax charged in that tax invoice is found to exceed the taxable value and/or tax payable in respect of such supply, the taxable person, who has supplied such goods and/or services, may issue to the recipient a credit note containing such par .....

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or supply of any goods and/or services and the taxable value and/or tax charged in that tax invoice is found to be less than the taxable value and/or tax payable in respect of such supply, the taxable person, who has supplied such goods and/or services, shall issue to the recipient a debit note containing such particulars as may be prescribed on or before the thirtieth day of September following the end of the financial year in which such supply was made, or the date of filing of the relevant an .....

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an September following the end of financial year in which such supply was made, or the date of filing of the relevant annual return, whichever is earlier, and the tax liability shall be adjusted in the manner specified in this Act. A credit or debit note shall contain the following details- name, address and GSTIN of the supplier; nature of document; a consecutive serial number containing any alphabets and/or numerals, unique for a financial year; date of issue of document; name, address and GST .....

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ervice Distributor means an office of the supplier of goods and / or services which receives tax invoices issued under section 23 towards receipt of input services and issues tax invoice or such other document as prescribed for the purposes of distributing the credit of CGST (SGST in State Acts) and / or IGST paid on the said services to a supplier of taxable goods and / or services having same PAN as that of the office referred to above. For the purposes of distributing the credit of CGST (SGST .....

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e of invoice issued by such supplier; name, address and GSTIN of the recipient to whom the credit is distributed; amount of the credit distributed; and signature or digital signature of the supplier or his authorized representative. Where the Input Service Distributor is an office of a banking company or a financial institution including a non banking financial company, a tax invoice shall include any document in lieu thereof, by whatever name called, whether or not serially numbered but contain .....

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