TMI BlogTax Invoice and other such instruments in GSTX X X X Extracts X X X X X X X X Extracts X X X X ..... at any registered person buying goods or services from an unregistered person 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 of composition scheme (composition dealer), then such a registered person needs to issue a bill of supply in lieu of invoice. The invoice should contain description, quantity and value such other prescribed particulars (in case of supply of goods) and the description and value such other prescribed particulars (in case of supply of services). An invoice or a bill of supply need not be issued if the value of the supply is less than ₹ 200/- subject to specified conditions. Importance of tax invoice under GST Under GST a tax invoice is an important document. It not only evidences supply of goods or services, but is also an essential document for the recipient to avail Input Tax Credit (ITC). A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 thereof; i) total value of supply of goods or services or both; j) taxable value of supply of goods or services or both taking into account discount or abatement, if any; k) rate of tax (central tax, State tax, integrated tax, Union territory tax or cess); l) amount of tax charged in respect of taxable goods or services (central tax, State tax, integrated tax, Union territory tax or cess); m) place of supply along with the name of State, in case of a supply in the course of inter-State trade or commerce; n) address of delivery where the same is different from the place of supply; o) whether the tax is payable on reverse charge basis; and 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cate of registration and the effective date of registration. For supplies made by such person during this intervening period, the law enables issuance of a revised invoice, so that ITC can be availed by the recipient on such supplies. Receipt Voucher/ Refund voucher on receipt of advance payment Whenever a registered person receives an advance payment with 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 has been prescribed in the Invoice Rules, evidencing receipt of such payment. Where any such receipt voucher is issued, but subsequently no supply is made and no tax invoice 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) name, address and GSTIN of the supplier; b) a consecutive serial number 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; c) date of its issue; d) name, address and GSTIN or UIN, if reg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct 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 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. Amount of tax to be indicated in invoice Where any supply is made for a consideration, every person who is liable to pay tax for such supply has to prominently indicate in all documents relating to assessment, tax invoice and other like documents, the amount of tax which shall form part of the price at which such supply is made. Credit and Debit Notes In cases where tax invoice has been issued for a supply and subsequently it is found that the value or tax charged in that invoice is more than what is actually payable/chargeable or where the recipient has returned the goods, the supplier can issue a credit note to the recipient. A registered person who issues such a credit note has to declare details of such credit note ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ER; and 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 ORIGINAL FOR RECIPIENT; and b) the duplicate copy being 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. Tax invoice in Special Cases An ISD invoice or, as the case may be, an ISD credit note issued by an Input Service Distributor shall contain the following details: a) name, address and GSTIN of the Input Service Distributor; b) a consecutive serial number containing alphabets or numerals or special characters 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; and f) signature or digital signature of the Input Service Distributor or his authorized representative. Tax Invoice in special cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lowing details: i. date and number of the delivery challan, ii. name, address and GSTIN of the consigner, if registered, iii. name, address and GSTIN or UIN of the consignee, if registered, iv. HSN code and description of goods, v. quantity (provisional, where the exact quantity being supplied is not known), vi. taxable value, vii. tax rate and tax amount central tax, State tax, integrated tax, Union territory tax or cess, where the transportation is for supply to the consignee, viii. place of supply, in case of inter-State movement, and ix. signature. The delivery challan shall be prepared in triplicate, in case of supply of goods, in the following manner: a) the original copy being marked as ORIGINAL FOR CONSIGNEE; b) the duplicate copy being marked as DUPLICATE FOR TRANSPORTER; and c) the triplicate copy being marked as TRIPLICATE FOR CONSIGNER. Where goods are being transported on a delivery challan in lieu of invoice, the same shall be declared in FORM [WAYBILL]. Where the goods being transported are for the purpose of supply to the recipient but the tax invoice could not be issued at the time of removal o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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