Tax and Law Advisor

Tax Invoice, Debit and Credit Notes Under GST

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Tax Invoice, Debit and Credit Notes

Tax Invoice – Sec 31

  1. Revised invoices may be issued against the invoice already issued during the period starting from the effective date of registration till the date of issuance of certificate of registration within one month from date of issuance of certificate of registration.
  2. No invoice required if value of goods or services or both < Rs. 200
  3. Composition dealers and Person supplying exempted goods or services to issue a bill of supply instead of tax invoice
  4. For receipts of advances on supply of goods / services: Receipt voucher/ other prescribed document
  5. In case of RCM or if goods / services are received from an unregistered person, the registered taxable person shall issue an invoice
  6. Refund of advance received in case of no supply of goods / services: Refund voucher against such advance
  7. In case of RCM or if goods / services are received from an unregistered person: Registered person to issue payment voucher at the time of making payment
  8. In case of continuous supply of goods where successive statements of accounts/ payments are involved, invoice shall be issued before or at the time of each such statements/ payment.
  9. In case of continuous supply of services
    • Due date ascertainable – invoice to be issued before / after payment is liable to be made by recipient but within prescribed period (whether or not payment received)
    • Due date not ascertainable – invoice to be issued before / after each such time supplier receives payment but within prescribed period
    • Payment linked to completion of an event – invoice to be issued before / after time of completion of that event but within prescribed period

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Credit / Debit Notes – Sec 34

* Registered taxable person issuing Debit / Credit notes to declare its details in the return for the month during which such notes are issued / received or in the return for any subsequent month but not later than September following the end of FY of supply, 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.

Summary of all rules

Section_No.
Coverage
Summary
Sec 31 (1) Time of issuance of invoice for goods Before or at the time of removal
Sec 31 (2) Time of issuance of invoice for services
Sec 31 (3) (a) Revised invoice Within 1 month from date of registration
Sec 31 (3) (b) Relaxation from issuance of invoice when supply is less than Rs. 200 Read with Proviso 4 of Rule 46 (Slide 9)
Sec 31 (3) (c) Bill of supply for supply of exempt supply and for composition dealer
Sec 31 (3) (d) Receipt Voucher by recipient of advance Read with Rule 50 (Slide 14)
Sec 31 (3) (e) Refund voucher if advance is returned without supply and invoice Read with Rule 51 (Slide)
Sec 31 (3) (f) Invoice for purchase from unregistered supplier 9(4) provisions are postponed
Sec 31 (3) (g) Payment voucher at the time of making payment to supplier covered u/s 9(3),9(4)
Sec 31 (4) When successive statement and payment are involved Before or at the time of statement or payment.
Sec 31 (5)(a) When due date of payment is ascertainable from contract Due date of payment
Sec 31 (5)(b) When due date is not ascertainable When supplier receives payment
Sec 31 (5)(c) When payment is linked to completion of an event Completion of event
Sec 31(6) When supply of services cease before completion At the time of and to the extent of cessation
Sec 31(7) Goods sent or taken on approval Before or at the time of removal of goods

 

Rules for Tax invoice, credit and debit notes

Rule_No.  
Coverage
Rule 46 Particulars to be mentioned in a tax invoice referred in section 31 17 Items
Proviso 1: Power of Board to specify: Number of digits of HSN for a class of taxpayers
Proviso 2: In case of URD inward supply a consolidated invoice at the end of month for all supplies more that Rs. 5000 in a day from one or all suppliers. Consolidated invoice for URDS
Proviso 3: Export of goods or service Following should be mentioned on invoice:

a) “SUPPLY MEANT FOR EXPORT/SUPPLY TO SEZ UNIT OR SEZ DEVELOPER FOR AUTHORISED OPERATIONS ON PAYMENT OF INTEGRATED TAX”

b) “SUPPLY MEANT FOR EXPORT/SUPPLY TO SEZ UNIT OR SEZ DEVELOPER FOR AUTHORISED OPERATIONS UNDER BOND OR LETTER OF UNDERTAKING WITHOUT PAYMENT OF INTEGRATED TAX”.

Export supply on payment of IGST

Export supply on LUT without payment of IGST

 

Rule 46
Proviso 4 read with sec.31(3)(b) Relaxation from invoice provision When value of supply is less than Rs.200

  1. Recipient is not a registered person
  2. Recipient does not require such invoice.
  3. Supplier shall issue a consolidated tax invoice for all such supplies at the close of each day.

 

Invoice cum bill of supply

Rule_No.
Coverage
Rule 46A Invoice cum bill of supply can be issued when supplier is supplying taxable as well as taxable supply to an unregistered person. Only for unregistered person.

 

Time limit to issue tax invoice for services

Rule_No.
Coverage
Rule 47 Time limit to issue invoice for services Within 30 days from supply
Proviso 1
  • Insurer
  • Banking company
  • Financial institution
Within 45 days from the date of supply of service
Proviso 2
  • An insurer
  • A banking company
  • A Financial institution including an NBFC
  • A Telecom operator
  • Specified class
May make invoice at the time of recoding in BoA or before the expiry of qtr from date of supply made.

 

Manner of issuing invoices

Rule_No. 
Coverage
Marked
Rule 48 (1) Issuance of Invoice for Goods In Triplicate

  • ORIGINAL- for RECIPIENT
  • DUPLICATE- For TRANSPORTER
  • TRIPLICATE- For SUPPLIER
Rule 48(2) Issuance of Invoice for Services
  • ORIGINAL- For RECIPIENT
  • DUPLICTE-For SUPPLIER
Rule 48(3) The serial number of invoices issued during a tax period shall be furnished electronically through common portal in GSTR-1

 

Bill of supply: Rule 49

Rule_No.
Items to be covered in a Bill of supply
Rule 49 Bill of Supply (Section 31(3) (c) shall have following details

  1. Name , Address and GSTIN of Supplier
  2. A consecutive serial number not exceeding 16 characters
  3. Date of issue
  4. Name, address and GSTIN of recipient (If registered)
  5. HSN code
  6. Description of supply
  7. Value of supply
  8. Signature or DSC of supplier or authorised representative
Proviso 1 Provisions of rule 46 will apply mutatis mutandis
Proviso 2 Any tax invoice or similar document in any other Act for non-taxable supply shall be treated as bill of supply

 

Receipt Voucher: Rule 50

Rule No.
Coverage
Rule 50 A receipt voucher is required u/s 31(3)(d) shall contain the following items. Receipt voucher is required to be issued at the time of receipt of advance by supplier.
  1. Name, address and GSTIN of supplier
  2. Serial number (not more than 16 digits)
  3. Date of issue
  4. Name, address and GSTIN of recipient of supply if he is registered
  5. Description of supply
  6. Amount of advance
  7. Rate of tax
8. Amount of tax (not applicable to the supplier of goods as no tax payable at the time of advance)

9.Place of supply along with name and code of state.

10. Whether tax is chargeable on reverse charge basis.

11. Signature

Proviso 1: If tax rate is not determinable it will be taken at 18%.

If nature of supply is not determinable it will be taken as inter state supply.

 

Refund Voucher: Rule 51

Rule No.
Coverage
Rule 51 A refund voucher is required u/s 31(3)(e) shall contain the following items. Refund voucher is issued when an advance is refunded without a supply and invoice.
  1. Name, address and GSTIN of supplier
  2. Serial number (not more than 16 digits)
  3. Date of issue
  4. Name, address and GSTIN of recipient of supply if he is registered
  5. Number and date of receipt voucher issued u/r 50
  6. Description of supply
  7. Amount of refund made
  8. Rate of tax
9. Amount of tax (not applicable to the supplier of goods as no tax payable at the time of advance)

10. Whether tax is chargeable on reverse charge basis.

11. Signature

 

Payment Voucher: Rule 52

Rule No.
Coverage
Rule 52 A payment voucher is required u/s 31(3)(g) shall contain the following items. Payment voucher is issued by a recipient of supply u/s 9(3) or 9(4)
  1. Name, address and GSTIN of supplier
  2. Serial number (not more than 16 digits)
  3. Date of issue
  4. Name, address and GSTIN of recipient of supply if he is registered
  5. Description of supply
  6. Amount of refund made
  7. Rate of tax
8. Amount of tax

9. Place of supply

10. Signature

 

Payment Voucher: Rule 53

Rule No.
Coverage
Rule 53 A revised tax invoice and a debit or credit note shall have following particulars.
  1. Name, address and GSTIN of supplier
  2. Serial number (not more than 16 digits)
  3. Date of issue
  4. Name, address and GSTIN of recipient of supply if he is registered
  5. Description of supply
  6. Amount of refund made
  7. Rate of tax
8. Amount of tax

9. Place of supply

10. Signature

 

Revised invoice in GST

Rule_No.
Coverage
Rule 53 – A revised invoice can be issued when the registration is granted from a date earlier than the effective date of registration.

  • A consolidates invoice can be issued when recipient is unregistered
  • In case of value of supply is less than Rs. 2,50,000, a revised invoice can be issued in respect of all recipients in a state.
  • Any invoice or debit note issued in pursuance of any tax paid under section 74,129, 130 shall prominently contain the words “ INPUT TAX CREDIT NOT ADMISSIBLE”

 

Tax Invoice in special cases: Rule 54

Rule_No.
Rule 54 Invoice and credit note of Input service distributor
  1. Name, address and GSTIN of ISD
  2. Serial number
  3. Date of issue
  4. Name, Address and GSTIN of recipient
  5. Amount of credit distributed
  6. Signature or digital signature of ISD or Authorised representative
Proviso 1 When ISD is an office of a banking company or financial institution including an NBFC a tax invoice shall include any document in lieu thereof, by whatever name called, whether or not serially numbered but containing the information as mentioned above.

 

Details for invoice/DN/CN raised to an ISD

Rule No.
Invoice /DN/CN raised by a unit having same PAN as of ISD
Rule 54(1A)
  • Name, address and GSTIN of person having same PAN
  • Serial number
  • Date of issue
  • GSTIN of supplier
  • Name, address and GSTIN of ISD
  • Taxable value, rate and amount of credit to be transferred
  • Signature or digital signature of the registered person or his authorised representative

Taxable value in invoice should be equal to the value of common services.

 

Invoice by a banking company, financial institution including an NBFC.

Rule No.
Rule 54(2) Where the supplier of taxable service is an insurer or a banking company or a financial institution, including a non-banking financial company, the said supplier [may] issue a [consolidated]32 tax invoice or any other document in lieu thereof, by whatever name called [for the supply of services made during a month at the end of the month]33, whether issued or made available, physically or electronically whether or not serially numbered, and whether or not containing the address of the recipient of taxable service but containing other information as mentioned under rule 46.

 

Rule 54(4), 54(5)

Rule 54(4) Where the supplier of taxable service is supplying passenger transportation service, a tax invoice shall include ticket in any form, by whatever name called, whether or not serially numbered, and whether or not containing the address of the recipient of service but containing other information as mentioned under rule 46
Rule 54(5) The provisions of sub-rule (2) or sub-rule (4) shall apply, mutatis mutandis, to the

documents issued under rule 49 or rule 50 or rule 51 or rule 52 or rule 53

 

Rule 55: Transportation of goods without issue of an invoice

Rule 55 Instances when Goods can move without an invoice

  1. supply of liquid gas where the quantity at the time of removal from the place of business of the supplier is not known,
  2. transportation of goods for job work,
  3. transportation of goods for reasons other than by way of supply, or
  4.  such other supplies as may be notified by the Board,
A delivery challan shall be serially numbered include following details:

  1. date and number of the delivery challan;
  2. name, address and Goods and Services Tax Identification Number of the consigner, if registered;
  3. name, address and Goods and Services Tax Identification Number or Unique Identity Number of the consignee, if registered;
  4. Harmonised System of Nomenclature code and description of goods;
  5. quantity (provisional, where the exact quantity being supplied is not known);
  6. taxable value;
  7. 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;
  8. place of supply, in case of inter-State movement; and
  9. signature.
Rule 55 (2) The delivery challan shall be prepared in triplicate, in case of supply of goods, in the following manner, namely:–

  1. the original copy being marked as ORIGINAL FOR CONSIGNEE;
  2. the duplicate copy being marked as DUPLICATE FOR TRANSPORTER; and
  3. the triplicate copy being marked as TRIPLICATE FOR CONSIGNER.
The delivery challan shall be prepared in triplicate, in case of supply of goods, in the following manner, namely:–

  1. the original copy being marked as ORIGINAL FOR CONSIGNEE;
  2. the duplicate copy being marked as DUPLICATE FOR TRANSPORTER; and
  3. the triplicate copy being marked as TRIPLICATE FOR CONSIGNER.
Rule 55 (3) Where goods are being transported on a delivery challan in lieu of invoice, the same

shall be declared as specified in rule 138.

Rule 55(4) 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 of goods for the purpose of supply, the supplier shall issue a tax invoice after delivery of goods

 

CKD,SKD units and invoice for transportation company

Rule 55(5) Where the goods are being transported in a semi knocked down or completely knocked down condition –

  1. the supplier shall issue the complete invoice before dispatch of the first consignment;
  2. the supplier shall issue a delivery challan for each of the subsequent consignments, giving reference of the invoice;
  3. each consignment shall be accompanied by copies of the corresponding delivery challan along with a duly certified copy of the invoice; and
  4. the original copy of the invoice shall be sent along with the last consignment
Rule 55A Tax Invoice or bill of supply to a company transport of goods

The person-in charge of the conveyance shall carry a copy of the tax invoice or the bill of supply issued in accordance with the provisions of rules 46, 46A or 49 in a case where such person is not required to carry an e-way bill under these rules.

 

You can download soft copy from below link

www.tipsntricksguru.com

 

 

source: ICA

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