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Glimpse of Invoices Revised Model GST Law

Goods and Services Tax - GST - By: - Ashish Mittal - Dated:- 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 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 .....

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ing an important document need to properly issue as per the statue for uninterrupted flow of credit as well as compliance of law in force. In this regards at the outset a quick overlook of applicability of the same on different category of persons in different situation of supply need to be made which can be summarized providing the gist of the content in lucrative manner in the infra stated table along with certain special remarks capturing the if s and but s following which an impact study on .....

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e Services Yes Yes Yes No 3 Supplying Non-Taxable Goods No Yes No Yes 4 Supplying Non-Taxable Services No Yes No Yes 5 Paying Tax Under Sec. 9 No Yes No Yes For Content of Each Invoice Refer Infra mentioned content list. Legal Content of Various Invoices: Once 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 s .....

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to Certain Special category of goods or supplies being notified, deeming provisions have been inserted to consider other documents as tax invoice (Discussed later in details) (Section 28(1)) Not Applicable When: Can be Issued within One month from of receiving the certificate of registration (hereinafter referred as 'RC'). Reference: In relation to invoices issued between starting of registration and receipt of certificate of registration. Effect & Requirement: This provision have i .....

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invoice (Discussed later in details) (Section 28(2)) Not Applicable Can Issue if 1. Taxable Value 2. Tax Amount is less than actual value of supply 3 Supplying Exempted Goods Not Applicable A bill of Supply shall be issued in lieu of Tax Invoice No such document is required where value of supply is less than ₹ 100 unless the recipient require the same. Not Applicable Not Applicable 4 Supplying Exempted Services Not Applicable Not Applicable Not Applicable 5 Composition Supplier Under Sec. .....

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ed situation which may give rise to dispute has been covered in the MGL draft. The same has been summarized below separately for the ready reference in a tabulated manner: S.No. Situations When the Invoice need to be Issued? 1 Advance payment Registered taxable person need to issue Receipt Voucher or other Documents 2 Reverse Charge Mechanism under Sec. 8(3) Invoice to be issued by recipient in case supplier is unregistered 3 Continuous supply of goods Involves Successive Statements or Payment-t .....

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y ceases valued up to the cessation date Note: CG/SG may specify continuous supply of service as deemed fit. 5 Goods sent or taken on approval or sale or return or similar terms At or before time when supply occurrence took place or 6 month from removal whichever is earlier Concept of Debit and Credit Note (Section-24): A 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 .....

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effect of above Notes in the 1. Month of Issue or 2. Subsequent Return But Before Next Year Sept. Return or 3. Annual Return For Content of Each Invoice Refer Infra mentioned content list. Content of Various Invoices: As per Rule-1 Tax invoice shall include following details:- (a) Name, address and GSTIN/ Unique ID Number (recipient) of supplier & recipient; (b) A consecutive unique serial number of F.Y; (c) Date of its issue; (d) If unregistered and taxable supply of 50,000 or More-then na .....

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code of goods or Accounting Code of services; (f) Description of goods or services; (g) Quantity in case of goods and unit or Unique Quantity Code thereof; (h) Total value & taxable value (after discount and abatement) of goods or services; (i) Rate and amount of tax (CGST, SGST or IGST); (j) In interstate supply-place of supply with state name (K) Place of delivery where the same is different from the place of supply; (l) Whether the tax is payable on reverse charge; (m) The word Revised In .....

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of goods or services; (f) Total value (after discount and abatement) of goods or services; (g) Signature or digital signature of the supplier or his authorized representative. Note: If Value <100, then No Bill of Supply Required, But consolidated bill at end of day is required. As Per Rule-4 Supplementary tax invoice and Credit or debit notes shall include following details:-(Rule-4) (a) Name, address and GSTIN/ Unique ID Number (recipient) of supplier & recipient; (b) A consecutive uniqu .....

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