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Tax Invoice and other such instruments in GST

Goods and Services Tax - GST Law and Procedure - 21 - Introduction Generally speaking, an invoice is a commercial instrument issued by a seller to a buyer. It identifies both the trading parties, and lists, describes, and quantifies the items sold, shows the date of shipment and mode of transport, prices and discounts, if any, and the delivery and payment terms. In certain cases, (especially when it is signed by the selleror seller s agent), an invoice serves as a demand for payment and becomes .....

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erson needs to issue a payment voucher as well as a tax invoice. The type of invoice to be issued depends upon the category of registered person making the supply. For example, if a registered person is making or receiving supplies (from unregistered persons), then a tax invoice needs to be issued by such registered person. However, if a registered person is dealing only in exempted supplies or is availing the composition scheme (composition dealer), then such a registered person needs to issue .....

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only evidences the supply of goods or services, but is also an essential document for the recipient to avail Input Tax Credit (ITC). A registered person cannot avail Input Tax Credit unless he is in possession of a tax invoice or a debit note. GST is chargeable at the time of supply. Invoice is an important indicator of the time of supply. Broadly speaking, the time of supply of goods or services is the date of issuance of an invoice or receipt of payment, whichever is earlier. Thus the importa .....

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ement of goods) or delivery or making available there of to the recipient, issue a tax invoice showing the description, quantity and value of goods, the tax charged thereon and such other particulars as prescribed in the Invoice Rules. 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. Contents of invoice There is no for .....

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if registered, of the recipient (e) 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 thousand rupees or more (f) HSN code of goods or Accounting Code of Services (g) Description of goods or services (h) Quantity in case of goods and unit or Unique Quantity Code there of (i) Total value of supply of goods or services or both (j) Taxable value of supply of good .....

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ther the tax is payable on reverse charge basis (p) Signature or digital signature of the supplier or his authorized representative Contents of Bill of Supply A bill of supply shall be issued by the supplier containing the following details: (a) Name, address and GSTIN of the supplier (b) A consecutive serial number, in one or multiple series, containing alphabets or numerals or special characters like hyphen or dash and slash symbolised as - and / respectively, and any combination there of, uni .....

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but within a prescribed period, issue a tax invoice, showing the description, value, tax charged thereon and such other particulars as prescribed in the Invoice Rules. The Government may, on the recommendations of the Council, by notification and subject to such conditions as may be mentioned therein, specify the categories of services in respect of which: (a) Any other document issued in relation to the supply shall be deemed to be a tax invoice; or (b) Tax invoice may not be issued. Thus, it .....

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er as prescribed in the Invoice Rules, issue a revised invoice against the invoice already issued during the period beginning with the effective date of registration till the date of issuance of certificate of registration to him. This provision is necessary, as a person who becomes liable for registration has to apply for registration within 30 days of becoming liable for registration. When such an application is made within the time period and registration is granted, the effective date of reg .....

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th respect to any supply of goods or services or both, he has to issue a receipt voucher or any other document, containing such particulars as prescribed in the Invoice Rules, evidencing the receipt of such payment. Where any such receipt voucher is issued, but subsequently no supply is made and no tax invoice is issued, the registered person who has received the advance payment can issue a refund voucher against such payment. A receipt voucher needs to contain the following particulars: (a) Nam .....

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f tax charged in respect of taxable goods or services (Central tax, State tax, Integrated tax, union territory tax or cess); (i) Place of supply along with the name of State and its code, in case of a supply in the course of inter-State trade or commerce (j) Whether the tax is payable on reverse charge basis (k) Signature or digital signature of the supplier or his authorized representative It has also been provided in the Invoice Rules that if at the time of receipt of advance, (i) He rate of t .....

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istered person in respect of such supplies also has to issue a payment voucher at the time of making payment to the supplier. Invoice in case of continuous supply of goods In case of continuous supply of goods, where successive statements of accounts or successive payments are involved, the invoice shall be issued before or at the time each such statement is issued or, as the case may be, each such payment is received. Invoice in case of continuous supply of services In case of continuous supply .....

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ervice ceases under a contract before the completion of supply 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. Sale on approval basis Where the goods beingsent 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 .....

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g which such credit note has been issued but not later than September following the end of the financial year in which such supply was made or the date of furnishing of the relevant annual return, whichever is earlier. The tax liability of the registered person will be adjusted in accordance with the credit note issued, however no reduction in output tax liability of the supplier shall be permitted, if the incidence of tax and interest on such supply has been passed on to any other person. In ca .....

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eras may be prescribed. A revised tax invoice and credit or debit note has to contain the following particulars: (a) The word Revised Invoice ,wherever applicable, indicated prominently (b) Name, address and GSTIN of the supplier (c) Nature of the document (d) A consecutive serial number containing alphabets or numerals or special characters like hyphen or dash and slash symbolised as - and / respectively, and any combination thereof, unique for a financial year (e) Date of issue of the document .....

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e supplier or his authorized representative. Manner of issuing invoice The invoice shall be prepared in triplicate, in case of supply of goods, in the following manner: (a) The original copy being marked as ORIGINAL FOR RECIPIENT (b) The duplicate copy being marked as DUPLICATE FOR TRANSPORTER (c) The triplicate copy being marked as TRIPLICATE FOR SUPPLIER The invoice shall be prepared in duplicate, in case of supply of services, in the following manner: (a) The original copy being marked as ORI .....

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als or special characters like hyphen or dash and slash symbolised as , - , / , respectively, and any combination thereof, unique for a financial year (c) Date of its issue (d) Name, address and GSTIN of the recipient to whom the credit is distributed (e) Amount of the credit distributed (f) Signature or digital signature of the Input Service Distributor or his authorized representative Tax Invoice in special cases Where the Input Service Distributor is an office of a banking company or a financ .....

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ed, and whether or not containing the address of the recipient of taxable service but containing other information as prescribed under rule 1 of Invoice Rules. Where the supplier of taxable service is a goods transport agency supplying services in relation to transportation of goods by road in a goods carriage, the said supplier shall issue a tax invoice or any other document in lieu thereof, by whatever name called, containing the gross weight of the consignment, name of the consignor and the c .....

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whether or not serially numbered, and whether or not containing the address of the recipient of service but containing other information as prescribed under rule 1 of Invoice Rules. Transportation of goods without an invoice In the following cases it is permissible for the consignor to issue a delivery challan in lieu of invoice at the time of removal of goods: (a) Supply of liquid gas where the quantity at the time of removal from the place of business of the supplier is not known (b) Transport .....

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